Owning a business can be hard work, especially when you are trying to grow that business. The New Zealand economy was voted the easiest place to start a business in 2015 by the World Bank Survey. The World Bank Survey ranks 189 economies against several indicators, not only was New Zealand ranked number one for ease of starting a new business, but it was also ranked second in terms of being one of the easiest country to do business in.
Therefore it is important when setting up a business in a new market to analyse what your business is doing efficiently and what areas you could improve in. Although New Zealand is attributed with being an easy market to set up a business, it can still be an incredibly stressful experience, and one not to be taken lightly. Running a business will take a lot of time and resources, which is why setting up your business in serviced offices could be the best thing.
Not only do service offices generally have well known locations, but they also tend to be set up in prestigious buildings, which are great for making a good first impression with any new business prospects. Despite the fact that New Zealand has a stable and expanding global market, as a new business or a growing business, it can be beneficial to have a flexible office contract. This is a huge benefit to having a serviced office, as you have access to a beautiful office space, but have the flexibility that you would not have in a standard commercial tenancy. If you wish to downgrade your space or increase your square footage, this is all possible with a serviced office space.
There are number of benefits of serviced offices as depicted below. By setting up your business in serviced offices it will allow your company to have relatively low business costs, for example any additional facilities you may require on a sporadic basis, can be pay as you use. Plus the labour costs are extremely competitive in New Zealand, and although they are competitive, it does not reflect the level skill. The workforce is highly skilled and very well educated. Serviced offices can reduce your overhead costs, as a lot of administrative staff and tasks are incorporated in the monthly costs, which previously would have been contractual staff, who have higher rates of pay. This can free up your time and your employees time, allowing them to effectively work on tasks which will increase your company’s profits.
Another benefit of having a serviced office in New Zealand is the close proximity to other markets, such as Australia, Indonesia, China, Vietnam etc. If you are wishing to expand your business within these markets, a serviced office allows for a great deal of flexibility. By utilising a organisation who has serviced apartments all over the global, it can allow this transition to be seamless.
Utilising serviced office spaces most certainly can be a financially viable decision. As New Zealand’s economy has been growing, it is an exciting place to set up and grow a business, particularly with access to many talented individuals. Your business will see a reduction in the initial start up costs in, when compared to setting up an office space from scratch. Thus reducing the risk associated with building a presence in a new industry or market.
With any business decision there are always pros and cons, and it requires a great deal of thought when making these business decisions. It is crucial to make sure you carry out the relevant research, and make sure you are not only conducting this research remotely, but also in person. Assess the business spaces, how they are set up, to understand how they can benefit your organisation. Office management systems, receptionists and administrative staff are all aspects included in serviced offices, and can help to reduce your outgoings, and look to free up valuable time and money to allow you to focus on improving and developing key areas of your business and its offerings.
