Top 10 Reasons to Use a Virtual Office
The origin of startups can be linked with the “Dot com bubble” that occurred during 1995-2001. Since then the market has evolved in leaps and bounds. The Nasscom Startup Report released in 2017 stated that 1000 startups were added in 2017, taking the total number of startups to 5200 in India, making it the third largest startup ecosystem in the world. The good news for all is that it is only growing and foreign investors have shown their interests in the Indian market. Countries like Germany are looking for newer markets. With the rise in the number of startups in the country, the demand for office spaces has soared sky high. Concepts like co-working, virtual office, incubation, accelerators, etc. are gaining popularity along with it. Although virtual office is a concept in its nascent stage in India, but the root lies back to James Blain in 1983 when he started the concept of renting out fully suited out offices for start-up businesses with easy lease options.
So why do we choose a virtual office? Let’s highlight some of the points here:
1) Need for a professional space
If your business is based out of home, chances are you would lose out clients to those who have a designated office location. There is absolutely no harm running everything under your own roof saving overhead costs for the initial few months, but having a dedicated executive to handle the client calls on your behalf adds a bit of professionalism too.
2) Physical address v/s Virtual address
When a customer looks for your office address on Google, it is highly likely the person is not interested in your residential location. Give yourself the edge above your competitors to showcase your startup with a specified office location. It also saves you from the pain of clients knocking at your door every now and then.
3) Cost of operations
It is extremely cheap to use a virtual office instead of a physical space. You cut down on more than three quarters of the variable and fixed costs which leave much more capital to invest on the other facets of your business. Whether you own a factory, car rental service or a tech startup you need not worry about renting out a fully owned office space. Only the rentals for the virtual office is what you need to pay and that will cost pretty less when compared to physical office spaces.
A small company, startup or a business enthusiast who is mostly on the go does not have the luxury to monitor the client requirements 24×7. One can avail these informations whenever and wherever it suits them even during their physical absence. At times when you are bound to shift to another city, you still have the virtual presence running successfully thereby not affecting your customer base in the previous location.
5) Not a liability
Many SME’s have realized that their office has become more of a liability considering the regular maintenance, security and miscellaneous expenses. One can either shift the operations partially or completely virtual. Some businesses have taken the approach of virtualizing part of their operations to cut costs and increase profit.
Would you have shown faith in an organization not possessing a mail box, a website or a permanent office address? Certainly not! A virtual office helps to build a certain sense of credibility which is essential for any startup during the kick-start phase.
7) Go green option
If you are a nature lover, this is possibly the best solution. No material wastage, power and water consumption throughout the month. Fuel saved and reduced air pollution benefits the entire humanity.
8) Better work-life balance
No extended hours for client visits or attending business calls. Not missing out on the special anniversary dinner with your wife which she had been planning from a long time. Maintain the work schedule on your own and reduce the time taken for commuting to office.
Any team with 5-500 manpower can work in parallel with a virtual office. If need be to scale up/down the current strength would also be a seamless transition with a virtual address.
10) Focus on what is required
Attending calls which do not align with your business goals is a waste of time. Divert all the attention to what is crucial for the future prospect.
11) Better employee management
The co-ordination among the employees can be dealt even by sitting back at home and allowing your colleagues with the work from home option. Connecting virtually to schedule the daily work plan can be done efficiently.
Wow! I bet you had never given such a detailed thought of having a virtual office for your own. So why wait any longer? Go out and reap the benefits! Cheers.
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