When an entrepreneur starts a business, he should be clear about the kind of space he needs for the business. The type of space required is dictated by the nature of the business. Some businesses can be operated from home, while some others might need small office spaces. While, there are some others like manufacturing units which need a much larger space. Sometimes a virtual office might be set up where the co-workers are in contact in cyberspace.
Technology has helped in introducing a culture where business can be carried out from anywhere in the world without the requirement of an office. The concept of a virtual office entails getting into an agreement with a virtual office space provider, who provides the business an official address in a prime location without actually having to rent the space. In addition, they provide a reception service and the facility to route calls. They also provide meeting and conference rooms as and when required.
Advantages of a Virtual Office:
They offer the employees a lot of flexibility. This improves the productivity and helps the company in retaining talent.
It helps in reducing the real estate costs of the business because it can be operated without setting up an office.
Subleasing An Office
This is recommended for startups or when one is transitioning from a home-based business to an office business. The businessman can take on lease a partial space in an office. The person who takes the space on lease is called a sub-tenant. The sub-tenant makes a contract with the tenant who has leased the office space from the owner of the premises. Some owners of office spaces may provide facilities such as parking, internet access, a common receptionist, photocopy machine usage, etc.
Advantages of Sub-Leasing An Office:
The office is in ‘ready to move’ condition.
The sub-tenant can select the location of the office as per his preference.
Small Office Space
In recent times, there is a trend of startups globally. This has made the concept of renting small offices very popular. There are three basic ways in which office space is rented or leased. They are:
Renting desk space
Temporary Office Spaces
Sometimes a businessman might need to set up a temporary office. This is usually done when a businessman has plans of expanding his business in the near future. He might set up his business in a temporary office and later move to a bigger space. It is also required when one is working on a contract job which will finish soon.
With the growth in the number of start-ups globally, it makes good business sense to rent/ lease unused space in your office. Finding a tenant for your space is not difficult any more. This is because of availability of various space listing websites like Smarter Spaces.