Home businesses have a sneaky way of becoming bigger than their owners ever planned for. In fact, even a small amount of success and interest from investors can quickly turn a side project into a full-time job. So, it’s important to think about what you want from yours.
If you’re keen to move out of the garage or bedroom and into corporate life, you’ll need a stable place to work and create. In Singapore, there’s no shortage of amazing office real estate, but it can often be too pricey for entrepreneurs. Fortunately, there are a number of highly effective alternatives.
This guide to picking the perfect office for your first company will help you decide where to start and what to prioritize.
If you want to bypass costly setup fees and start making money right away, you might want to consider a virtual office. Servcorp Singapore and other providers like them can offer you access to fully equipped workspaces. Anything that you might need to run a business is contained in these sophisticated facilities.
The important thing to know is that they’re paid for on an ‘as you use’ basis. This means that there are no monthly or annual rental fees. You pay only for the services that you use and the responsibility for heating, lighting, IT maintenance, and other basic resources is taken care of by the provider. The catch is a small one; you share the environment with others.
Even if you’re just starting out, you’ve got to think about what might happen in the future. Growth doesn’t happen spontaneously. You need to lay the groundwork first. This means making decisions which offer flexibility. With a virtual office, you don’t have to commit to a costly long-term contract, but you do get the stability of an office which is always there.
When it comes time to outgrow your original requirements, you can either upgrade to a more conventional setup. Or, if the provider operates serviced suites as well, you can arrange to move into a private workspace. Alternatively, you might just want to add some more services to your weekly routine; boardroom access or a 24/7 receptionist, perhaps.
It is important to think about not just how your address looks on paper, but whether it offers you practicality as well. While one or two person teams can afford to be a little selfish when it comes to location, companies with dependent employees need to ensure that performing well is their primary focus. They shouldn’t be worrying about how to get into work every day.
Your office needs to be reasonably close to transport links so that employees and clients are happy to work with you. While addresses outside of corporate centers are always going to be cheaper, many investors and partners prioritize city-based operations. Don’t underestimate the quality of the workspace which you can afford because virtual facilities make it possible.
If you’re interested in going virtual and keeping costs low, look for a virtual facility in and around the most respected corporate districts of Singapore. The Marina Bay Financial Centre, the PSA Building, and the skyscraper at Six Battery Road are all home to great business suites with flexible terms and rates.
Take some time out of running the company to arrange a tour. It can be difficult to know for sure if a co-working environment is going to fit your needs until you’ve actually seen it. For instance, you might not mind sharing but still need a relatively quiet and isolated space in which to carry out tasks. Pay a visit and check if there’s a combination of different work environments and stations.