One of the biggest barriers to starting any business according to several surveys of entrepreneurs is the lack of funding. Most times, over 50% of this fund is for rent – no thanks to the mandatory two years rent prepayment. For what to do when you can’t pay for an office, read on…
Some of the biggest brands you know today at some point in their history couldn’t pay for an office. This post might look pedestrian because being an entrepreneur means a life of solving problems and this is one of the problems – right? Well, even geniuses need help sometimes.
What To Do When You Can’t Pay For An Office
If you ever find yourself in a position where you can’t afford rent to start something, what are some of the options available to you? The answer is not so straight depending on what business you’re starting. However, if you’re into services or your business involve field works with minimal chance of your clients visiting your office, then, here’s what to do when you can’t pay for an office.
Work From Your House
Well, we assume you live in a house no matter how uncomfortable it may be. You can start and work from your house. A lot of the big name companies you know in Nigeria, started from the owners’ living room. You too can start from your one room apartment.
Get A Contact Address
In addition to working from your house, get a good contact address (especially if your house is located in an obscure and not easily accessible part of town.) Remember that these pieces of advice are not for everybody and any type of business? Having a good contact address will ensure that you don’t miss a mail from the mailman.
Get A Website
These days, getting a website and making sure it’s updated isn’t an option, it’s mandatory for any serious entrepreneur. It’s not just what you do when you can’t pay for an office, it’s what you do even if you have twenty offices.
The Nielsen Global Connected Commerce Survey conducted interviews in 26 countries to observe how consumers are using the Internet to make shopping decisions in stores and online. They reported that due to the internet and e-commerce, shoppers are increasingly looking to purchase internationally, with over 50% in the study who purchased online in the last six months stating they bought from an overseas retailer.
Ensure that your website is detailed and your phone number and contact email address are conspicuous – not hidden in one obscure corner of the site.
These days, all you need is a mobile device and your head – Dr. Austin Tam-George, Rivers State Honorable Commissioner for Information speaking at the recently concluded Market Access in Port Harcourt.
Share Space With Someone
Locate a friend that has an office space with space to spare. Otherwise, you can apply to any of the Co-working spaces springing up across Lagos, Port Harcourt and Abuja. Co-working spaces allow you to pay for desk space in an office and share the resources. Some good ones offer internet as part of the package. If you live in Lagos, check out Capital Square and Cranium One.
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