Beginning as a start-up business can be a really scary experience. You’re not sure where you’re trying to go or where you’ll end up. If you need office space, things can get even more complicated. Landlords often prefer five to ten-year leases on commercial property, which at the early stages of business growth is enough to make a person’s head spin. What should you do?
Here is a breakdown of just some of the many office solutions available to startup entrepreneurs in Malaysia:
1. Traditional Office Spaces
The big advantage to traditional office spaces is that they provide a permanent space for you and your staff to work. Your staff will feel confident that you’re doing your best to provide a good work environment for them, and to the rest of the world you’ll look like consummate professionals.
This option has a lot of disadvantages, however. As previously mentioned, many landlords prefer to rent commercial spaces to long-term tenants who can commit to long-term leases. For a start-up with an uncertain future, signing this lease can be financially catastrophic. This catastrophe doesn’t specifically mean failure, either. Companies that see a lot of unexpected growth can quickly become cramped and inefficient in a space that is too small.
2. Virtual Offices
Virtual offices exist on the opposite end of the spectrum from traditional spaces. They are flexible, often inexpensive and great for the short term. The only disadvantage: no office.
Virtual offices provide a mailing address and a variety of communicative services that allow your business to function as though you have an office without actually giving you one. While using a virtual office you and your staff can work from home or abroad, all while maintaining a perfect professional persona.
Virtual offices are a particularly good choice for entrepreneurs with a small or fiercely independent workforce. Businesses that run with five employees or less don’t always need a traditional office to function well internally. With a virtual office solution, your external communications can be easily managed in an efficient and professional matter.
3. Serviced Office Space
If you absolutely need a physical space to do business but don’t want to commit to a 5 year tenure, serviced office spaces are made especially for you. These office spaces are built with general short term use in mind, meaning they can work well as move-in-ready offices for start-ups. The leases are often short and flexible, meaning that unexpected costs or successes won’t leave you scrambling.