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IS YOUR BUSINESS READY FOR THE NEXT LEVEL?

More often than not, would-be entrepreneurs miss out on the vast potential that their home-grown businesses are capable of, for a very simple reason: the fear of expansion. However, there’s no running away from the fact that to truly get your business out of stagnancy, escape the rat race and become a full-fledged entrepreneur, expansion is essential. Now, traditionally, while the only expansion route is to lease an office unit, today we have serviced office spaces, which are basically business spaces for rent that provide all the facilities and amenities one needs to operate a business without the shackles and sky-high costs of a lease. Having said that, it still represents a significant jump, requiring commitments in terms of time, energy and money from you. If you’re truly interested in taking this next step, then this article will help you get a gauge on whether or not you’re ready.

Would you do better with a more professional image?

Let’s face it – we live in a superficial world, and giving out business cards that imply you work out of a home basement is hardly convincing to potential clients. Besides a credible business address, shared office spaces provide fully equipped conference rooms with whiteboards, projectors, stationery; some even have secretarial services to help you take down meeting minutes. Gone are the days you have to present to clients from your tablet in noisy coffee shops.

Is the stagnancy of a home-based office slowly dousing your entrepreneurial fire?

Working out of a home office, a five-minute break can easily turn into a two-hour nap, and utilising cafés can get tiresome after a while. In an office away from home, you force yourself away from your bed and TV into an environment with like-minded individuals going through the same obstacles as you, grinding to meet their entrepreneurial goals. More than that, it presents the opportunity to tap into other people’s networks, and theirs yours, opening new doors to potential business and synergistic relationships.

Are administrative duties wasting your time and energy?

This is perhaps the most relevant question you could ask yourself in this process. Are mundane tasks like scanning, typing letters, travelling to and from the post office and photocopy shops taking up your time? Many home-based entrepreneurs find that these errands take up much of their time before they actually get to focus on their businesses. To be attractive to would-be entrepreneurs, shared office spaces remove the burden of these chores from their customers with courier, dispatch, document and receptionist services, leaving you to the big-picture stuff.

Are you missing out on potential business due to lack in manpower?

If you’ve gotten to this point in the article, then this could be the key question. You can’t possibly turn your home-based business into a million-dollar enterprise by going lone wolf. You need people, employees with specialised scopes to increase your business capacity, and you need a space for them. Of course, you can always outsource certain tasks, but you’d see a thinned out profit margin and lack of quality control. If you find yourself losing potential business because you can’t handle more than what you’ve got on your plate, then perhaps expansion is the answer.

Remember: the question of whether or not you’re ready to take your business to the next level is hardly a simple one, and reaching a decision could mark the turning point in your life. Consider the above questions very carefully, and don’t be afraid to consult your friends, family and experienced entrepreneurs for advice. Having said that, the late Zig Ziglar who had transformed countless lives through motivation once said, “You don’t have to be great to start; you have to start to be great.”

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