Investing In Office Space For Your SME: What To Consider


20 November 2018



So, your business is thriving. All the hard work is paying off and you’re starting to reap the benefits – repeat customers, growing workload, increased revenue, so is it time to move out of your 3rd bedroom-turned-office, into a more professional environment? It can be tricky to take the leap as an SME owner – so here are key things to consider when buying or renting office space for your business.

Shared or Private Space?

There are many options for professional working environments, including the private vs shared space debate. There are pros and cons for each option, so it really is down to how your business operates.

If you are currently the only worker or you have 2 to 3 employees, you may benefit best from a co-working environment. This means you will be in a larger office space which other business people are using at the same time. You can take advantage of an office environment with internet allowance, desks, lockable storage units, and telephone systems without having to pay a hefty price tag for private space.

Alternatively, if you have a larger amount of staff, or the business you run is highly confidential or sensitive, you may be better off in a private space where you can discuss business freely and openly without worrying about being overheard.

There are many serviced offices across the country, with companies such as BE Offices and Prime Office Space offering both shared and private spaces so you are sure to find something to suit your business.

Renting or Buying?

When looking to set up your first office, you will no doubt deliberate over renting or buying. The rental market is extremely popular as it gives you the flexibility to move on at the end of the lease. So, if your business grows significantly and you need more staff, you can move to a larger space in line with business requirements. This flexibility may also be useful if you decide an alternative location may be better down the line for your business, due to localised demand for products or services. Renting also usually means fewer upfront costs than buying, but you do run the risk of rental values inflating, with a subsequent high impact on your finances.

Buying is obviously a huge commitment and requires a larger investment up front. This may be suitable for you if you have a good idea of your long-term business requirements and you know that the property will serve these. This may be the case for businesses requiring large factory spaces, for example. It also gives you the ability to make any changes to the property that you desire –you own it, so you can do what you like to it.

Is It Practical?

It is also important to consider whether the location is suitable for you and your staff. It is easy to get to via public transport? Does it have sufficient car parking?

Finally, always put your Health and Safety hat on and make sure the building abides by current health and safety standards. It may look pretty, but it needs to be a safe place to work with comfortable conditions for you and your staff. Undertake a risk assessment before you move in to highlight any potential issues and implement strategies to mitigate risks.

Read Also:

I enjoy writing and I write quality guest posts on topics of my interest and passion. I have been doing this since my college days. My special interests are in health, fitness, food and following the latest trends in these areas. I am an editor at Content Rally.

View all posts

Leave a Reply

Your email address will not be published. Required fields are marked *



IT Quick Fixes for Your Business During the Crisis by Paul Belogour

The incipient economic crisis leaves most businesses without customers and profits. The economy is losing billions of dollars every day, and there is no saying when the crisis is resolved, and we can all go back to business as usual. If your company is struggling during the switch from offline to online operations, there is still time to implement quick fixes and keep the business afloat until the end of the economic slump. Today Paul Belogour, Boston Unisoft Technologies CEO, shares two proven ways IT vendors can help you outlast the crisis and make most of the new reality. Update Your Website to Withstand Increased Traffic With mandated social distancing protocols in place, your customers turn to websites and mobile apps for goods and services. According to Vox, US traffic has increased by 23% since the beginning of the year. New York has seen the biggest increase of 36%. The Internet traffic will continue to grow as more people are forced to stay indoors, and companies switch to remote operations. While this provides endless business opportunities, traffic growth can also spell trouble if your website is not ready to handle the additional load. You should act fast and audit the technology stack and hardware behind your online presence and get it ready for a boost in traffic. If you cannot afford an in-house IT department, outsource the audit and updates to a professional team, such as Paul Belogour and Boston Unisoft Technologies. Our experts will assess the current state of your website and offer solutions that can stabilize it in time for increased load. Professional developers will ensure your site stays online through the rush and prevent failures. Do not wait for your website to crash, contact our team today to ensure your business stays strong throughout the crisis. Automate Business Processes to Increase Efficiency Amazon and Walmart are opening over 250,000 new positions amid the worldwide crisis to handle the increased customer demand. Even international giants struggle under the growing number of orders and have to adjust quickly or risk losing business and profit. If your company is seeing an increase in demand, you can follow Amazon’s lead and hire new employees or increase efficiency through careful analysis and automation of business processes. You would be surprised how much faster and smoother your company can run with process organization and automation in place. Boston Unisoft Technologies can help you achieve increased efficiency quickly by implementing one or more of these solutions:  CRM updates or implementation. Small and medium business owners rarely see the need to incorporate customer relationship management solutions into their daily operations. However, those who do will win in times of crisis, as they can easily communicate with customers, engage them, run promotions, process orders, and increase profit. Boston Unisoft Technologies team specializes in developing intuitive CRM systems for businesses of any size and industry. With our experts on your side, you will prevent business losses and make most of the growing demand.  Order payment automation. If you are not ready to start a large-scale business operations overhaul, start with essentials, such as payment processing. Our software engineers can incorporate a secure and user-friendly payment system to ensure your customers can add items to a bag, pay for them, and receive order confirmation without engaging any of your employees. The automated order system will stave off the need to inflate your order processing staff.  Third-party software integration. Yet another way to improve operational efficiency is by making most of the ready-made solutions available for your business. Boston Unisoft Technologies team has been working on integration and synchronization projects for years, and we can make your business run like a clock despite increased load and employee shortage. Trust Paul Belogour: UAE, US, UK, EU – wherever your business is based, you can turn this crisis from a death sentence into a growth opportunity for your company. Contact Boston Unisoft Technologies business analysts for more information on efficient, quick fixes during the crisis. Read Also: 6 Tips for Effective Crisis Management 6 Benefits of Working with a Managed IT Support Company


