8 Key Benefits Of A Virtual Office: A Discovery Post For Startups And Entrepreneurs
What are the key benefits of a virtual office and how can your business tap into them?
If you are a startup looking to reduce overhead while improving operations, or you’re an SMB who wants to expand easily without losing your identity, a virtual office can be the best option.
And this isn’t merely an assumption.
According to a uSamp study, 67% of workers and employers say working remotely improves productivity while another 69% say it’s liberating. More interestingly, it’s projected that 87% of businesses across all global industries will switch from real estate facility strategy to virtual locations or adopt virtual locations for hybridization. Also, while 55% of employers expect their workers to work remotely, only 4% of employees choose to work in an office when given the option between that and working remotely.
According to Alliance Virtual Offices, a top virtual office and flexible workspace provider, virtual offices add value to modern business owners and save cost for startups and SMBs. They believe that flexibility is integral to the success of most companies, and this is the key offering of a virtual office.
Now, before joining the trend, this post will make you a better-informed startup, entrepreneur, or SMB by showing you:
- What a virtual office is.
- The 8 key benefits of a virtual office.
- Features of a virtual office.
- Answers to the frequently asked questions about virtual office acquisitions.
First, the basics.
What Is A Virtual Office? An Introduction
A virtual office is a contract-based, purchased service of a complete suite of business facilities and major operations handling, such as administrative support, a live receptionist, and mail handling. This purchased service replaces the signing of a lease. It solves startup office problems and allows businesses to have a professional image without renting or building a physical location that requires active operation by you and your team.
The 8 Key Benefits Of A Virtual Office To Employers And Employees
- Create Flexible Work Culture That Promotes Productivity
Did you know that the greatest talents work at their peak in a flexible environment? And generally, a virtually operated business offers productivity-boosting incentives to your team, such as healthy work-life balance, avoidance of workplace crisis, improved energy, and financial relief (a lack of commuting means less wear and tear on your vehicle and less money spent on gas). This culture creates a happy team of autonomous operators who are connected with their family/pets and can work anywhere–even on the beach.
- Scale Limitlessly While Protecting Your Privacy
If you are not ready to go office-bound just yet, registering your home address as your business address can be a regrettable move–unless you’re comfortable with customers dropping by at odd times or exposing the privacy of your family. With a virtual office, you can register your business with the virtual office address. You can also scale your company more easily by eliminating the need to restructure or renovate a physical facility every time you need to expand to accommodate a larger team and more pieces of operation equipment.
- Save Operation Costs While Building A Professional Image That Earns Customers’ Trust
Generally, people want to patronize the business that they can trust with their money. Securing a virtual office is the most cost-effective way to build a professional image. Especially if you are just starting out with limited startup capital, virtual offices are budget-friendly and typically come as a package that includes personalized hands-on services, such as IT services, live receptionists, conference/meeting room facilities (for when you need to regroup with the team physically or to take appointments with customers), business mail and GST (Goods and Services Tax) services. T his way, you have fewer hired workers to pay and save on technology acquisition, all while creating a professional image with a business address that customers can trust.
- Tap Into A Bigger Market And Create Impactful Brand Awareness
Basically, a virtual office is equivalent to an acquired business facility that is visible both online and offline. Though you’ll need to confirm this with your provider, many virtual office packages include listing your business on Google My Business, where billions of local services purchasers go to buy the services you are selling. Keeping your brand away from this platform simply means leaving money on the table.
- Operate Without Legal Liabilities
A virtual office protects you from any legal issues with using your home/rental for part of your business. The greater benefits to this are that your personal assets are protected, all your business’s legal liabilities are associated with your virtual office, and you’re free from both the restrictions levied by most homeowners associations and the possibilities of going against an agent’s rules. Registering your business with a virtual office address instead of a home address takes the legal liability off of you personally and instead keeps it with your business if anything were to happen.
- Supercharge And Simplify Your Hiring Process
The biggest barrier between you and the quality talent pool is often the time difference and location gap. Through the adoption of a virtual office, you can overcome that by giving your potential workers the opportunity to work remotely. This attracts great talents that are living outside of your country/location to apply for the job.
- Become A Registered Business Faster And Access Business Credit Opportunities
Part of the requirements for registering a business anywhere in the world is a registered business location. Some states implement relaxed rules that allow you to use your residential address. But by opting for a virtual office, you can instantly get a professional, physical business address for your business registration process. And with a registered business, you have endless credit/loan access for expansion and growth. In fact, Alliance Virtual Offices lists your business number on the local 411 directory, which establishes recognition and trust with potential lenders.
- Test the Market In A Low-Risk Fashion
If you’re uncertain about the profitability and scalability of your business model, it’s only smart to test the market first before going all in. And while a physical office demands that you dive in head-first, a virtual office allows you to get all the insight you need without the initial heavy investment. With a virtual office, you have little to lose if you choose to not continue with an unpromising business. It is cost-effective even though it often offers more business operation support than a physical space.
The Features Of A Virtual Office
- Rentable meeting rooms and conference halls
- Professional business address
- Call/email handling and live reception
- Essential IT services
- Courier management
- Business registration
- Access to multiple locations (branches)
- Access to a physical workspace
Global changes surrounding technology and the future of work have had a great influence on business operations and lifestyles. One of these impacts is the adoption of virtual offices and workforce hybridization. If you are just considering going virtual and working remotely, this discovery post not only shows you the key benefits of a virtual office but also enlightens you about its features and definition.
Frequently Asked Questions About Virtual Offices
Is A Virtual Office Worth It?
Yes. A virtual office is worth it if you prefer working from home, are a digital nomad, want to have business branches outside the country, or want to start a business with limited capital.
What Are The Drawbacks Of Virtual Office?
Some drawbacks of a virtual office may include lack of social interaction, restricted access to basic business amenities, and difficult accountability management.
Is A Virtual Office Legal?
Yes, a virtual office is legal. Nevertheless, check that your business operations are registered according to local, state, and federal regulations.
How Does A Virtual Office Work?
With a virtual office, you have a dedicated address for your business, primary operation facilities and meeting rooms when you need them, and major office-related services that handle some of your day-to-day tasks for you.