What are the benefits of a virtual office?
Virtual offices can deliver a number of benefits for your business, from providing you with a professional business address to enabling you to take advantage of cost savings and remote working with no long-term commitments.
Whether you’re a start-up looking at your options for building your business or an established organisation seeking a virtual office to open up a new location, there are many benefits to be found with a virtual office. In this article, we’ll look at some of the advantages.
1. Creates a professional image
One of the first benefits to a virtual office is the professional image that a prestigious business address can provide. By having a physical business address and office phone number, you can ensure your company image is trustworthy, credible and legitimate.
Using a virtual office in a prestigious location is a great way to further enhance the impression that people have of your business. Opting for a location in a respected location can ensure that your business reputation remains positive and projects the right image to prospective clients. Most cities have quarters that are associated with certain sectors – legal, creative or financial, for example. Setting up a virtual office in the area appropriate to your business can greatly boost your kudos. It can also help your business to appear larger and more established than it is.
2. Cost savings
Regardless of where you are on your business journey, cost savings are always a benefit, and when it comes to virtual offices, savings can be made in a number of different ways. When you take into consideration the fact that you are able to benefit from a reputable office location at a low cost, the value for money is exceptional.
If you were to rent an office building in a similar location, your costs would be significantly higher and that’s before you’ve taken into consideration the other costs that come with having your own building. Virtual offices can really benefit your business in terms of saving money on premises, especially if you weigh up how little time you will be working from that location, if at all.
As well as the brick-and-mortar cost savings, you can also save money on your administration, infrastructure, equipment, maintenance and technology costs with a virtual office. These costs are usually shared between each client using the space, as opposed to solely resting on your shoulders.
By making cost savings with your office environment, you can benefit from an improved profit margin, which gives you the ability to pass on cost savings to your customers – or you can reinvest extra cash back into your business.
3. More flexible expansion opportunities
A great benefit of virtual offices is the opportunity for expansion without needing to move to larger and often more expensive office premises. With a virtual office, you have the opportunity to ‘test the water’ in a new market by simply opening up an office address in that location, without the limitations of space or needing to fully relocate to the area.
With many virtual offices also providing workspace, they provide a low-cost alternative for expansion, allowing you to look into the potential of hiring one or two employees once you’ve tested the market and established your business in that locale.
4. Gives you an anchor if you’re remote working
With remote working increasing in popularity significantly over the last few years, having the ability to work remotely is a prime benefit when it comes to virtual offices. Whether you’re already working from a remote location with an internet connection or you’re looking to work from various locations, virtual offices are a great solution.
Lots of virtual office plans give you the opportunity to use other workspace locations from the same company, enabling you to work remotely from several locations at a fraction of the cost of renting multiple office spaces. This is especially handy if you plan to work from home most of the time but would like the option of using a professional meeting space when necessary to work with clients or meet with prospective customers.
In addition to the remote working experience, virtual offices also provide better agile working opportunities for your employees, which come with their own set of benefits. If your employees are able to work remotely but occasionally like to work from an office, virtual offices are the ideal solution. By offering this as an option, you can effectively cut down their commute time, resulting in improved productivity and lower staff turnover rate due to increased morale and job satisfaction.
Furthermore, several studies have shown that giving employees the choice to work from a different location or a more collaborative space such as a shared office can vastly increase creativity and output.
5. Optional business support services
Business support is an often overlooked feature of virtual offices, but can be a great benefit to your business nonetheless. Call answering, mail handling and general administration tasks can take up your precious time with tasks that can be easily distributed elsewhere.
Many virtual offices include these services as part of their packages, meaning your business can be operational at all times, so you can focus on performing your core business activities. In addition, some virtual offices provide business concierge services which can include HR, legal, accounting and IT support.
6. No long-term commitments
Virtual offices enable you to reap the same benefits of having a business address without the huge outlay of costs and commitment that comes with signing lengthy lease agreements. Some virtual office plans are bookable on a monthly or ad-hoc basis, reducing your financial risk and allowing you to adapt or upgrade as your business changes.
7. Gives access to more talent
As mentioned earlier, virtual offices offer a practical, low-cost way to expand into a new location, but this can also open up opportunities for accessing local talent. Once you have established a presence in your new location and are experiencing business success, it might be time to start hiring. Already having access to an office in that area puts you in a great position, making it much easier to find, hire and interview local people without having to spend money on renting alternative interview or meeting space.
Further to this, your virtual office premises will also give your employees a defined place to work, should they wish to work from the office, and will also provide you with a place to meet them when you’re in the area.
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