NYC Office Space and Entrepreneurs
The official blog of Sunshine Suites.
When it comes to running a small business there is a lot of trial and error involved. Although someone can go to school to learn about business in general, unfortunately there aren’t any educational centers who offer courses on tips and tricks that fellow small business owners have learned over the years to help a beginner start out on the right foot. Because of this lack of readily available knowledge, a lot of small business owners start out great but quickly run into issues that they weren’t even aware could present themselves.
For instance, when you picture yourself running your own small business I’m sure you see yourself with ample numbers of customers just waiting to purchase your services. Unfortunately, it is extremely rare that this would ever occur in the beginning of a small business venture. In fact, you have a better chance at success if you start small and incrementally work your way up in terms of size. This allows you to take less risk and prevents you from ever biting off more than you can chew. One example of this would be renting office space. Sure it sounds nice to say you operate out of a 2,000 sq. ft. suite but if you are only utilizing one fourth of that size currently, all you are doing is throwing money down the drain. Start small and build your office space up congruently with the amount of business you are seeing. As your business grows, so can your location. Using shared office communities can be a great starting point.
Whenever you start a small business, one of the first and most vital steps to take is self protection in the form of incorporation. Form an LLC or something along those lines so that just in case your business doesn’t pan out, you won’t be stuck holding the bill while your personal assets are at stake. Visit a local bank or go online and find an incorporation agent who for a relatively small fee can set up everything for you so that you are protected against all odds.
Make sure you have a realistic business plan that you intend to follow. The worst thing you can do is go into a business venture blindly without a set of outlines to guide you. A business plan allows you to chart your success and growth effectively as well as plot goals for the future. It will help you figure out how much it will take for you to turn a profit as well as allow you to create a break even cost analysis.
One last tip that is rarely put into consideration yet could easily lead to the failure of your small business is trade secrets. As much as you would like to tell every family member, neighbor, friend, or passerby about what your business’s processes are-don’t. If you tell the wrong person about the revolutionary idea you have…you run the risk of having them steal your idea and market it before you.
If you follow these tips, you will have a better success rate than most of your fellow small business owners, so now it’s up to you to utilize them for a great future for not only yourself but your business as well.
Small business owners should realize how essential networking is to building relationships that can help them drastically improve their business. That being said, small business owners should be working as hard as possible to do the most networking they can. Let’s take a look at some networking opportunities that are available to small business owners.
Resource #1: Meetup.com
Meetup.com is a website that enables you to connect with others based on your common interests. If you are not already searching for relevant networking events on Meetup.com, you are missing out huge networking potential. The number of meetups available on any topic is mind blowing. It makes it so easy to find local professionals to connect with. Every member of each meetup has a profile page where you can describe what you do and who you are looking to connect with. Since everyone attending the meetup is local, you should be able to make solid contacts.
Attending these meetups is a fantastic way to meet people who have similar interests, whether business related or personal. This is a great way to start getting to know people in your industry, discuss and exchange ideas. Attending meetups regularly can dramatically help you increase your contact base as well as gain exposure for your brand.
Some meetups are more organized than others. Check the reviews of a meeetup to see what prior attendees thought of the event. Most meetups are free, while others cost a few dollars. Regardless, it is up to you to determine if the time is being well spent.
Resource #2: Industry Trade Shows
Based on what industry you are in and where you are located, you may be able to do some fantastic networking at trade shows. These shows will usually have educational sessions in addition to networking events. Unlike meetups, trade shows tend to stretch over multiple days. Trade shows will often cost a reasonable amount of money to attend. While these are often stellar networking resources, the value of the event comes down to how active you participate. If you choose to attend a show, make sure that you are doing the best you can to maximize your time. Attend sessions that will provide quality, actionable information. The rest of the time should be spent networking with colleagues in the industry.
