WHY LEASE WHEN YOU CAN LODGE?
It is hardly uncommon today for people with full-time jobs to have side businesses that monetise their passions; in fact, that’s how many successful entrepreneurs start off. From simple IT accessories or clothing trading sites to service-based ones like baking, freelance writing and even architecture, many from the working class are reaping the benefits of side income to supplement their revenue. While that’s all well and good, many a time, these side businesses take off. What then? The natural next step, focusing and expanding your business to realise its potential and start you off on your entrepreneurial life would require a pretty significant financial investment for a base to facilitate employees, meeting spaces and secretarial services to name a few. While in the past, this would have been a traditional obstacle for budding moguls, today we are witnessing the emergence of a service created to facilitate the growth of micro-businesses – shared business spaces. Recognising the need for an entrepreneurial foothold, shared business spaces provide all one needs to take a side business to the next level without the hassles and costs of actually leasing a unit. Let’s zoom in.
Financial viability as a core
Say you’re a part-time web designer, and business picks up. You can hardly handle the bulk of it, and you don’t want to thin out your profit margin by outsourcing these lucrative projects. So, you’re considering leasing a small little office space with a couple of employees to facilitate your company’s workload. Going through the costs required to kick off such a venture – commercial-rate rental, a phone line with Wi-Fi connectivity, basic furniture and décor – you realise it would be a heavier investment than you expected. Perhaps the number one advantage that shared business spaces bring to the table is affordability. While leasing a commercial unit, albeit a small one would tie you down for a minimum of two years with a fixed rental, shared business spaces offer various flexible packages at a fraction of a cost compared to a lease. Not only that, they usually provide the full range of business centre services that include even consultation and book-keeping services that would cost you a pretty penny to establish yourself. Do yourself a favour and save that money for working capital instead.
Peace of mind from the little things
One major obstacle for would-be successful entrepreneurs is the little things – handling calls, managing email, bookkeeping, administrative duties, documentations, the list goes on long enough to deter. Peace of mind to focus on the big picture is essential for growing a micro-enterprise, and these day-to-day duties can potentially take up half your time and energy that could be put to better use. Shared business spaces capitalise on this traditional obstacle, providing a full range of assistive services. Meaning, they take care of the nitty-gritty while you brainstorm, strategise and execute your business plans. More than that, some companies not only provide office spaces, but consultation services from which you can take advantage of, helping you identify your selling points, suitable sales channels, target markets and such, giving your business a strategic boost for future growth.
Capitalise on diversity
Mental block staring out the window from your home office? Leasing a unit and fostering a diversified workforce with two employees isn’t going to be much better. One fringe benefit of a shared business space is the people around you – many going through the exact same entrepreneurial phase as you. Basically, this translates into a platform for budding individuals like yourself to benefit form collective expertise, experiences and even contacts. Additionally, it opens up valuable opportunities of collaborations through taking advantage of a variety of niches that complement your business. Lastly, another hidden benefit of a shared office space is the contagious motivated environment it nurtures. Be honest – you’ve slacked off more than you’d care to think about in the comfort of your home, haven’t you? If you can still manage to slack off among aggressive, determined individuals, then, well, hats off to you.