There are a lot of things to consider when starting a company; and, money is one thing an entrepreneur should have when building their business. But what if a business owner cannot afford everything with just the snap of a finger?
Remember that it’s important for entrepreneurs to find a balance between producing profits and keeping the company’s operational costs to a minimum. The first thing that entrepreneurs should think of when starting their business is choosing an office space. They should study this carefully because this would be essential in generating future income. Being frugal as a business owner would greatly help when earning revenues.
Now, what are the tips for frugal entrepreneurs when it comes to choosing and having an office space in the Philippines?
Consider if You Would Really Need an Office
An article from Entrepreneur stated that, because the world is connected nowadays and technologies are accessible from anywhere, there are fewer reasons for offices to become business institutions. There are many possibilities and ways to create a company without having a physical office that would save you a great deal of money. But, if you would like to create a big impression to your clients, which is important, you might want to get an office.
Look at Accelerators and Incubators
Accelerators and incubators are a big help especially to startup entrepreneurs as these provide programs and services that would build growth for the company. Consider enlisting these two if you are still in the early stages of development in your business and if you have decided that you don’t need an office. Also, if you are enrolled in these programs, expect that you would have access to different kinds of inexpensive or free office space and a lot of resources that would be essential in improving your business.
Skip the Fancy Furniture
Furniture is also important when having your own office. Do not spend too much money on extravagant furniture; instead, you can search for online shops and use locally made furniture that would help you save money. Furniture rental services, such as CORT, could also be possible as this would reduce your cost. CORT also sells discounted furniture when clients are done using it.
Seek Collaborative Workspace
Collaborative workspaces could also work for frugal entrepreneurs because only one business owner would not shoulder the costs. Collaborative workspace is bringing professionals in a single, independently owned space and is becoming famous especially in urban areas. This choice of space is convenient and beneficial to startup businesses and when you only need an office some of the time or if only a few people from your team need an office.
Create Your Own Co-op
If you have enough capital, you can buy an office space and lease or rent some part of the building for other tenants who might be interested. With this structure, entrepreneurs create revenues for themselves and minimize the rent they are paying because of the tenants they have.
