Business Partner Magazine

Tips and advice for entrepreneurs, start-ups and SMEs

Renting Vs. Buying a Commercial Space

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small suburban office buildingIf you own a company, it can be tempting to want to control every aspect of its operation. This could mean having the urge to buy the space in which the business operates. However, it may not be wise or even necessary to buy a building to exercise such control. Here are some items worth thinking about when choosing whether to buy or rent a commercial space to run a company.

Leases Are Negotiable

You may believe that you have to buy an office building to have meaningful control over how the space is used. However, landlords are often willing to negotiate the terms of a commercial lease. This may allow you to choose how common areas are used or gain access to the entire building as opposed to just one or two floors. Custom lease terms can also make it easier to use your brand’s logo and colors on the front of the building or in other strategic locations.

Renting Will Not Decrease Your Liability

If you rent a building, you are just as liable for anything that happens on the premises as if the building was purchased outright. Generally, the best way to protect against any liability issues is to buy an insurance policy. In most states, a corporate tenant who operates in a given space is responsible for providing a safe environment for everyone on the premises.

The only way a landlord would be responsible for damages is if there was a dangerous condition that was not disclosed to the business that leased the space. Therefore, liability concerns shouldn’t dissuade you from buying a building outright if that is what you want to do.

How Long Will the Company Occupy the Space?

Buying a building can be a good idea if a company is looking to stay in one spot for several years. Even if the company goes under, the building and land that it sits on can be used to offset any losses the owners incur. In some cases, the building and land can be used as collateral for a loan that can be used to fill a large order or otherwise expand the business. However, if the business isn’t planning to stay in one spot for more than a couple of years, it may be better to rent as it provides more flexibility.

How Much Space Does the Company Need?

If a business doesn’t need more than 500 square feet to operate effectively, it probably isn’t a good idea to buy an entire office building. Instead, it is likely a better decision to rent space or share it with another company. Depending on the needs of a company, it could be worthwhile to convert an attic or basement into a home office.

Can a Building Be Used for Multiple Purposes?

Buildings can be built to meet both commercial and residential needs. If you are looking for a long-term investment opportunity, buying a building that is zoned for business and residential use can increase the odds of seeing a return on the investment. Depending on your needs, you could also choose to rent such a space and provide a more consistent living situation for yourself and your family.

Buying a Building Could Require More Upfront Capital

Typically, buying a building means having enough money for a down payment as well as insurance and other closing costs. It may be possible to get cheap insurance quotes and affordable mortgage quotes online. Furthermore, you or your business will need good enough credit to get a loan to finance the purchase. If you don’t have enough money to invest in a new building, your only option could be to rent.

There are many variables that go into whether or not you should rent or buy a commercial building. Ideally, any decision that is made will take into account your financial and other needs both now and into the future. Consulting with an accountant can make it easier to make the best decision for your company.

About the Author

Dawn is a loving wife and mother of three and an up-and-coming entrepreneur. She has spent the last couple years trying to get her business off the ground. In her journey, from working for a big CPG company and a pretty popular tech company to starting her own business, she has learned a lot about the difficulties of running a business and how to be successful. With all she has learned about business, she has decided she wants to help other businesses avoid the mistakes she has made and help them succeed even when she is still searching for that very thing for herself. First and foremost is her family. Second is her business and helping others with theirs.

 

Filling the Value Void – Create Real Business Value a Virtual Office Solution

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Just a few short years ago, the concept of doing business in the virtual realm was unthinkable. Running your business from a remote location, communicating with staff who you had never met, based all around the world was about as foreign a concept in business as was thinkable.

Nowadays, with advancements in technology, better connections and more ways than ever to stay connected, running, not just a business, but a successful business, is entirely feasible. Savvy entrepreneurs and business owners are realising the benefits that a virtual set up can provide and are capitalising on the added value that doing business this way can bring. From huge savings to easier access to global markets, it seems that ‘going virtual’ is far from a trend, but is the smart move for those in-the-know.

Continue reading below to learn more about the value a virtual office solution can bring to your business and how you can take advantage of this emerging trend.

Operate from an Ideal Location

Locating your business in the heart of the local business market has always been important to success in business. You need to be right in the heart of the action to meet the right people, to be exposed to opportunities and to be able to give the right impression of your company.

With a virtual office, like those at this link: www.servcorp.com.my/en/virtual-offices/, you can operate your business from a sought-after, prestigious location that will impress your clients. Being in a location like this gives you instant credibility with the local and international business community and shows that you’re a major player who should be taken seriously. When you share an office building with well-established, successful companies, this speaks directly to how your business will be perceived.

Cost Savings

To grab a spot in a premium office building, normally occupied by major corporations, successful law firms and financial institutions would, traditionally, cost a small fortune. And for small businesses, it would simply be out of the question.

