Whether you own a service or consulting company or a product-based business, everybody knows that it’s important to have some working space. An office can be a great place to hold meetings with employees, vendors, investors, or clients. But it also needs to be functional, and that can be a challenge when available space comes at premium prices.

Enter the concept of shared space. The availability of all different manner of shared workspaces is increasing nationwide – particularly in more metropolitan areas – and these cool, sometimes quirk work arrangements might be just the thing to meet your needs without breaking the bank. So let’s talk about a few different types of shared space.

Standard Shared Space

This type of office space isn’t anything new, especially in the business-to-business world. A typical shared space will offer several different setups (at varying prices), including private offices, workstations or cubicles, and even open floor space with desks available for rent. These spaces are great for businesses that have certain privacy requirements or need access to conference facilities on a regular basis.

A lot of times, these spaces include a shared kitchen or break room, shared conference space, and a shared reception area. A copy and mailing center, and even a shared receptionist, may be available in some cases.

Business Incubators

When it comes to finding the right space for your business, incubator spaces are typically the most targeted – so they may not be the right fit, depending on what your business is. Many incubators are specifically geared toward startups, with a heavy focus on technology, service, and manufacturing. Spaces are generally shared with as many as 15-20 other startup companies, and are incorporated into a broader incubator program that lasts for several years.

In many cases, enrollment in an incubator typically includes a host of other benefits – such as management assistance, access to financing programs, mentorship initiatives, and networking opportunities, so if it sounds like your business model is a fit, you may want to look into local business incubators.

Coworking Communities

Coworking communities have taken the world of remote workers and freelancers by storm over the last few years. These communities typically offer a blend of professional and creative spaces, usually boasting wide open floor plans that encourage shared conversations and collaboration between members. Coworking spaces are perfect for the independent consultant, software developer, or graphic designer because they offer a great working environment with tons of flexibility at a fraction of the cost.

Most coworking spaces have different tiers of membership, which entitle each member to different amenities. Some tiers simply allow use of the open work space a few days per week; others allow 24/7 access with priority usage of conference facilities, etc. Depending on how often you plan to use the space, you may want to think about starting out at a lower tier and working your way up.

Executive Suites

Very similar to the standard shared space option, an executive suite is more about the location and amenities than anything else. Typically located in high-end buildings with scenic views and impressive luxuries, an executive suite can usually be rented by the day, week, or month, and is intended for businesses that are seeking to really wow their clients from the moment they walk in the door. These spaces might also be used by larger companies from out-of-state that are looking for a satellite office.