Posts Tagged entrepreneur

  • “Beverly Hills That’s Where I Want to Be” – How To Land An Office In Beverly Hills

    Beverly Hills is a prestigious location, in both the commercial and residential worlds. Located in the heart of Los Angeles, every entrepreneur longs for a business card with a Beverly Hills address on it. However, acquiring a physical location here is very expensive and the risk of investing money into a physical space is very high. With long term lease and security deposits in the way, there’s almost no way for start ups to make their way here without taking a big hit to their financial security.

    However, many organizations are now using Virtual Offices in Beverly Hills in order to save money while still having a high profile and reputed business address in Beverly Hills. You don’t want a P.O. Box, you want a real address and an option to actually use that space whenever you need to.

    This is a great investment for small companies who are constantly on the go. It makes no sense for them to have one main office when they are constantly moving. It is ideal to have a virtual office instead of sinking money into a physical space that they’re never going to use. It’s also a great option for every other type of business, as you can work from anywhere you want including your home and still have a phone answering service, prestigious Beverly Hills business address, and utilize the facilities and resources of a business, including conference rooms, fax machines, and a Live Virtual Assistant.

    There are various plans for virtual offices spaces available for all kinds of businesses. Even the most basic plan includes a professional mailing address, collection and distribution of mails and access to fully furnished offices and mailing rooms.

    There are many addresses available in Beverly Hills along with a variety of services. You can take advantage of a phone answering service, virtual receptionist, communication plans and much more. You don’t need to waste your money to have a reputed business address anymore; virtual offices in Beverly Hills are growing in popularity for a reason.

  • Survival of the Fittest – Best Business Practices for Startup Companies

    A large majority of small businesses fail within their first few years. With such intimidating failure rates, just how can you breathe life back into an under performing small business?

    According to statistics compiled by the US Small Business Administration, 70 per cent of small businesses will survive at least two years, yet only half of those will still be operating after five. While not as calamitous as some sources would have you believe, the numbers remain confronting, especially for those planning on starting a new business or struggling to keep theirs afloat.

    Common downfalls of new businesses

    When tackling the topic of businesses that fail, perhaps a good place to start is to understand why most businesses fail in the first place. Here are three of the most commonly cited reasons:

    1.    Lack of start-up capital

    Ensuring you have the funds necessary to stay viable past the first few months, when business will be at its toughest, is extremely important. Secure the funding you think you’ll need and then double it. The basic idea here is that you will likely need more money than your initial calculations advised.

    2.    Lack of research

    Too often businesses are founded on a seemingly great idea, but only in theory. No amount of hard work or business acumen can save you if there is no market for your product or service. The fundamental question you need to ask is whether there’s a place for you and your product – in terms of customers and competitors.

    Founding a business on solid knowledge is therefore advisable. Business studies have found that business owners with previous work experience in the same industry as their new business will have higher success rates. It’s simple logic.

    3.    Lack of planning

    Every business, no matter the size, will benefit from a proper business plan. A business plan will act as a compass and guide, something you can always refer back to. It should detail your business goals and needs. It should also lay out a thoughtful financial budget. From there you can plan out financial controls. A marketing strategy should also be considered.

    How to save your business from going under

    While prevention is always better than the cure, what happens if your business is slowly sinking as we speak? Here are a few tips to stop the rot:

    •  Stop and review – When you’ve come to this realization it’s time to fix the problem, not ignore it. A good place to start is to review your business plan. Essentially, you want to get back to basics and remember why you started the business to begin with. From here you can tinker with your offering to make it more appealing, or even look into other potential revenue streams.
    • Secure funding – If the only problem you have is a momentary lack of funds, and you have a decent credit rating, speak to your bank about a business loan. This is where your business plan comes in handy, as they will certainly require a solid one. But before borrowing any money, make sure you’re not just prolonging what is the inevitable demise of your business. You may also consider finding a business partner to share the costs and secure more funds.
    • Cut expenses, reduce debt – This may seem obvious, but there are always ways to cut costs – you just have to make sure you’ve checked every possibility. Consider moving to smaller premises, renting out equipment or canceling the cleaning services. There is also the option to lay off staff whose roles have become redundant.
    • Know when to call it quits – Most successful businesses are formed off the back of a number of previous failures. If you find your business on its last legs, sometimes walking away is the best move. According to a Harvard Business School Working Paper titled Performance Persistence in Entrepreneurship, first-time entrepreneurs have an 18% chance of succeeding, while entrepreneurs who previously failed have a 20% chance. The numbers aren’t earth-shattering, but it does give hope to those who have failed.
    • Seek help – The best move for an underperforming company is to seek professional business advice. If you can’t afford a financial consultant there are always other options. For example, your local chamber of commerce should offer advice or even mentorships.

