A virtual office allows businesses to have a physical address without having to pay for the enormous overhead costs that come with a physical space. You might be wondering, how is that even possible? Virtual offices provide the benefits of physical officed, all except for the working space. That means you will have a business mailing address, business phone number, meeting rooms, etc., and still work from home.
Virtual offices are mainly for startups and businesses that do not need to work from a fixed place but still need an actual business address for other reasons. For example, to get a business trade license in the UAE, you need to own office space. In such a case, you can get a virtual office so you can work from anywhere and still get the trade license.
Now that we know what virtual offices are, let us see what are the benefits that attract so many startups to rent virtual offices. Here are the advantages provided by virtual offices:
Virtual offices are readily available for a very small cost. Besides this, there are practically no expenses or overhead costs associated with virtual offices. Compared to traditional office spaces, virtual offices are much more cost-effective. You get a prestigious business address without having to invest the majority of your available capital.
After renting a virtual office, you do not need to spend on office equipment, furniture, and other physical requirements that come with a physical office space. You do not need to spend on transportation as well since you will not be working from this space. Instead, you can invest all this saved capital to improve the services or products provided by your business.
- Remote Working
Virtual offices allow you to work from anywhere you want. The same goes for your employees as well. That means no one needs to worry about being late to the office anymore. No need to stay stuck in traffic and waste working hours anymore. You can work from your home, the park, your favorite coffee shop, etc. This makes virtual offices environmentally friendly as well because CO2 emissions are reduced when you are not commuting long distances for physical offices.
If all your business needs to function is an internet connection, then virtual offices are perfect for you. You do not need to use your home address for business purposes even if you are working from your home thanks to virtual offices.
- Employee Satisfaction
Virtual offices increase employee satisfaction by a big margin. As employees get to work from where they are comfortable. They also get to save money because they do not need to commute to a physical office space anymore.
Virtual offices allow for a better work-life balance. As employees are happier, employee turnover is greatly decreased. Happier employees work better as well. This is a win-win situation for the employer and the employee.
- Worldwide Talent Pool
One of the biggest limitations of physical office spaces is that businesses can only hire from the local area. Businesses that require a wider talent pool suffer from permanent office spaces. On the other hand, virtual offices give you much more flexibility when you are looking for helping hands.
Since your employees can work from anywhere they want, you get the opportunity to hire from any corner of the world. As long as the person has reliable access to the internet, you can hire him/her to work for you. However, you need to ensure that the employee can provide his expertise over the internet.
Potential investors will not be impressed if you show them your basement or garage. Even though you can satisfactorily work from your home. Your clients, investors, and other business associates will not be impressed by your home address.
You can rent virtual offices from prestigious business centers which are located in famous business districts. Nothing impresses potential investors more than an office location at a respectable commercial hub. You also get access to meeting rooms in the business center you are renting the virtual office from. So, you can meet your clients and investors at your business address as well if they insist on it.
Physical offices provide certain challenges when you try to hire more helping hands or even when you want to downsize your workforce. For example, when trying to get more people on board, you need to rent or lease more office space to accommodate them. When downsizing your workforce, you will be left with a lot of unused space, which is an expense that will provide no return.
When hiring or firing from virtual offices, you do not need to worry about the space because your employees will be working from home.
As the COVID-19 pandemic proved, long-term plans have certain risks associated with them. People stopped working from offices and companies were left with all this unused space. What was worse is that they could not get rid of these offices because nobody was buying or renting.
Virtual offices are rented monthly, weekly, daily, or even hourly. That means that you do not need to worry about the future anymore. You can pack up and change offices anytime you want. The hassle of moving furniture also does not exist when you have a virtual office.
- Administrative Support
The business center you will be renting the virtual office from will provide a full-time receptionist for you. They will receive any calls you receive at the business address. The administrative staff will also receive your emails that are delivered to the business address. You can choose to have them forwarded to you if you want.
The administrative staff will also help you when you are entertaining clients, investors, and other business associates in the meeting rooms. They will provide technical and IT support if you require it.