Resource #3: Shared Office Space
Shared office space is a very new and interesting approach to networking. An essential feature of a community office space is the daily interaction with other people who are working to build their own business. You have the ability to meet people who have knowledge of all different facets of running a small business. You may or may not attain new clients from your office, but the education opportunity makes it worth it. Sunshine is just one of many providers who offer this type of solution. Check what type of shared offices are available in your area. Go on a tour of the location and check out the vibe of the space. If you feel comfortable with it, go for it.
With each of the three networking opportunities above, the value of each will always depend on how well you are using your time. Make sure to evaluate our post on Tuesday that covered 3 Crucial Networking Mistakes.
Cheni Y- Managing Partner of Sunshine NY-recently sat for two multimedia interviews.
One, with Moviestar entrepreneur, is here, and there’s a podcast with The Hopkinson Report here. Both of these interviews offer one of our own resident serial entrepreneur advice on how to make your dreams reality.
As Social Media Director at Sunshine NY, I put out the call regularly and often for companies at Sunshine to share their areas of expertise with the Sunshine blog, and as such the small business/entrepreneurial community at large. What I didn’t expect to get, on the heels of a filming project that will be making its debut soon here on the Sunshine NY blog, was an incredible testimonial, passed to me by David Tunstall of the Tunstall Organization, based out of Sunshine’s Tribeca office.
Testimonial from David Tunstall, of the Tunstall Organization
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By: Russ | Published: December 4, 2009 | Filed under: Shared office space
Working in an office environment at this time of year means exposure to illness. As such,The Vitamin Creek presents suggestions on how to stay healthy during the cold and flu season.
Easy Ways to Pump Up Your Immune System from The Vitamin Creek
What with cold and flu season upon us-and so many viruses rampant in this country-you may well be wondering what you can do besides getting the seasonal flu shots and others, to stave off colds, flus, and any other conditions that may keep you down and out for a week or more. (more…)
In his blog on reasons to use a shared office space like Sunshine, Joe Raby wrote:
“Working in a shared office space allows for maximum flexibility when hiring new staff or when you need to save money during a downturn. Here at Sunshine Suites, we allow companies that to add or reduce the amount of space they take with as little as 1 to 30 days notice, depending on the need. If you run a seasonal business and need to ramp up during busy season and then scale down, a shared office space is perfect. If your business is continually growing, and you need to keep adding employees, it doesn’t make sense to lock yourself into a long term lease – especially if you are not sure of how much space you’ll need in two years. You also will never have to spend more than necessary in anticipation of hiring people down the road. As a small business owner, flexibility in one of your biggest expenses – rent – is incredibly helpful both in good and bad times.”
So this article from Resources For Entrepreneursconfirms and reinforces further what many small businesses are already thinking-we’re seeing a trend in the business landscape in favor of, rather than slashing staff, slashing the size of the room needed to hold them.
“Many small business owners are finding that having workers telecommute saves them a significant amount of money on rent, office furniture, and other expenses. These cost cuts can also reduce the need for layoffs…”
As the needs of your business grow and shrink, it’s imperative that you both have the staffed-trained, trusted, loyal-on hand to carry out the tasks you need done so you can focus on your business. Why cut your personnel unnecessarily when you could flex down to a smaller office space in slower times?
For more info on office downsizing and other shared office space benefits and tips, click here.
Top Reasons for a Shared Office Space, by Joe Raby:
As Managing Partner and Co-founder of Sunshine Suites, a shared office space in New York City with two locations, I’ve found there are many reasons to start your business working in a shared office space instead of renting your own office or staying on your couch. The list below is nowhere near complete, but does highlight some of the major benefits of working in an office community. Sunshine Suites was founded based on my own troubles of starting an internet gaming company. My partner and I tried to solve all the headaches that we went through when setting up our office, and make sure others didn’t have to go through the same. Below are what we believe to be the top 6 biggest benefits of working with other small business owners rather than going at it alone.
