Startups drain their resources on office spaces. Most landlords and commercial real estate owners demand 3 to 5 lease on strict terms and often require personal guarantees from tenants. This is not an ideal situation for startups and small companies that are looking to grow. Here are some recommendations from experts and young successful entrepreneurs to tackle this problem and get an office space on a shoe string budget.
A lot of young college grads start their work from basements of their homes or from their dorm rooms. But it is hard to impress your clients from a makeshift office in a dorm room. This is why most universities have created business incubators for young entrepreneurs which offers reduced cost office-space, furniture and sometimes equipment too.
A shared office in Dubaicosts very less than traditional office space. But there is one other benefit of such office spaces. You will be working with smart individuals who might be going through the same challenges as you. This network of likeminded individuals might give you some ideas to help you out. Same way you might be able to help them out with challenges they are facing.
Trevor Mauch, CEO of Automize told American Express that he started his company from the basement of his home. But when his business started to grow he rented out an empty space downtown on very flexible terms. He then rented out most of the office to young entrepreneurs like himself and pretty soon he was being paid for having an office. Similarly there are a lot of spaces available for rent in Dubai where you can create your own shared office in Dubai.
Dubai is an expensive city to live in. Office rentals are extremely high especially in key areas like Downtown Dubai, Business Bay and DIFC. But there are companies in these areas that offer desk spaces for small companies who can’t afford high rentals. This is something like having a shared office in Dubai but only a little bit smaller. Similarly there are other small and medium companies that want someone to join them in an office space and share rent. Keep an eye out for any such companies who are offering shared office spaces in Dubai.
If you are really short on cash, get yourself a virtual office in Dubai which offers a prime address to your startup. Not just an address you will also get a dedicated phone line and internet connection and even a receptionist to answer calls. All calls can be diverted to your mobile so you have a business on the go. In case of any meetings, you can rent out a meeting room in the same building offered by the same company.
Get yourself a mobile dongle for your laptop, a good mobile phone and your office is setup. Meet clients at coffee shops or at their own offices and run your business with your anywhere-office. Believe me, several successful entrepreneurs started their companies from their homes and cars.