Tips for moving your business out of the house

If your corporate office is in the same building as your bedroom, you may want to consider moving the space elsewhere to adequately build revenue for your venture.

By Mark Stapp  |  Fred E. Taylor Professor of Real Estate Director, Master of Real Estate Development

So, you had the big idea, formed the company, developed a business model and got it up and running. Now you need to grow revenue. The problem is your "corporate office" — otherwise known as the guest room, garage or backseat of your car — is no longer adequate or appropriate for your venture.

You need to move, but where? An office or small industrial space, depending on what your business is, may seem like the obvious solution. But for many new enterprises, that's a big step, and an expensive one. What else can you do? You might consider the executive suite: ready-to-go shared office space with conference rooms and joint support services.

Regus, which boasts more than 3,000 locations in 120 countries, offers fully furnished offices and first-class facilities as well as the option to use the facilities in other locales. I mention Regus because I used these services years ago and they were perfect for us at the time, but there are other companies that provide the same service.

They price on a menu basis, based on your needs: private, shared or open plan workspace, 24-hour secure access, fully furnished, latest technology, meeting rooms and video communications available when you need them. There are other options, which are designed to foster collaboration and a "communal" approach to business. "Co-working" gets you out of your house, but it's more than that. Co-working environments are creative, open, dynamic spaces where groups of people with shared values can work independently but also enjoy potentially idea-generating social interactions.

These spaces become more than just a place to work; they become a support system for entrepreneurs built on relationships and community. That said, not all co-working places are the same; some are just an open place to work, so check out any space you are considering. Co-working has become very popular.

WeWork, a New York City-based, real estate centric co-working space provider, has become the largest lessee of office space in that city and is expanding (it has a reported value of about $5 billion). You will find several in Phoenix, including CO+HOOTS, The Office Pile and Coworking on 15th Ave, and a new entry coming to downtown Phoenix from Montreal called The Refinery. For the manufacturing business, there are "makerspaces." Makerspaces are like co-working spaces, but the creativity centers on making things (products or goods).

These are shared spaces that provide access to a wide variety of tools and technology. They also facilitate group interaction and knowledge- and resource-sharing. They provide not only physical space for individual project development but also access to equipment for prototyping project ideas that otherwise would be too expensive for a small company or individual to buy. That equipment could include computers, high performance machinery and 3D printers — plus people to teach you how to use it. In the Phoenix area you'll find HeatSync Labs, Gangplank and Local Motors.

Don't forget business incubators and other small- and medium-size business support programs. Some are community-centric; some are real estate-centric. Check them out, do your homework and see what works for you. If it's time to get out of the guest room but a full-fledged office space isn't what you need, there are lots of great alternatives.

"Getting Started" is an entrepreneurship column by the faculty of the W.P. Carey School of Business at Arizona State University. Mark Stapp is the Fred E. Taylor Professor of Real Estate and the director of the Master of Real Estate Development program.

First published in The Arizona Republic, June 10, 2015.