For the vast majority of startups, capital is limited and high rental rates and high utility costs can put a strain on even the most well-thought-out budget.
Challenges like these are why nine out of every ten new businesses fail. However, it’s not all bad news, 10% of startups succeed and, as a new business, this is the figure you need to focus on.
Luckily, for the modern entrepreneur, there are more options than there would have been just a few short years ago. The digital age is well and truly upon us, we have access to more information than we know what to do with and advancements in technology are allowing us access to an entirely new set of tools and facilities that allow us to minimize our costs while maximizing output.
The advent of virtual offices has changed the way we do business and the advantages and opportunities they have created for new businesses are quite remarkable.
The moment that a new startup moves away from their home office and into a rented premises is almost always a time of uncertainty. Renting an office space is not cheap, in fact, it’s one of the major overheads for most businesses. The good news, however, is that this cost can be minimised quite easily by opting for a virtual office solution.
Rental rates and the cost of utilities can rise without warning, making it very difficult for a new business to work with, what is often, a limited budget. A virtual office, on the other hand, has a predefined rental rate per month, there are no monthly utility bills and the rental rates are much, much lower than a more traditional office setup. In addition to this, there is no furniture to buy and there are no repairs or maintenance required as this is covered by the provider.
Improved Company Image
In business image is everything. It’s important to put your best foot forward and give the best impression of your business that you possibly can. When it comes to choosing your company or your competitor, customers can easily be swayed by an address in a well-known, prestigious location.
Building and maintaining a strong brand and company image is crucial to the success of your new business. A virtual office allows you to have an office in the right part of the city for a fraction of what it would cost you in a more traditional setting.
When you’re starting out in business, it’s crucial to remain flexible. You need to be free to adapt and grow as your business does, especially in the first couple of years. A virtual office allows you to upgrade or downgrade your package from month to month and they don’t make you commit to any long-term lock-in contracts.
Having the ability to be flexible, means that as your business evolves, you can change your plan accordingly to meet the new needs of your operation. As a startup, this puts you in a great position to go for your goals without hesitation.
Virtual offices come with an array of services, many of which are free and some at an extra nominal cost. A dedicated receptionist can be included as well as other useful services such as mail forwarding and fax to email services.
Meeting and conference rooms can be booked as required and can cater to large or small groups. You can expect high-speed internet, immaculately furnished rooms and a little touch of luxury that most startups simply couldn’t afford. This helps you to create a very positive impression on your clients and will help you reach your business goals that bit quicker.
Virtual Offices Are the Best Options for a New Business
When you are just starting out in the world of business, it’s good to have flexibility and have the opportunity to lower your costs. By keeping your overheads at a minimum, it means you don’t have to spend your days stressing about money and instead, can focus on building and growing your business into something you can be truly proud of.