"Cash is King" for a Start-up. Yet often one of the first things entrepreneurs do is spend precious money on setting up their office. Not only does a new office require capital, which is scarce for a start-up, there is a monthly fixed overhead which can be a drain in the early stages. Precious Cash needs to be focused on customer acquisition, product development and team.
So what is the smart option for an office? Well simple, work from home, or a garage, or get a friend to offer you an office space. Figure out all possible ways to reduce costs. Nowadays it is quite easy to work from home, do meetings online and collaborate with team members. However there are things for which you do need a professional office space, like client meetings, team meetings and so on. For these you could use meetings rooms in Business Centres.
So some of our start-up clients work form home and block conference room time twice a week for their team meetings. They do all their planning and review comfortably, since the conference rooms are equipped with projector and Wifi. In this way office overheads come down drastically.
|Open Meeting Tables at Golden Square Koramangala|
Golden Square for instance provides meeting tables, meeting rooms and conference rooms to its members. Very reasonably priced. Just Rs.80 / hour for a open meeting table, Rs.250 / hour for a closed cabin, and team meetings can happen in a conference room for just Rs.600/ Hour. The Snap Office website has more details.
|Conference Room at Golden Sqaure Koramangala|
Some businesses need a lot more co-ordination happening between team members, in which case from a productivity point of view, they do need an office. Golden Square provides team spaces which work out 50% cheaper than having one's own office specially if the team size is around 5.
Here is an article which gives an idea of how to figure out how much different office options cost.