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The ability to rent a small office space is not strictly reserved for established businesses. In fact, entrepreneurs can benefit in many ways from working out of a commercial facility. A business centre will provide your startup with a professional image and productive work environment. These two factors are both advantageous and crucial to have in the early stages of starting a new business. Below are some useful tips on how you can prepare your startup for success and learn more about how renting a small office can help.
Tips for the Early Stages of Your Startup
Starting a new business is a challenge and not for those who want a quick, easy, high-profit enterprise from Day One. Once you establish your idea, you must dedicate your time, energy, and money to help it flourish and prosper. Regardless of the size, your startup can survive the competitive business landscape if you follow a few key strategies:
- Find Your Passion: If you don’t believe in your business, it may be a challenge to find anybody else who will. Carefully consider your idea and make sure your startup is a place where you can see yourself working long-term. Doing what you love will make your business and personal life much easier.
- Have a Solid Plan: Get your finances in order and prepare a proposal for the purpose of your business. If you plan on hiring employees, make sure you know exactly the type of person you want to work with. In many ways, your team will become your family and they can have a significant impact on the progression and growth of your business.
- Ask for Support: Setting yourself up for success in the startup world is a huge undertaking that requires at least some degree of external support. Reach out to the people in your network who can help you build your credibility. Friends, family and close colleagues are a good place to start.
- Set Goals: Short, medium, and long-term goals are important to make. In the early stages, create realistic short-term goals that are easily attainable. Successfully meeting and overcoming these goals may give you a boost of confidence that will help you move forward with your business. Be open to feedback and adjust your goals accordingly.
- Listen to Your Customers: If you want to run a successful business, your focus should remain on who your customers are and how your services can benefit them. Startups that are serious about growing their business will directly speak with customers to gain insight into better business ideas.
How Opting for Coworking Space Can Benefit You
Once you have made the right preparations for your new venture, you will need to find an office to work from. Of the many available options, renting a Coworking space seems to be the right decision for most startups. Here are a few reasons why renting a small office is an ideal place to grow your startup:
At the start of business, nearly all startups go through a tough period before they can break-even and become profitable. At this stage, it is important to manage your expenses carefully. Renting a traditional commercial office space often requires signing a long-term lease (typically 5 years). A deposit is also generally required. Such a commitment would place enormous strain on a startup even before they can generate cash flow.
A coworking space, on the other hand, offers a more lenient payment plan – more like a club membership. Depending on the particular provider, you can rent a convenient coworking space in Toronto by the month, weekly, hourly and even pay as you go basis. This arrangement is ideal for most startups which cannot afford the high upfront costs of a long-term lease. You are only required to pay for the space and service you need.
One key advantage of renting a coworking space is that it helps you avoid all the costs of setting up an office such as furniture, décor and utilities. At Officescape, we have fully furnished meeting rooms, reception area and break rooms to provide a conducive environment to you, your guests and/or your employees. We also provide Wi-Fi, administrative support and 24/7 office access.
First impressions are critical. As a small business, you need to project an image of professionalism to clients (prospective and current) as well as to prospective employees and partners. By renting a properly furnished and equipped office, guests will take note of your professionalism and be more compelled to work with you. Additionally, having a professional mailing address and business location will boost your credibility.
As a startup, you need to constantly network with other like-minded businesses and grow your contacts. A coworking space gives you the chance to meet other startup businesses who could be prospective clients, mentors or partners. Mingling with other business owners who can put in a good word for you is a more effective and affordable means of marketing. This help goes both ways.