A physical office space is expensive to set up and it also has high ongoing expenses. You have to pay rent, insurance and a lot of other costs. Thankfully, businesses have another option in the form of a virtual office space that allows them to maintain a professional office address without a physical presence and all this comes at a very affordable price. If you still haven’t thought of having a virtual office, here is a list of 7 advantages of virtual offices.
7 Advantages of Virtual Offices
1) It Saves Money
It saves a lot of money. In fact, maintaining a virtual office typically costs less than 5% of the cost of setting up and maintaining a physical office. Setting up and maintaining a physical office space has a lot of costs. With a virtual office you not only save money on the upfront costs but also on ongoing costs. For a physical office, you will typically have to pay a bond and you will also need to spend money on furniture and other such things whereas there is no such requirements with a virtual office.
A virtual office offers a lot of flexibility. For instance, you will typically have to sign up for a minimum of a few months in case of a physical office but a virtual office allows you to cancel at any time. In case of a physical office, you need to find someone to take over your lease or you will have to pay for the remaining time. But there are usually no such restrictions with a virtual office.
You also get a lot of flexibility to grow with a virtual office and there is no need to worry about outgrowing your physical office space. Many companies offer virtual office spaces in many major cities and in fact, they usually offer a discount when people sign up for multiple locations. You cannot have such flexibility with a physical office space.
3) Professional Address
A virtual office acts just like an actual physical office. You get a professional address and you can use this address for all your business correspondence and mail. It helps in building trust with your customers. You also get to have an address in the central business district without paying the higher rent prices. It also allows you to look much bigger than you actually are. You can have multiple locations in multiple A grade buildings which is likely to impress your clients.
4) No Commute Time
Most professionals end up spending a lot of time on commute during rush hours. With a virtual office, you do not need to waste any of your valuable time on commute. You have the freedom and flexibility to work from wherever you want. You’ll save money on fuel and more importantly, you will get more time to focus on growing your business.
When you spend multiple hours on commute, you not only have to account for the extra fuel costs but it also adds to your stress and anxiety. Driving is always stressful but with a virtual office, you will always feel fresh as you get the flexibility to work from anywhere. It will help you become more productive and focused.
5) Less Overhead
With a virtual office, you do not need to worry about utility payments, hardware costs or any other such things. All this money can then be used to grow your business. A physical office has some sunk costs but overheads are something you can’t always predict. A physical office space brings with it a lot of extra costs in terms of overheads but all of these can be avoided with a virtual office space.
6) Increase in Productivity
It might seem counterintuitive but virtual offices have been known to help with increasing productivity. As a business owner, you do not have to worry about whether people are spending enough time at work and your focus shifts to employees achieving specific goals. It also helps with employee retention as people prefer workplaces that offer flexibility. If you do not have any employees or only have some part-time employees, investing in a virtual office allows you to work more productively and get more done in the same time.
7) Meeting Rooms and Personal Assistants
One of the issues people generally have when they think of virtual offices is the lack of meeting rooms and assistants. You do not need to worry about that. Many companies offering virtual office space also offer meeting rooms and personal assistant services on demand. Sign up for a company that also offers a physical meeting room on demand and just pay for it whenever you need to use it. Similarly, many companies offer temporary personal assistants. You can utilise the services of these personal assistants as and when required and usually, these services are charged on a per hour basis. You do not need to worry about their salaries, insurance and other such things.
Setting up a physical office space makes sense in certain cases but in today’s digital business landscape, many businesses can be run virtually. If you have a business that allows you the flexibility to work from anywhere, investing in a virtual office space makes a lot of sense for you. You will enjoy the lower cost, flexibility, increased productivity, a professional address and time saved on commuting, among other things. So, do some research and find some reputable companies offering virtual office spaces in locations you want and enjoy the above-mentioned 7 advantages of virtual offices.