Saying we have all gone through massive changes in the past few years is an understatement. What seemed like a distant dream became an instant reality when everyone started working remotely. Back in the 2000s and 2010s, only the smallest percentages of eccentric freelancers were the ones working remote. A large part of the mystery was a credible physical presence needed for the inescapable formalities of running a business. Virtual offices are the simple answer to that.
But what is a Virtual Office?
A Virtual Office is a way for businesses to have a physical address and other office-related services without investing a large amount of capital into leasing an office space. All employees can continue working remotely, but the business can have physical features like a mailing address, phone answering services, meeting rooms, etc. Virtual offices essentially shatter the boundaries of conventional workplaces with their functionalities. Since the office is exclusive to a virtual space, it liberates the organisation to operate at considerably lesser costs and increase productivity. Petty hindrances will no longer impact employees and employers during their work time. Everyone will be working in a location comfortable and practical to them.
There are three main functions of virtual offices that make it a great option for any business at the initial stages of operations looking to grow more sustainably.
1. Officialise your Business.
There are certain legalities in starting a business, and having a registered office is one. It is a legal requirement of all limited companies and limited liability partnerships (LLP) to have an official address for government bodies, banks, and other relevant offices to deliver statutory mail and legal notices. Virtual offices take care of these issues by helping you set up a legitimate official address, thereby a physical presence of your company!
A massive advantage of having a virtual office is the range of choice! You can choose an address from and have a presence in the most popular business areas at a fraction of the cost of actually renting or buying an office space there.
Virtual office providers usually offer great deals on services and provide a variety of packages. The packages might include a business address, mail receipt, mail forwarding, phone answering, conference room booking and access to a desk in a co-working space. These membership plans are perfect as a first step for entrepreneurs looking to grow their businesses sustainably while controlling costs.
The process of setting up a virtual office is usually fast and quite easy since it’s all done online. The best part- Not a lot of paperwork!
2. Cut Costs!
As a business owner, minimizing costs is always a goal. Usually, anyone with an MBA degree will tell you that Economies of Scale can help you cut costs in your business. Economies of scale are the cost advantages a company achieves due to the size of its operation. There are two main costs of running a business- Capital and Operation. Capital costs include small and large purchases needed as investments. Operating costs are monthly costs like salaries, rent, electricity, canteen/coffee machines, printing machines, etc. that sustain the business.
Reaching a stage wherein the company can afford to make these expenses takes time. Smaller businesses find it more difficult than others, and these costs tend to demotivate budding entrepreneurs. Virtual offices can slash large chunks of the capital and operating costs since the whole business would predominantly exist online. The only investment will be the Virtual Office, which will manage the business’s physical necessities.
3. Avail of other Services!
Since the entire business is online, hosting client meetings, hiring weeks, annual meet-ups, brainstorming sessions, etc. without an actual office space might prove challenging.
Co-Working Spaces that offer the service of virtual offices often give a considerable discount on other services they provide. These include customized meeting rooms, waiting rooms for clients, call answering, complimentary tea or coffee, parking spots, dedicated co-working spots, complimentary meeting room hours, and so much more!
Now that we know the amazing functionalities and features of a virtual space, there remains another factor to consider. The actual quality of the virtual space. The functionalities of the virtual office you opt for should suit your business effortlessly. Make sure you have done good research on virtual offices before committing to a plan. Ideally, a good virtual office will have no hidden fees, unlimited access to the space, a canteen, and ease in scheduling and booking the space for when you need it for physical meetings. Visit Oahfeo.com to browse through and choose a plan that suits your business!