More and more people are turning towards starting their own businesses, often as a result of redundancy and the difficulties of finding another job in an increasingly difficult job market. One of the main stumbling blocks new entrepreneurs come across is a lack of funding or start-up cash needed to get off the ground. All businesses need a certain level of cash to start. In fact, there are various financial draws on a new business, including promotional and marketing activities, purchasing supplies and insurance, to name but a few.
One thing many new businesses also have to allow capital for is business premises. Traditional leases for office space require a hefty deposit and commitment to a lease of several years, which can be daunting for any new business. While you wouldn’t start a business unless you believed in your product or service, you also can’t know for sure how the future will pan out, particularly in today’s current economic climate, which is showing no signs of improving either.
A great way of managing your start-up costs is by looking at serviced offices in business centres for your premises. Found all around the country, from commercial property Bristol to office space Leeds, there are two primary advantages of serviced offices for start-up businesses. Firstly, the leases are much shorter and more flexible, with an average lease of under a year. This makes the prospect of committing yourself to a leased office when you don’t know how the market will take your business much less scary. What’s more, leases of serviced offices are generally flexible, so you can increase or decrease the amount of space you rent as your business requirements change. This saves you from having to gamble at taking on (and paying for) a larger space when you first start, with the hope of needing that extra room for additional staff as your business takes off.
The second biggest advantage of a serviced office is that you only have one monthly bill encompassing all of the costs associated with having and running your office. This makes it much easier to budget, which is especially important for a new business. The amount of start-up capital needed to get going is also much less, with furniture and furnishings also being included in the price of the office. So, while you’ll still have the initial outlay for things like trade insurance and promotional materials, you will have cut other start-up costs significantly.
One of the biggest outlays a business faces after premises is staffing costs. Therefore, while you’re getting going, you should try and do as much of the work yourself as possible. Not only does this save you money, but it also gives you a really good grounding in all the different aspects of your business and will help you to develop skills you might not have known you had or been that confident about. Dealing with everything yourself will also save you time when it comes to decision making because you won’t have to discuss with other people.