What places to run your startup business?
When starting out, you only seem to have costs and they keep coming in. The five set of fees are:
- Office space
- Incorporating and legal fees
- Accounting costs for the first year in business
- Payroll for employees
So one of the main costs is office space and if we can reduce that we can survive for longer and hopefully last until we start making more money than we spend.
- Run your startup business from home. This won’t work for every business, but if it will work for yours it can save you a pile of cash on utilities and rent.
- Coffee Shop’s are happy to have you and have good wifi. You also get to meet like minded people and can invite people for meetings in the coffee shop.
- Look out for a business incubator which helps startups by providing them space, mentors and events. These are normally free for a set period.
- Spare desk in someone else’s office. A lot of businesses have space and if you can use one or two desks in return for some form of payment, even your manpower it will be cheaper and more flexible.
- Find a co-working space where you can rent space as-needed for much less than the cost of a traditional commercial office which is normally looking for 3-5 years.
Just remember when looking for office space its “Location, location, location.” , which drives home just how important location is when choosing a space for your startup business.