It’s time to make a stand – you’re ready to announce yourself as one of London’s next entrepreneurs. The business plan has been written and rewritten numerous times, the budget is set, the cash flow and hypothetical forecasts are in place, you’ve spoken to an accountant and you’re in the process of registering your business. You’ve spent the last twelve-months raising finances, you have a proposed client list, enough money for you to survive the first year – and now it’s time to take the next vital step – your new start-up company needs a home.
Hundreds of new businesses open in London every month – your first target is to make sure yours lasts the first year. The axiom of any new business is that the first year is the make or break point and a high percentage of businesses do not last this period. More often than not, it’s due to the risk assessment of the necessary financial investment against the annual sales/profits, and if there isn’t a sufficient way to raise capital or lure a suitable investor, even the strongest and best laid plans can’t keep things afloat.
London is an expensive city to live and do business in and the rising costs for commercial and domestic rent don’t look like slowing down any time soon. There’s a start-up term that could prove very useful to any would-be London-based entrepreneur – lean start-up. And it means exactly what it sounds like – you need to ensure that your operating costs are as lean as possible, and to make things lean, first you need to do a lot of trimming. Thinking about a nice company car on finance? How about a wardrobe from Savile Row or Regent Street to ensure your clients matches your image with success? An expensive watch? An office in Shoreditch? A secretary and admin assistant on the payroll? You may have already guessed that a lot of these items are at best vanity choices and can be considered superfluous. Image does matter but you need to ensure that unless you’ve saved for this in advance as a start-up cost then it doesn’t fit the lean start-up model or ethos.
Your lean start-up business’s model should already have taken shape but your lean start-up ethos will also need to be in place – it’s the instinct to trim costs before being lured in by costs that impinge on your monthly overheads. Ideally, you will have enough funds to rent a premises for the first three – six months, if needed, a vehicle or the same amount of travel expenses, enough money for basic office and IT equipment, and if you’re really on the ball, enough money for a liveable basic salary for the year.
Why is it essential to attain a stringent monthly budget? The answer is cash flow. The nature of being an entrepreneur is the ability to adapt and alter your business model if and when certain trends or opportunities arise. If a lucrative opportunity arises you need to be able to pounce on it with everything you’ve got, and if your monthly overheads are under control, you’ll be able to take more risks with your available cash flow.
One of the most costly overheads any new business will accrue is monthly rental and there’s two ways of ensuring you keep these costs as low as possible, and Fort Box is the perfect starting point.
The two options for saving money on monthly rental overheads are –
- Rent a smaller commercial premises and rent a self storage unit from Fort Box to save money
- Rent a self storage unit from Fort Box to use as an affordable start-up base of operations.
By assessing your business needs for office or work space you can downsize your initial plan by taking out any or most of the storage allocation. You may be able to half the size of your work space and seriously reduce your proposed monthly rental financial costs. You can rent a self storage unit from Fort Box to used for storage. Offsite storage will help you rent an office or work space that is solely used for your business’s primary function, and self storage rental is drastically cheaper than commercial rental costs.
There’s a growing trend for London’s entrepreneurs to utilise alternative work spaces to save money and to stay ahead of the curve, and a number of start-ups now use self storage units as alternative offices. There’s an option to have lighting and electricity in your Fort Box self storage unit, making it possible for you to have a small office, and if you need to expand, why not rent out two units, have one as a stockroom and a separate office? There’s Wifi available in our facilities, printer and fax machine, as well as a shredder – everything you’ll need for admin purposes.
The main thing to consider here is that there are options available to help you reduce your monthly overheads. If you take care of your overhead budget you have a much better chance of surviving your first year as an entrepreneur, and at Fort Box, we aim to help as many people start and successfully run their own businesses by constantly working with our customers to provide a tailor-made service at the highest level of customer service.
We’ve structured our business storage options to fit the needs of our customers, meaning you can pick the storage options that you need, at a time period that suits you and a price that will save your company money.
Our facilities in Chelsea and St John’s Wood both have top of the range security measures to ensure your company’s items and equipment are safe and secure. With twenty-four hour digital CCTV monitoring, individually alarmed storage units with their own access PIN codes, vehicle plate recognition, fire and smoke detector system, our self storage facilities are second to none when it comes to security.
The Fort Box team is in your corner and we believe that by partnering your lean start-up with our company you can save hundreds, if not thousands of pounds every month.
The Fort Box team understands that, when you put the customer first, everything else works.
Fort Box – self storage tailor-made to your requirements – contact us today