In a world where mobile technology reigns supreme and entrepreneurs are no longer bound to conventional office leases, it is easy to underestimate the value of location. After all, if you can set up a company from your bedroom, does it really matter what your address looks like?
Well, the easy answer is yes, location still matters. In fact, it can have an enormous impact on how you grow and develop your business, so it is worth choosing carefully. For new ventures and smaller start-ups, the focus should be on minimising your overheads, so that you can invest more time and money on expansion.
Keep reading to find out why a good office location is the right way to achieve this and what you can do to find one.
Combine the Costs
One of the best ways for a small business to shrink their overheads and save cash is to combine as many expenses into one flat rate fee as possible. With Servcorp office rentals, entrepreneurs benefit from an ‘all in one’ package.
They pay a monthly premium (on a rolling basis) for everything needed to run a company. It includes all maintenance and utility costs, as well as things like receptionist services, print tools, and mailboxes.
Hire Local Employees
Countries like the Philippines are very popular with small business owners because they have a lot to offer. The tax rates are relatively low, the government is supportive of foreign investment, and the graduate pool is strong. As if that were not enough, the literacy rates are extremely high, and most people already speak good English.
If you base your company in a central location – such as Manila – you can take advantage of a hungry, passionate labour market. Make sure that you are not too far away from the top universities because this is where you want to be looking for recruits.
Find People Who Think Like You
If you are planning to expand into a new market, you need to think carefully about which destinations fit your company values and ethos. For instance, locals in the Philippines have an excellent work ethic, but they can come across as timid to westerners.
It is worth remembering that Asian people are less direct and more concerned with outward shows of humility and respect. They rarely display intense emotion in public, and they often need encouragement to speak up at work. Always be mindful of cultural differences.
Stay Close to Investors
Grabbing a great serviced office, in a world class location, is the best way to ensure that you are visible to investors. The big market players do not spend time looking anywhere but the thriving business districts, so this is where you need to be.
Combine an unbelievable corporate address with low rates by opting for a flexible, serviced workspace. They are private (you do not have to share), but they are different to conventional office space because they do not carry lengthy contracts.
Leave Room for Investment
If you opt for a flexible, affordable office solution, without lock-in contracts, you have the freedom to expand and diversify when market conditions are just right. It is critical because success in business often depends on the ability to exploit promising situations.
When there is an industry boom or a major trend sweeps the country, you want to be one of the first to benefit. It is only possible if your lease can be renegotiated quickly and easily. Do prioritise dynamic, response contracts over cheap rates if necessary, but don’t forget that serviced offices provide both.