What are the benefits associated with crowdfunding for businesses?

In present times, the influence of business is undeniable in everyday life. There are different aspects of the economy that is solely dependent on how well the various startups of the country prosper. Marketing the business along with the funding can together ensure how well it would thrive in the long run. There are different ways in which any type of business can be funded, and if you implement the right method, you can see a significant profit in the minimum possible time. To make sure your business is thriving, you should take calculated risks as well judiciously. If the company fails which is a factor you cannot completely rule out, you will suffer losses, and that would lead to a debt crisis which at its extreme can lead to bankruptcy. One such method of funding which is comparatively less risky is crowdfunding. What is crowdfunding? There are different methods of funding a business like self-funding, crowdfunding, angel financer, bank loans, business schemes, and so on. Among these, crowdfunding is considered among the safest choice when you have a beautiful business plan and need a lot of money that you cannot get from one single source. In the case of crowdfunding, one can appeal with a proper business plan at a funding forum. And those who are interested in being the shareholders or clients for this kind of business can invest in it by getting in touch with you. There are several different benefits associated with crowdfunding and when you have a proper understanding of how it operates you can quickly make the most of this kind of funding. Easy access to capital : It is not easy to get the necessary funds for any business. However, when you have a secure network of people who have the capacity and are willing to invest in your project, you can quickly come across the necessary funds for the business. You can connect with other entrepreneurs as well who may be interested in investing in your business plan in particular. There are various reward-based crowdfunding platforms which help entrepreneurs to raise funds from a community that has a common interest in the kind of business proposal that you have. You can even give tangible gifts or rewards for funding the business like free samples of your products which can get them even more interested in supporting the company that you are trying to establish. This way, you can gather the necessary fund from scratch over a reasonable period. Reduces the risks : Starting a company is a very challenging task, and there is often a very high-risk factor associated with the venture. But with crowdfunding, you can avoid the risk to a large extent since you would be able to learn a lot about the market value of your business and whether this is a feasible and profitable idea at all. You would be able to understand the possible reception that your product is likely to get through a crowdfunding campaign. Only those people who are passionate about such a product would show interest in funding. When you know the number of people who are interested in funding your business, you can estimate the possible outcome of your campaign. Moreover, your company receives a lot of attention and marketing even before it rolls out through crowdfunding. You have a chance of earning consistent profit through the business and so would be able to pay off all those who have funded the business eventually. Validate your business concept : When you are looking for more institutionalized investors, the first and foremost question they are likely to ask you are - why should they invest and do you have any guarantee that your business plan would succeed? These are tricky questions with no easy answers for any business owner. However, when you are opting for crowdfunding, you can show the proof of concept which can convince them to invest in your dream venture as well. A successful crowdfunding campaign would mean that many people are welcoming your product and business concept and there is a good market value of the business that you are starting. The initial success would assure formal investors like banks to give you loans without worrying about the chances of non-payment unless there is a major crisis in your business. The number of people investing in the company also shows the trust and integrity that the masses show towards your brand even at its initial stage which can help to boost your reputation for the future. New and innovative brainstorming : The crowd not only comes up with the funds but they can even provide you with new ideas which would help your business to prosper. New and innovative ideas about the different aspects of the company would ensure that you can cover all the loopholes in the business plans. The entrepreneurs can engage the crowd in a brainstorming session as they would want to have a say in the business where they are investing. Through their discussions and comments, you can even come across good suggestions and ideas which would benefit the company in the long run. Moreover, you can even get legal suggestions about avoiding debt and also debt settlement reviews from different people through their experiences. Consult your lawyers about this and find out what is applicable for your business. This way you can make sure that your business is safe and secure as well against any business trouble related to finance. Conclusion : There are different advantages associated with crowdfunding. It is much safer compared to other methods of funding, and you can rest assured to avoid any debt-related crisis if you can successfully implement the different types of crowdfunding methods. The choice ultimately rests on the business owner about how to collect funds and use them successfully for the company. It can be concluded that business management becomes easier than ever before when you have a proper conception of the process of funding that you are implementing.    

