How to Select the Right Office Type for Your Business
If you’re a young company, just starting out in the world, you’ve got some pretty important decision to make. Perhaps the most important of all is where you want to be based. Or, indeed, if you want to be ‘based’ anywhere at all in the traditional sense. These days, businesses don’t necessarily need a fixed workspace; not if they’re mostly staffed by remote employees.
If you are a 1-10 person business,a Servcorp Serviced Office is a perfect choice. Like most serviced facilities, it provides everything that a company needs to get started. The big advantage is that these workspaces are available on a ‘ready to use’ basis. The overheads are very low because you’re accessing a fully equipped suite.
The question is, how can you tell if an office is really right for you? Well, these tips and tricks will help you find out for sure.
It is really important that youpick an office which matches your brand. The location and address should say something about who you are (or who you want to be if you’re just starting out). Most new businesses have a limited amount of choice because they’re working with a small amount of start-up capital.
However, you can buck the trend by skipping the downtime needed to set up an office. With a furnished and serviced suite, it is all there for you. You can move right in and start making money from day one. The features and resources will vary from provider to provider, but basics like high-speed broadband, IT support, a mailbox, and a dedicated phone line are standard.
While you might not want to move in next door to a similar company on the high street, neighbouring with market rivals in a corporate office block is nothing to worry about. In fact, it can give your employees the inspiration they need to work hard and smash monthly targets.
Operating out of a dedicated corporate facility, as opposed to a standalone building, is highly recommended. It fosters a sense of community, healthy rivalry, and a keen interest in how the market is changing. You canlearn from the businesses around you, particularly if you’re neighbouring with them in Central, Sheung Wan, or Wan Chai.
Local Labour Market
In Hong Kong, a tight labour market – which has traditionally been skewed in favour of older graduates – is causing a shortage of jobs for young people. The level of education in the region is quite high, but opportunities are in great demand. What this means for overseas investors and entrepreneurs is that Hong Kong has a very fertile labour supply.
If you want to work with young, ambitious graduates, this is the place to be. However, it is worth noting that the average wage is significantly higher than it is in much of Europe and America. High wages don’t necessarily have to be a big problem for small companies, though because remote work and agile, specialised teams of 1-10 employees are common here.
Serviced office providers can turn out to be a real asset for young companies and start-ups. They provide flexibility and a range of options and this is really important when you’re taking those first steps and making the big decisions. You can’t know for sure if you’ll be looking to upgrade, downsize, or rapidly expand by the end of your first two years.
With a serviced office, all three are possible. Leases are fully negotiable (often on a month by month basis) and can be tweaked and changed as necessary. So, if you start out not needing any boardroom resources, but could really use them later, just add them to your premium. Serviced providers are committed to helping businesses of all shapes and sizes get settled into a brand new culture and corporate environment.