Monday, November 17, 2014

Start-Up Considerations

As a young guy with seemingly a lot of energy (I waste a lot of time pursuing very trivial hobbies) and with quite a few entrepreneurial classes and knowledge under my belt, I am now flouting the idea of a start-up with one of my like-minded friends.

I have previously had an IDEA for an app, but an IDEA isn't a business. I think it would have been a good app at that point of time, but with the speed of change in that arena, I feel that this idea is currently no longer viable. It's only a matter of time before we progress to the next generation of ideas, and that would completely remove the need for this technology. The life of this idea is just so short and it really isn't long-term.


So a few weeks back having beer with one of my friends, we dreamed up an idea. Later when I got back home, I spent the rest of the week during my free time researching and thinking just how viable this idea is.

Anyway, I just wanted to share some of the interesting things that I found through my research.

Virtual Office gives you a business address with mail collection/forwarding services. $8-60 per month.

Mail Services scans yours mails to softcopy and/or forward your mail to you. $20-50 per month depending on volume and postage

Hot Desking / Co-working is suitable for small businesses that aren't perpetually churning business, with more ad-hoc and project based work, making work periods erratic and renting on a permanent basis wasteful. Internet is usually provided, with printing and meeting facilities available per usage. Usually comes at a nice location with a good pantry. $20-50 per day

Hot Desking / Co-working permanently is a more permanent solution, but still 1 step away from a full office. This means that all the usual infrastructure like internet, copiers needn't be forked out to enjoy at good rates. Usually permanent renters will get round the clock access. If you want your own personal fixed location, you have to pay more, but you get own space and usually a locker. Hot desking are about $300-600 per month. Personal desks are $500-900 per month.

Other nice extra services that might be offered on a usage basis are Phone Answering services and Professional services (Company secretary, auditing).

Finally, although our start-up will be a service, others might actually have physical products that they need to store. Renting a self-storage unit might be a good idea, since security and insurance can be settled quite easily. Scaling up/down is also quite easy.

As of now, my friend and I are still in the initial stage of our start-up idea. The name of the company, the idea and all the basic stuff like the business plan aren't even ironed out yet, so there's no rush for us. Our idea isn't tech-based, so we don't have no worry about moving quick. If we really do go ahead with our idea, it is nice to know that there are options available for us to slowly scale up and expand in a economically feasible way.

Unless there are more than 4 workers and a need for a round-the-clock employee manning the office and phone lines, I think using a combination of these office solutions would likely be cheaper than renting a single venue and equipping it and managing it yourself.

Anyway, this is just the research that I've come up with. I'm sure I definitely haven't covered anything and missed out on some points, so feel free to add in anything in the comments!

2 comments:

  1. Run!

    Run Got Money Got Honey!

    (Hope you were not too young to have not watched Forest Gump!)

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    Replies
    1. Thanks SMOL! Of course, it's a classic! I have to brag that I have seen Tom Hanks in real life before! :D

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