Business Ideas

Top 5 Quirky, Creative And Profitable Business Ideas To Pursue In 2022

In the last few years, start-up entrepreneurs have been experimenting with several interesting and out-of-the-box business ideas. In fact, they have been pushing the boundaries of creativity, by combining passion, using social media, and taking help from technology. You do not need to beat around the bush or do the same run-of-the-mill stuff to become successful. All you need to do is spot an opportunity, market yourself well and create a niche your business avenue. In this resource article, we are going to look at five quirky and profitable business ideas that entrepreneurs can pursue in 2022. If you are someone that is looking to explore a new and profitable business opportunity, stick around till the end of the article. List of the Top 5 Quirky and Profitable Business Ideas to Pursue in 2022 1. Starting a Stickering Business- Stickers are the rage right now. From being plastered on laptops to occupying prime real estate on mugs, windscreens, and backpacks, they help lend a sense of individuality. In fact, in recent months, they have become an important symbol of self-expression, freedom, and emancipation. If you are creative and good at design work, you can start a stickering business. Make sure to allow for customization work for bigger commercial projects. You can sell the glow in the dark vinyl stickers in departmental stores, on Amazon, or even through social media. 2. Starting a Car/Vehicle Wrapping Business- Everyone does not have the money or resources to spec out their Porsches or Bentleys. Common fold still likes to personalize and customize their vehicles according to their own tastes and preferences. Opening a car detailing studio that specializes in wrapping commercial and private vehicles can just be the business opportunity you were waiting for. The market is hot right now and social media is perfect to add fuel to the fire of popularity. You need to work with skilled employees and partner with the best vendors for tools and equipment. 3. Starting a T-Shirt Printing Business- T-shirt printing has become a profitable business model for a lot of young entrepreneurs. It does not require a lot of start-up capital or a huge workforce. You need to get good quality t-shirts, get hold of a printable HTV, purchase quality printers like the Prestige DTF printer, and start popularizing the designs on social media and you are good to go. One of the best ways you can ensure that your t-shirt printing business is a success is to capture a particular niche. BLM t-shirts sold like hot cakes as they were considered a symbol of self-expression. A little bit of imagination and marketing can go a long way. 4. Starting a Sneaker Customization Business- If you are someone that has always been passionate about kicks, this is a business opportunity perfectly suited for you. There is a growing demand in the market for customizing sneakers. For example, a lot of clients want custom sneakers, when they cannot get their hands on the latest releases. It requires some practice, imagination, and creativity. You can go for anything from transfer tape vinyl to hydro-dipping to create eye-catching designs on sneakers. Use social media aggressively to market your business and you will have a steady following in no time. 5. Starting a Quirky Home Décor and Accessories Business- People do not want the same old boring stuff when it comes to cups, bags, shelves, signs, and so on. If you are smart and trust your imagination, you can use simple vinyl stickers, HDTVs, and some designs to create funky home décor accessories. Yes, there is a huge market for wacky and quirky elements that make perfect gifts as well. In fact, in this article, you can start all the businesses using vinyl, heat transfer machines, cutters, and transfer tape. This means that working with one single vendor like Color Craft Vinyl can allow you to start five profitable business models, all at one go! If this isn’t a sound business idea, I don’t know what is. The Bottom Line Almost all the businesses ideas mentioned in the article require the same set of design skills and creative inspirations. Additionally, all of them can be made popular on social media. If you wish to add to the list of quirky, creative, and profitable business ideas, please do so in the comments below. We would love to hear from you. Read Also: How You Can Grow Your Small Business By Taking Help From Crypto Components of a Successful Business Function Crucial Role of Content Marketing in Local Business