Singapore has several startup businesses that emerge on a daily basis and in different fields. Startup businesses do not have a lot of budgets to run their processes smoothly as compared to the well-developed companies’ and organization.
With limited financial and other resources, there is a need for startup businesses to find ways to cut cost as much as possible and still operate as normal. Here, we discuss how startup businesses can save their cost and also earn profits from renting a training room.
Share the room rental
The cost of having a room rental on a monthly basis in Singapore is not fairly cheap. For a business that has just emerged and has yet to follow the market fully, to share a training room with another start-up business partner or acquaintance is a good start. This is definitely an excellent way to cut down on operational costs but you will still be able to have space on our own to carry out work and small meetings with your co-partner in the company – making this one of many benefits in renting a training room.
A reduction in the operational costs will help redirect the funds to another sector which is vital to the business. However small the savings are, having them is better than lacking. In some cases, the startups can be generating some revenue from the rent that the other companies sharing the room will be paying. The startup can even decide to rent a larger room and then be able to partition it into several smaller offices that can house a number of businesses.
Hire a training room for meetings
In the event that your startup business is carrying out a training or important meetings but you have yet to get a proper office, you can choose to rent training rooms instead. Hiring is a cheaper option than having a boardroom which you will only be using it once in a while.
Using a rental training room is always a cheaper option because most of the rooms do come with the proper equipment such as projectors, chairs, tables and even refreshments. Furthermore, renting a training room saves you time from cleaning or decorating the room for your meetings or training programs that you will be carrying out.
The seminar room rentals also paint a good picture of your company to the customers you meet there. Even though the place of meeting up is not owned by the startup, there is a level of professionalism that will come play with the use of the training room.
Lease to other companies/businesses
Once your business has flourished and you plan on moving out, do not move out just yet. You can choose to sublet it to other companies and businesses to earn profits. The room can be sub-leased to other businesses who needs a space to carry out meetings or training. In this case, the room is always a make shift and thus can easily be converted into an office and also into a conference room. It helps in getting some extra revenue to keep the business going.