6. Access to community events – A good shared office space should have a lot of events going that will open up opportunity and allow you to meet others. At Sunshine Suites, we host at least two or three events every week – anything from our bowling and softball teams to a weekend at our Vermont vacation cabin. We host numerous educational events and roundtable discussions, and of course meet & greets and networking lunches. Also, a quality shared office space will not leave it up to you to meet people, but will encourage and proactively make sure there are plenty of opportunities to meet all the other small business owners in the space.
5. Every Business Service at your fingertips – Imagine being able to check on your marketing campaign, verify your records with your bookkeeper, or view that website update in minutes any time you’d like. Working in a shared office, you not only have a choice of numerous services (all that come from the referrals of your friends), but you can actually grab lunch with your bookkeeper, or check out the graphics on your website, or have access to any service you need instantly. This makes for much better service, with you in the loop the whole way and your input given at any time. It also opens the door to other services and ideas that are out there, that a neighbor may be working on.
4. Stay focused on your business – Being in a shared office space allows you to write one check a month to cover all your office needs. You never have to worry about reordering paper, running out of toner, or paying the electric bill – someone else takes care of all his so you can focus on your business.
3. Keep your burn rate down – Working in a community office space can save you up to 60% of the costs of renting your own office. Most companies don’t realize the time and expense that goes into having an individual space vs. sharing one with others. For one low price, you can have access to numerous conference rooms, high speed internet access, a receptionist, fax machine, copy machine, printing, etc. The actual cost of purchasing all these services on a monthly basis and maintaining them is significantly higher than sharing.
2. Flexibility – Working in a shared office space allows for maximum flexibility when hiring new staff or when you need to save money during a downturn. Here at Sunshine Suites, we allow companies that to add or reduce the amount of space they take with as little as 1 to 30 days notice, depending on the need. If you run a seasonal business and need to ramp up during busy season and then scale down, a shared office space is perfect. If your business is continually growing, and you need to keep adding employees, it doesn’t make sense to lock yourself into a long term lease – especially if you are not sure of how much space you’ll need in two years. You also will never have to spend more than necessary in anticipation of hiring people down the road. As a small business owner, flexibility in one of your biggest expenses – rent – is incredibly helpful both in good and bad times.
1. Networking, Networking, Networking! – Working with others in different industries allows you to connect with hundreds of potential clients, potential referral sources, and, most importantly, potential ideas. Being surrounded by this, especially at an early stage in your startup, is invaluable. Some of the people here at Sunshine Suites have received so many referrals, particularly because they are not competing with each other, that they have almost entirely focused their marketing efforts on the Sunshine community. It doesn’t take a silver tongue – just someone willing to show up at the events we have throughout the week, such as our bowling team, the meet & greets, our networking lunches, or our educational speeches.
So, remember:
1. Keep your burn rate at a minimum.
2. Get out of the house! You need to be surround by open-minded people with whom you can discuss ideas!
3. Pick a business partner who offers different skills than you (while having the same moral beliefs and ethics).
4. Keep good, accurate accounting records.
5. Go to as many networking events as possible
6. Be your own best sales person. Never hire someone to do a job you can do better (especially sales).
7. Start small. Don’t assume people will like your product , so test it and get feedback (baby steps) .
8. Learn about the many programs and benefits available to you via the city and grants.
9. NETWORK NETWORK NETWORK!
10. Don’t be afraid to try new approaches. Always adapt to change and competition.
Our Shiners are always trying to reduce their carbon footprint – they’re working in a NYC shared office community after all! Many make other efforts to go green by walking, biking, or riding mass transit to the office. To show our appreciation for their help saving the Earth Sunshine Suites has partnered with Zipcar to bring them special discounted membership rates for those days they have to drive.
Zipcars are a convenient way to get around or out of the city. Cars can be rented by the hour or the day and include gas and insurance. Zipcar has cars all over the city, many of which are hybrid vehicles.
All Sunshine Suites tenants are eligible for a DISCOUNTED ANNUAL BUSINESS MEMBERSHIP of $25 (a savings of $150) AND Low Hourly and Daily Rates of only $8 per hour and $60 per day on most Zipcars. To learn more about Sunshine’s Solar Power visit our website
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