However, by utilising a virtual office solution, business owners can have an address at one of these prime locations without having to enter into long-term, expensive and inflexible leases. Instead, you can save money with a flat-rate month-to-month lease while still being able to position your business in one of these sought-after office buildings and putting yourself in the heart of the action.

Larger Talent Pool

Operating in the virtual realm, you have the ability to reach out to a global pool of talent to build a team that will help your business succeed. You can have a graphic designer from America, a web designer in Australia and a marketing whizz in Malaysia, all communicating together and working seamlessly towards the same goals.

The ability to build a remote dream team is something only major international corporations were able to take advantage of, until the dawn of virtual solutions. What’s more, is you can hire remote workers on an as-needed-basis. If you’re working on a new project that you need a particular skill for, you can seek out freelancers from all over the world to bring what you need to the table and get your project over the line.

Global Markets

Going virtual breaks down all sorts of international walls and opens up the global marketplace in a way never experienced before. You can open a virtual office in a country where there is a new opportunity and communicate with the local business community via your local address and dedicated phone number.

This gives the impression of you being on the ground and is a great way to test the waters with new markets and new opportunities, no matter where in the world they might be. Local businesses will be more likely to engage with you if they are contacting you on a local number or sending documents to a local prestigious office location than if they were dealing with someone operating from overseas.

A Virtual Office Creates Value in Business

Having the ability to operate a successful business from anywhere in the world and build a team from all over the world to help you reach your goals is an exciting prospect. With a virtual office solution, this is no longer just an idea but a very real opportunity for business owners to capitalise on.

A virtual office adds value to your business operations as you can enter foreign markets with ease, work with a remote dream team and save money on expensive rents while still locating your business where you need to be. Consider taking your business into the virtual realm and take advantage of the flexibility and opportunity that this office solution can offer.

Article by Caitlyn Bell

Image source: Northeastern University

10 Remote Work Fields In-Demand Now – Infographic

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Most jobseekers unhappily compromise with their employment as they believe that remote work is virtually impossible within their area of expertise. But this unfulfillment shouldn’t be the case! With how advance technology is these days, you can pretty much find any job in any corner of the globe. The world of remote work is increasingly flourishing as the demand for talented, travel-loving professionals keep growing. The key lies in knowing what fields have a need for remote workers and where to look for them.

Start hunting with this infographic by Venture With Impact on what remote work fields are in demand now!

Infographic by Venture With Impact

Things to Consider When Choosing Office Space

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Choosing the right office space requires a lot of thinking and careful planning. Therefore, make sure not to rush into making a decision since once you sign a contract and rent or buy the space, it’s too late to change your mind and back out. With this in mind, we’ve decided to make a list of some of the most important things that you should consider when choosing your office space. Let’s take a look.

Location

First things first, the location is definitely the most important aspect that you should consider before anything else. However, what does that mean exactly? Well, there are actually a couple of things that make a location desirable. Firstly, you should make sure that your potential clients can get there easily, as well as your current and future employees. You certainly don’t want to lose any of them just because you chose a place to which you can’t get using public transportation. Finally, don’t forget to ask around and find out how safe the neighbourhood is and what amenities can be found there. After all, it’s most important that your clients and employees feel safe and happy.

Parking space

Aside from being in a good location, your office should have its own parking lot as well, at least if you don’t want your employees to constantly be late because they couldn’t find a free spot on the street. Additionally, if you don’t provide your clients with parking, they won’t take you seriously and will probably even think that you can’t afford it, which can be fatal for your business. Finally, don’t forget about cyclists, and leave some space for bike storage, too. We’re sure that they would appreciate it a lot.

The cost

Another crucial factor for choosing the right office space is the price. So, before you even start searching, take the time to calculate your budget carefully. This way, once you get the offer, you’ll immediately know whether you can afford it or if you wouldn’t even have money for a three-month-rent deposit. On top of that, make sure to check whether there are hidden costs and what exactly is included in the price. For example, if you’ll be responsible for repairs, you have every right to ask for a rent reduction, since monthly costs for repairs can be fairly high.

Ambience

The interior design of your premises is extremely important, especially if renowned clients often visit your office. So, if you want to come across as a professional who knows how to do business, your office should reflect that as well. For example, you can go for more of a retro design and opt for the amazing egg chairs that are super-comfy and absolutely chic at the same time. Additionally, it’s very important that you choose the right colour for your walls. In case you find it hard to decide, we advise you to take a look at the latest Pantone colour report and get some inspiration. Finally, feel free to do research on various colours and discover which nuances promote productivity the most according to experts in the field of colour psychology.

Check all the legal requirements in advance

If you want to be 100% sure that you’re not making a mistake, we advise you to seek professional help and hire a lawyer whose job will be to go over the agreement carefully and discover whether there are some unfair or unlawful points. Although we know that hiring a good layer means extra costs, it’s better to be safe than sorry. In addition to that, if you plan to make some bigger changes, you have to check with the city council first whether you’ll be able to acquire all the necessary permits.

