Every year, thousands of entrepreneurs launch new brands, products, and services. While many go on to find lots of success, a substantial proportion of these new companies are forced to close within the first two years. For most, it comes down to a failure to find the right balance between investment and security. It is no easy feat, so it is hardly surprising that there are many calamities.
On the other hand, a successful launch is much more likely if businesses do not tie themselves to restrictive contracts. It is a faux pas to presume that a long term lock in lease is the only option. Across Southeast Asia, there are plenty of virtual office solutions with negotiable terms. The only catch is that virtual workspaces are shared with other tenants.
It is worth considering a virtual office if you are on a tight budget because it can make expansion into countries like Thailand and Malaysia a much safer prospect.
The Monthly Premium
Virtual suites are an excellent alternative to private rentals, because their rates are substantially lower, even in high profile locations. Check out Servcorp virtual offices to find out more about the facilities available in Bangkok.
While many entrepreneurs start out determined to lease a private office, it does not mean that it is the best option. Private long-term contracts do not include insurance, utility costs, furniture, décor, or maintenance fees. On the other hand, virtual suites roll it all into one package.
The Growth Projection
The length of traditional office leases can vary widely, but most require a pretty hefty commitment. Certainly, in cities like Bangkok, where competition for the best addresses can be fierce, landlords know that they can talk many owners into inflexible contracts. Yet, even the most successful companies have no way to predict the future.
If the economy takes a blow or your particular industry starts to struggle, the ability to downgrade quickly could be what saves the business. It is a common mistake to equate longevity with security. In the business world, it is not always the case. Virtual offices provide the right balance between stability and agility because rentals are renewed month by month.
The Issue of Privacy
Concerns about privacy are one of the main reasons why some businesses shy away from co-working spaces. They hear the words ‘remote’ or ‘open plan’ and instantly assume that it has to mean disorganisation. Fortunately, you only need to visit an upmarket provider to see that these environments are carefully structured to fit a variety of requirements.
Most aren’t restricted to open plan layouts. They have a mixture of private workstations and more open areas where people can chat and collaborate. The same flexibility applies to the corporate resources on offer. Just because you did not sign up to use the boardrooms or the projection equipment in one week does not mean that they are off limits the next.
The Team Dynamic
The nature of your business and the size of its team are likely to influence your decision. For obvious reasons, smaller outfits and operations find it easier to adapt to co-working environments. They are ideal for 1-10 person companies because they allow for that seamless switch between direct work and remote contributions whenever necessary.
It is your job to decide how to structure your team in a virtual office. You can meet every day and use the facility as a conventional (but shared) environment. Alternatively, you could take the lead from other entrepreneurs and structure your days around remote work. Then, once per week (or even per month), hire a boardroom or meeting space and hold a team session.