In today’s modern business world, startups and small businesses are in prime positions to choose; a brick and mortar office, a virtual office space, or something in between. Sadly, after the Marissa Mayer scandal revoked the ‘in-between’ option, most startup owners are going for a complete physical location or a virtual office, not a combination of the two. That said, there are numerous benefits of opting for a virtual office space. And for most startup owners, going all virtual has a ‘no readjusting’ approach when going back to a traditional setup.
A virtual office space enables startup owners to save more cash than a specific physical location, allowing them to invest in other critical business aspects to drive growth. Plus, it is a more sustainable option that will surely attract more green-minded customers. With that in mind, let us take a detailed look at why more startups worldwide are leveraging virtual workspaces. Some of these benefits are listed below.
You’ll have a local presence
With the help of a proper virtual workspace, an official address, and a phone number, you’ll be able to cement your place as a startup in your city. It is possible because a virtual workspace provides you with an actual ‘physical’ presence, not only an online one. Plus, taking the virtual route will enable your startup to connect with its customers better and build ever-lasting relationships with them.
That said, finding a virtual workspace is as easy as going online and doing some research. For instance, if your human capital is spread across countries and you want a central location, say Singapore, Google ‘virtual office Singapore‘ to find a suitable space. After that, you can go with the one that fits your budget and requirements.
You’ll incur low overhead costs
When looking at things from a financial point of view, having a physical workspace can be expensive to run and manage for most startups. There will be utilities to pay, space to purchase or lease, furniture to buy, and insurance premium. Not to mention, natural disasters and break-ins are an ever-present threat to every business out there. Furthermore, regular repairing and cleaning are required when basing your operations at a physical location.
While business experts write tons of blogs and articles to help startups save some money, why not rid yourself of the most significant cost sink? Going virtual will allow you to cut back on utility bills, office repairs, and much more. So, consider renting a virtual workspace if you want to increase your bottom line savings, which can make or break your business early on.
You’ll attract top-notch talent
Nowadays, in a post-pandemic world, where social distancing has become the norm, more employees are looking for creative, better perks in addition to excellent pay. With a virtual office, you wouldn’t need to restrict yourself to hiring talent in your area. You can hire employees from all across the globe. Doing so opens your pool of potential employees, and you can sift through the most talented resources from around the world. People nowadays are becoming more comfortable with the idea of working remotely. It helps them save money spent on the daily commute. Plus, you’ll be able to increase productivity with more talented people in your team.
You’ll play your part to help the environment
Unless you and your workforce bike or walk from home to work every day, the carbon footprint you leave is affecting the environment, and you’re the only one at fault here! That said, going for a virtual workspace for your business operations is an excellent, greener approach to running your startup. This approach will help you appeal to customers and investors.
What’s more, you can utilize your eco-friendly approach to running your startup as a marketing and PR tactic. So, highlight and share with your customers and investors how you’re helping the environment while saving tons of cash simultaneously.
You’ll get more work done
When you take your operations online, you’ll experience more flexibility than a traditional office setup. As long as your team is working a fixed number of hours per week and working efficiently, you will allow them to work on their terms and hours. Moreover, project performance can be viewed at any time from any location through the virtual workspace. In addition, working from a virtual workspace also ensures that every business department has been assigned work uniformly.
You’ll have a happier team of employees
Every startup should consider its workforce as a vital asset for its long-term success. With the decreased operational costs that startups can experience with a virtual workspace, they can invest the money saved into employee rewards and perks. When business owners recognize and appreciate the work employees put in, their productivity levels increase.
You’ll leverage tons of professional services
Some virtual workspaces offer startups receptionists and virtual assistants that answer customer calls for them. Moreover, they also provide you with well-trained hiring assistants to fulfill your recruitment requirements. As a result, You retain the services of a full-time recruitment professional without ever needing to hire one.
A virtual workspace is ideal for small businesses and startups looking to save a quick buck here and there to maintain a minimum operational budget. The benefits mentioned above show that going with a virtual space instead of a traditional setup allows your business to avoid unnecessary operating costs. So, consider a virtual space if you want to maintain a presence in the physical world while conducting your operations online.