2017 will be a year of both opportunities and challenges, but fortunately entrepreneurs are increasingly becoming more adept in growing their business
International and local financial institutions are bullish about the prospects of the Philippine economy this coming 2017. They predict stronger growth and stable inflation rates because of consistent investment surge and high domestic demand for products and services.
Yet this rosy economic picture comes with its share of uncertainties. On the international front, these come from the adverse market reaction to the Brexit, sluggish growth of the U.S. economy, the surprise election of Donald Trump as U.S. president, continuing instability in the Middle East, and fears of escalation of the territorial conflicts in Southeast Asia.
As such, 2017 will be a year of both opportunities and challenges on the economic front. Continued growth and consumer interest promise a good climate for business and investment. But the political uncertainties as well as economic volatility also give the prospect of rising business expenditures and ever-changing demands, among others. In layman’s terms, political instability may lead to economic uncertainties, the consequences of which are increased operating costs, reduced gains and profits, and cutthroat competition.
Fortunately, businessmen, entrepreneurs, and investors are increasingly, albeit gradually, becoming less dependent on political and economic changes in growing their business. For instance, rapid development in technology brought about innovations that allowed individuals to conduct their businesses differently. More people can now work and transact within the comfort of their homes or coworking space, and pursue business opportunities on their own. The transition to an increasingly global economy means that there are now more possibilities than ever.
Because of these changes, the market is also adapting. It is interesting that there are now companies offering shared-office services and solutions—an innovative concept that is fast becoming the norm in many countries. Here, at Compass Offices, we have put together a list of benefits that this type of working space provide.
1. A budding entrepreneur or a starting investor need not construct and establish their office and buy the equipment before being able to start. The shared-office company will provide the space their enterprise demands, from a single cubicle to an office suite setup, along with back-office equipment, such as copiers, printers, and fax machines. Thus, from the first day, the entrepreneur can hit the ground running at far less cost.
2. They provide all the business essentials: from high-speed Internet that gives quick connectivity to a highly trained staff that can act as receptionists and maintenance personnel. This spares the entrepreneur the need to attend to minute details and allowing them to completely focus on the business. When one does not have to worry about the little things, they can focus on the bigger, more important things.
3. They offer the essential amenities like kitchen facilities and lounge areas. The entrepreneur can work in an office-like setting while also having the place to have a meal, a cup of coffee, or just while away some downtime, as they refresh creative energies before forming their next bright business idea.
4. They give the opportunity to have a big network circle. As they say, knowledge is power. Shared-offices invariably host people from different fields. This allows one eager entrepreneur to mingle with living textbooks and encyclopedias and expand their horizons. In a shared-office environment, one can practically have a research department for free.
5. They present the ready advantage of having a prestigious business address. Shared-offices are mostly located within prime areas, such as the Makati central business district and Bonifacio Global City. Thus, they give young entrepreneurs, their services, and their products a great boost. Yes, business address in a prime business district matters a lot. We must also note that being in close proximity with other businesses can do wonders to one’s clientele list. Advantages like these can take years to have in a normal business timetable but taking a space in shared-offices cuts the time substantially.
6. They are conveniently located. Aside from being inside premium districts, shared-offices are located close to transportation hubs. This means that an office is easily accessible, both to the entrepreneur and to his clients alike. When an office is easily accessed and located, the same will hold true for clients and profits.
7. They can be utilized anytime for any time period. Shared offices can be ready as soon as one has stated his specifications for his space. And depending on the nature of the business, they can be rented for an hour, or a day, or a month or for years. It gives the entrepreneur the attractive prospect of not having a minimum time, like most rent agreements require.
Even under the best economic conditions, engaging in a business will always be risky and uncertain. Thus, a starting entrepreneur must take all the advantages they can have, like a shared-office space. It eliminates the need to spend a huge amount on renting an office space for the long term and buying expensive equipment, valuable money that can be spent on other business needs. For a fraction of the costs, shared offices could be your office at once.
This article was contributed by Compass Offices
Founded in 2009, Compass Offices has grown to 40 centers with a network of more than 10,000 workstations in close to 10 countries. Its clients come from various industries and countries. Through wide range of services from virtual offices to serviced offices, Compass Offices presents a customizable solution and conducive community that supports clients businesses.
Main image via Shutterstock