Competitors

Finally, once you have considered all the most important characteristics of a perfect office space, it won’t hurt you to research other businesses nearby as well. We’re sure that you wouldn’t like to move your business in the vicinity of your biggest competitor who is already well-known in that neighbourhood. Therefore, instead of blindly accepting the first good offer you come across, take some time to carefully consider all the aspects that can affect your business in any way.

As you can see, choosing the right office space requires a lot of planning and you shouldn’t make the final decision overnight. Instead, let everything sink in and don’t shy away from contacting professionals. After all, it’s much wiser to invest some money in advance, than to be sorry for the rest of your life because you made a rash decision.

About the Author 

Cooper Klein is an entrepreneur with a degree in Marketing. He’s interested in real estate and interior design. In order to spend more time with his family, Cooper decided to take a break, and he’s currently working from home as a blogger for Smooth Decorator and several other sites. You can find him on Twitter.

3 Small Office Organizing Tips to Boost Business Efficiency

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Organization is an effective tool that most businesses overlook and undervalue. Being organized goes beyond just tidying up clutter and arranging stacks of papers on desks. In fact, it’s the most effective way to ensure efficiency and productivity whether your office is big or small.

Benefits of organizing office space

  • Increases productivity – Save time on looking for files and focus more on working on important tasks.
  • Reduce stress levels – It’s frustrating to look for documents from ages ago. When you organize, label and store files correctly, tracking down old documents can be a piece of cake.
  • Meet deadlines – As projects pile up, there’s a tendency to forget other important or pending tasks. By organizing, you can ensure that you meet deadlines, and don’t overlook what’s on your checklist.

Organization comprises procedures and systems for various aspects of your business. If you own a small company, creating order in the business process can be quite overwhelming. To help boost business efficiency, below are some tips for you to get organized.

1. Figure out your business style

Every individual has a certain preference in terms of workflow and organization. Have a meeting with your staff to discuss what processes need improvement to create the most efficient system suited to your enterprise.

Once you find the right business system, make sure it helps simplify processes. Employees come and go, but the foundations of your organization will remain. For your company to continue its efficient operations, you have to be consistent within your organizational structure. Keep your system streamlined so that it’d be easier to stick with.

2. Make use of a storage service

If you have a small office space, rather than increasing real estate, make use of a storage facility. Business storage is ideal for small companies that need warehousing and fulfillment space. Instead of paying more to get a bigger office space, business or commercial storage can be an affordable and flexible option.

Choose a storage facility that you can access easily. If you own a business that tends to accumulate a lot of documents and important records, but which are accessed very rarely, a professional storage service is worth considering.

Aside from saving on rent and office space, there are many benefits to storing your business documents in a proper storage facility. These include:

  • The safekeeping of important documents
  • Providing more security than in-house storage
  • Sufficient space for organizing files and finding important documents quickly
  • Flexibility and easy expansion options especially for start-up businesses
  • Climate-controlled options for sensitive documents
  • Reduction in the risk of fire since paper documents are in a protected facility

3. Use the right tools

There are many software and apps that you can use for your business to stay organized. Your tools will vary depending on your type of business, and the products or services that you offer.

Below are some tools most small business owners use to increase their productivity.

  • Meetings or Conferences – If you need to call or meet a client face-to-face, there are tools to help you stay on track and keep you organized. Google Calendar tracks all important business events so that you’ll never have to miss a meeting or appointment.
  • Social Media Management – Without an integrated system, you’ll be spending a lot of time promoting your business on social media. Tools like Buffer and Hootsuite are effective platforms for social media management.
  • Accounting and Bookkeeping – You can organize and streamline payments and invoices, and manage cash flow by using tools like Xero, Wave and Quickbooks Online.
  • Contact Management – When networking, it’s important to keep valuable contact information. As a business owner, you can try using a good system like Salesforce to manage contacts.
  • Email management – If you’re already using Gmail in your small business, make use of other Google extensions to help you easily and efficiently organize your inbox and work-related electronic files.

Organizing is an essential process, both in life and in business, that’s why you need to be specific with the work you do. Take the time to get to know all of the essential processes in your business before introducing a work system.

Get feedback, reformulate if needed, and then test the new system. Once efficiency and productivity gains are established, give everyone time to ease into the new system. Then you’ll see business productivity increase in no time.

The tips above are useful in getting your small office organized. But you have to remember that things can also get out of hand. Conduct a quick and easy review of your system periodically to ensure that it remains streamlined and foolproof.

About the Author

 Chris Humphrey is the General Manager of Easytruck Moving & Storage. In 2013, the company combined their expertise in professional moving services & storage to create an entirely new approach to the business – and mobile storage was born! Easytruck now operates over 30,000 sq.ft. of air-conditioned facilities in three convenient locations in Dubai and is the only Mobile Storage operator in the UAE.

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