Starting a new business requires careful planning and preparation, as well as raising capital and securing other resources. Some people find private investors to fund their new startup and in return, give them partial ownership in the business or pay them back once the business starts making money. Other people fund their business startup out of their own pockets by keeping their current full time job and building their business part time. Some people even apply for small business financing through lending institutions.
No matter which methods you use to start your business, you are going to need an office space when you’re up and running. Commercial real estate prices in central urban locations are often very expensive, especially in the early days of a new business venture. Most new business startups do not have the resources to rent a traditional office in a central downtown location with easy access to transit and amenities. However, that does not mean you still cannot have an office in the perfect downtown location with a shared office rental in Toronto.
In fact, shared offices in Toronto are becoming one of the most popular ways to conduct business. You rent a space based upon your needs and requirements. If you only need to be in the office every other month, or every few weeks, you have the ability to rent workspace by the hour and only pay for the time you actually need. This leverages the sharing economy, enabling more businesses to enjoy a prime location in downtown Toronto for a fraction of the cost of permanent space.
Essentially shared office and coworking space rentals are the hotels of the business world. You get to decide how many hours, days, weeks or months you need an office space. As your business grows and your needs change, you have the flexibility to modify your rental agreement and move up to a dedicated desk or private office solution if you find yourself spending more and more time working in the office. A dedicated desk is a permanent workspace, accessible 24/7 and located in an open working environment with other businesses. If you need more privacy, then a private office solution may be a better option.
For new businesses, which may not need a permanent shared office space in Toronto immediately upon starting up, there are other options such as virtual offices, day offices and hourly meeting spaces. With a Toronto virtual office solution you can get a downtown Toronto mailing address and phone number. You are able to create a professional business image but without the costs of actually renting a physical location in downtown Toronto. Instead, you choose between different monthly packages featuring virtual office support ranging from mail only to full services with virtual receptionists.
Shared meeting and coworking space options are ideal when you want to meet with prospective clients in an office environment or to conduct employee training and development. These office solutions are available to everyone, regardless of whether you work out of your home and use a virtual office solution, or choose a shared office solution. To learn more about affordable and flexible office solutions with a downtown Toronto address, contact iQ Office today at 416-237-1111.