Realise your dream of independence by starting your own business. This can be challenging with all the things you need to know. There is licensing, operating regulations, budgets, not to mention that affordable office space in Malta is hard to come by. You may have only limited resources to invest in your new business. This is enough to put off many people seeking to work for themselves. But it does not have to be – you just need some creative thinking to get you started.
Buy an undervalued business
The Hub – Serviced offices in MaltaAn undervalued business may suit you if you have enough capital. There are many reasons you can pick up a business for less than it is worth, especially during an economic downturn. The advantage of buying an established business is that you can start trading from the day you take over. It will be established with a client base and may even have fully trained staff. Everything you need comes with an established business and your customers will already be familiar with your brand.
Have enough working capital
When starting your own business from the beginning, the most important thing is to ensure you have enough capital behind you. Going into business without enough money can turn into a failure quickly.
Be creative to secure capital if you do not have enough savings in the bank. Approach friends and family who may want to invest in exchange for a percentage share of the business. Or, you may offer other options such as a position in the company in return for their investment in you. Whatever you do keep your expenses low by renting office space that can grow and change with you.
You may not want to go into more debt and that is understandable. Some people start their business while still working another job. Start small and grow the business to build an operating base that is generating enough cash for you to leave your other job. This can put you in a good position to apply for a business loan to grow your business further.
Work from home or an office
Are you going to work from home to cut your start-up costs or do you need a more professional workspace? There are a lot of offices to rent in Malta but not all will suit your needs and budget. A new trend is sharing large open office spaces, small office areas, and amenities. This is good way to have professional office space in Malta without the high overheads.
Working for yourself is more satisfying than working for someone else. Everything you do is for your future and your family. Be innovative when starting a business – it can be the difference between success and failure.
If you’re looking to rent offices in Malta which are affordable, convenient and darn good looking, The Hub is an excellent place to start! We’ve got 40 modern offices to suit your needs and each office is fully equipped with the necessary amenities, manned by a receptionist, offers meeting and conference facilities and is right in the heart of the island.