Updated May 5, 2021
As a small business owner, it’s crucial to know where to spend your hard-earned money. It’s equally crucial to know where to keep a tight fist. One of the easiest ways to limit expenses and increase profits is by cutting overhead costs associated. This can seem difficult at times. However, with technology expansion, a revolutionary concept has emerged for small business owners that can make a huge difference in your business model: the virtual address or office.
In years past, it was thought that a successful business was a physical office space full of full-time, salaried employees. Makes sense, right? Physical office space + dedicated employees = legitimate business. This formula has been the go-to method for successful businesses for decades.
But today, entrepreneurs understand that the costs for such amenities are staggering. Much like owning a home, the check doesn’t stop with the rent payment; you’ve got utilities, maintenance, taxes, HR costs, administrative fees… it adds up so quickly! For any business who does not have established, sizable profits, these costs can set your business on the path of no return.
And after the pandemic forced nearly every business to pivot into virtual or remote operations, many now see how viable this model can be!
Luckily, a virtual office provides a solution. It both cuts your spending costs to allow for greater profit while maintaining the benefits of a traditional office. Don’t let that “virtual” word throw you; we’re talking about real, physical office services that are available to your business – but only when you need them! Now that you’re in the know! So, how can a virtual address and virtual office help your small business grow and succeed?
Let’s look at 4 major benefits of a virtual address and office:
1. Lower Extraneous Spending
Smart spending is the name of the game for any small business. Choosing a virtual office is a great way to cut operational costs. Virtual offices remove the need to pay the hefty expenses associated with a physical office. This allows your business to use that money to fund essential departments or even turn it into extra profit. Who doesn’t love lower bills?
Imagine it like this: would you pay a full month’s rent for a car you only used once or twice per month? No way, right? It’s the same concept. With a virtual office, only pay for the services you actually use, and only when you need them.
2. Boost Your Company Image: A Virtual Address IS a Physical Address
The good news is, using a virtual office doesn’t mean you lose the perks of a traditional one. One of the most important benefits of a traditional office is that it provides your business with a physical address. This physical address helps to legitimize your business image.
Why is that? Although virtual storefronts are much more acceptable in today’s market, there are still customers who will search for a business name and address before using their services. You’ve heard the saying, “you only have 30 seconds to make a good first impression”? This applies as much to internet engagement as face-to-face meetings, and the idea of a brick-and-mortar business still carries a lot of weight.
Luckily, virtual offices give your business a real, physical address for customers to find (and often in an impressive, metropolitan area) and not a shady PO Box. For more information on why a physical address is so important for your small business, see our article on Why a Virtual Address is Better than a PO Box?
3. Impressive Space, Impressive Price
Building on the idea of great impressions, entertaining potential clients is a staple in growing your business. Nothing makes a business look more appealing than an impressive meeting space.
These types of spaces can be extremely expensive and are seldom used. That means they create an unnecessary funnel of expenses that could be diluting profits for your business. Using a virtual office gives your business access to physical spaces for meetings and events. You get to WOW your clients without burning a hole in your profits.
4. Increase Productivity
No, really! Statistics show that productivity in remote employees increases by up to 32% compared to traditional office workers. There are a variety of reasons for this, but less commute time, less distracting coworker gossip, and the ability to work from anywhere are the big 3.
Breaking out of the 9-5 mold and the need for designated office equipment also gives you more time to work – any hour, anywhere! It allows for immediate and unlimited contact with customers – boost your image as a customer service guru while working whenever is convenient for you. Win-Win!
TRY STARTHUB VIRTUAL OFFICE SERVICES RISK FREE!
Now that you’ve seen some of the ways a virtual office can help your small business (hint: there are more!), visit us at Starthub to get yours started today (oh, and get a free month at signup). Our large range of services and affordable prices have helped countless small business owners increase their profits and grow their business; we look forward to adding your company name to that list!
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