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Boardrrom Facilities business.
The increasing trend toward conducting business enterprises from a home office continues to grow at a record pace in North America. Due to this fact an entirely new business requirement has surfaced. What do you do if your business is homebased; yet you require short-term meeting facilities? There is one simple solution to the question if you're an enterprising entrepreneur; you start a boardroom office facility that can be rented and utilized by homebased business entrepreneurs, employees, and traveling business people. The best way to reach your target market, which of course, is homebased business owners, is to join local business associations in your community and start promoting your boardroom rental service. Almost every city and community across North America now has a Homebased Business Owners Association or Chamber of Commerce. Most of these associations host networking meetings and these networking meetings are fantastic forums to meet other business owners and introduce them to your new boardroom service. Likewise, you will want to get the message out to corporate and business travelers that may also require this type of service while conducting business in your area.
requirements: The boardroom facility will have to be well equipped with office fixtures, furniture, and other equipment such as private meeting rooms, computers, Internet connections, copiers, overhead projectors, a catering service, secretarial services, stationery supplies, multi-line and function telephone system, and other related client support services and products. When choosing a location for this business, the following should be considered: a central location, alternately an airport location, good parking, and at least 1,500 square feet of floor space. Prior to establishing the business, a market study should indicate if the business would be supported mainly by homebased business owners or business travelers.
start-up costs: The start-up costs will greatly vary as to the size of the boardroom office rental facility that you intend to open. However, a $25,000 to $40,000 initial investment for equipment, leasehold improvements, and marketing will be sufficient funds to start a medium-size boardroom facility.
profit potential: Well-equipped small (6 to 20 people) meeting facilities generally rent for the following rates: $40 to $50 per hour, $100 to $150 per day, $500 to $800 per week. Additionally, you can charge for any special services you provide, such as telephone answering, secretarial services, catering, transportation, and stationery supplies. Furthermore, to maximize profits you will want to have multiple boardrooms and meeting rooms available for rent. Once established, the profit potential for a boardroom rental facility can easily exceed $60,000 per year.