    Starting a new business can be a difficult process for the first few years. However, by familiarizing yourself with the common mistakes small businesses make, and tips on how to prevent your company from going under in its formative years, you could be well on your way to entrepreneurial success.

  • Virtual Offices FAQ

    If you have an urgent need to come up with a prime location for an all-important meeting, then all you need to do is to contact a virtual office and have your meeting space set up in no time. When choosing which meeting space to rent or lease, you need to consider the following factors.

    Rates
    Some companies offer a higher rate for the first one to three hours and then a lower rate for subsequent hours. You need to find out what these rates are and compare them with what other companies are charging you for the same range of services. It goes without saying that choosing the cheapest virtual office won’t always help you in impressing your clients or prospective business partners. It’s better if you focus on the quality of services being offered and determine whether they offer great value for your money or not.

    Space
    More specifically, how large is the meeting space being offered? While a meeting space doesn’t have to be exceptionally roomy or spacious, a good meeting space is always large enough for its occupants not to constantly bump into each other when working or moving around.

    Seating
    The type of seating that a virtual office company offers with its meeting spaces is very important.

    Since most meetings are the sit-down type, it would be better for everyone concerned if your meeting space comes with seats designed to offer the greatest ease and comfort when its occupants are working.

    Facilities
    In most cases, a virtual office company offers customizable facilities – one that is dependent on what you – the client – require. Ideally speaking, it would be good if your meeting space can offer the following:

    * Wi-Fi access
    * Video conferencing equipment and speakerphone
    * Use of marker board or white board and related supplies
    * Easels with related supplies
    * Projector screen and projection equipment available

    Reception
    Last but not the least – a virtual office should also be able to provide a meeting space that’s fully staffed with front desk personnel trained to act as if they are your long-time employees. They should know how to greet your guests properly and provide any additional information when requested.

  • The Benefits of Co-Working

    Fun. Friendly. Inspiring. Collaborative. Productive. If you wouldn’t define your workplace with any or all of those terms, you may have to ditch your own desk and take a seat at a co-working space near you. Even if you aren’t an entrepreneur or freelancer, the benefits of co-working, according to Deskmag’s annual Global Co-working Survey, are pretty hard to ignore: 71 percent of participants reported a boost in creativity since joining a co-working space, while 62 percent said their standard of work had improved.

    Renting a co-working space can be a great way to launch your startup cheaply—and expand your professional network in the process.

    The contacts you make will likely be the biggest benefit of renting a co-working space. You get instant connections with other entrepreneurs who may be able to offer you valuable insight into your business, on everything from strategy to services and hiring. They could turn out to be essential partners. And you could make a difference in their business too.

    Basically, co-working is a shared work environment where independent professionals gather. In a co-working environment, you can get a dedicated space or sign up for first-come-first-served space. This space could be an office, conference table or even cubicle-like desk.

    The bottom line: co-working office space is gaining momentum for all those reasons and more. Co-working office space is springing up in large cities like Los Angeles as entrepreneurs continue looking for ways to incubate new ideas, collaborate with like-minded professionals and save money on office space.

    There are many financial, social and business-related reasons to join a co-working space. These benefits were quantified by the Global Co-working Survey, conducted by Deskmag, which asked coworkers how their work style has altered since joining a co-working space.

    Co-workers said their productivity had increased and their business networks had expanded since they joined a co-working space. 93% said their social circle had increased significantly, 86% said their business network had grown, 76% reported an increase in productivity, and 88% said their isolation had decreased. In addition, over one third of co-workers surveyed confirmed that their income had increased since joining a co-working facility.

    Co-working by the numbers:

    • 50% of all coworkers access their work space around the clock
    • 71% report a boost in creativity since joining a coworking space
    • 62% said their standard of work had improved in a coworking space
    • Almost 90% of coworkers report an increase in self-confidence
    • 70% of coworkers feel healthier than they did working in a traditional office
    • Between a third and half of all workers are flexible and mobile
    • 64 percent of coworkers are better able to complete tasks on time.

     

    http://www.abcvirtualoffices.com/