With an overall improved perception of entrepreneurship, more young people are seeing startups as a long-term career. Location is the first thing affects the growth and initiation of a business. Pro-business environment, productive workforce, attractive tax regime, reliable world-class infrastructure and proximity to large pools of potential customers are the main factors make Hong Kong’s startup ecosystem thriving, and caused Hong Kong to enter the list of the world’s top 25 startup hubs in 2019 global Startup Ecosystem Report and to be the 5th fastest growing startup ecosystem in the world. However, rent office space in Hong Kong is getting pricier. Strong demand coupled with low vacancy in the central business district has kept the office market robust. According to a study by Jones Lang LaSalle Inc., Hong Kong ranked as the world’s most expensive office-leasing market on the basis of all-in occupancy costs, which cover rents, fees and taxes. It makes working space one of the biggest challenge for new startups.
Conventional office space
A Traditional leased office is leased by a long contract terms on a yearly basis and the tenant is required to pay the rent, rates, maintenance fees and service charges. On top of these, you need to take care of every aspect by yourself, from interior design to finding furniture and equipment, from setting up IT and telephone network to hiring receptionist, every element is your decision. Hidden costs like facility, furnishing and equipment are huge. These are not just financial expenditure but also in the effort you put in, because it is your responsibility to manage every functioning necessity. Every small and big decision adds to the expense of running the office. Time spent on fulfilling the hassle of maintenance, contract renewal, hiring, etc. are all counted in your costs. With little flexibility and support, going for a conventional office space is high risk and costly. It is definitively not a good idea to businesses with small budgets.
With the popularity of startup, freelance work and the digital nomad lifestyle on the rise, flexible working space solution becoming more popular than ever before. Business centre is a one-stop workspace solution provider for service offices, small office, co working space, multipurpose meeting rooms, as well as business services. It is based on the concepts of inclusivity, community building, promoting innovation and healthy relationships. Offices provided by business centre are pay-as-you-use office space fully furnished with the latest technology and infrastructure. User can start working immediately. It offers agile contract terms allowing businesses to acquire additional space on short notice as business needs change. Startups are allowed to operate much more efficiently and flexibly than with a conventional office space. This modern approach of workspace solution helps small businesses to save a ton on startup costs. That’s why business centre is undoubtedly the best bet for startups.
Many business centres provide virtual office service. It gives businesses a physical address and office-related services without the overhead of a long lease and administrative staff. SME businesses or individuals using virtual office can benefit from all the advantages of a prestigious address, fixed phone number, professional secretary service and admin support without committing to dedicated office space. Virtual office enables you to keep business expenses low as you reduce costs of office equipment, maintenance, hiring receptionist, and all other associated costs of a brick and mortar space. With the help of virtual office, you can save a hefty amount of money and concentrate on the investment of your core business.