In the first few months of the lockdown in 2020, leasing and construction activity across India had come to a standstill. A research study by Savills India revealed that there was a decline of almost 60% in total leasing across six major Indian cities. Many individuals and entrepreneurs who opened new businesses during the pandemic did not require physical office spaces. They all mostly opted for virtual offices.
Today, most self-employed individuals and businesses are faced with a growing requirement for an office set-up in commercial hubs for varied reasons. A report by Ericsson reveals that by 2030, virtual office experiences like being able to touch things while sitting at home could become a reality.
What Is A Virtual Office?
A Virtual Office is a mix of compact and flexible office space with a registered business address inclusive of professional services, without having to pay for a physical space.
It is ideal for new entrepreneurs and self-employed individuals across all business verticals and sizes. They are cost-effective; help improves work productivity; facilitate flexibility of work; and present an established corporate image on business documents.
10 Benefits Of Virtual Office
Here are 10 major benefits of virtual offices in Chennai.
1. Acquire A Prime Address
You can have a prestigious business address without having to pay for a physical space. This will considerably shore up your brand image and boost your business value while simultaneously helping build trust with prospective clients.
Based on the agreement terms, your partners and clients will also find it convenient to meet at the virtual office from wherever they are, without having to step out of their premises.
2. Build A Professional Image
An office premise in a prime area will elevate the status of your business and help build a professional image. You can tag your physical office address and office contact numbers to the virtual office address thereby cultivating the company’s image as a credible, legitimate, and trustworthy company.
As the business profile grows, the business reputation too will increase, stay positive, and send across the right message to prospective clients.
3. Reduce Rental Costs
When compared to a physical space which can be expensive in prime locations, a virtual office offers a cost-effective solution. You can avoid paying the excess rental cost and at the same time reduce running costs like maintenance, utilities, and other costs that come with a physical office.
With less money spent on rental and running costs, you can use the money elsewhere where it’s badly needed. This will greatly support your business expansion and boost your business fortunes as well.
4. Incur Cost Savings
With virtual offices, cost savings can be had in many ways. You get to enjoy the benefit of a reputable office location at a reasonable cost.
You can also save considerably on infrastructure, equipment, maintenance, administration, and technology costs. All of these costs will be equally shared between each client using the virtual office space. When you weigh in the amount of time spent working from the location, the savings will be even more considerable. The cost savings thus made will eventually facilitate an improved profit margin.
5. Leverage Ample Opportunities
There will be ample scope for expansion with virtual offices. You can move into larger and also more expensive office premises, without in any way being constrained by lack of space or money.
With a low-cost alternative for expansion, you can even have an office premise in a prime location that otherwise will be beyond your budget limit.
6. Enjoy Greater Flexibility
Virtual offices are flexible. You will not be tied down to long-term lease agreements or be constrained by any limits to expansion or downsizing of office premises
You can expand or downsize your office premises as and when you like. All that you need to do is to pay for a virtual office package as and when you want to, without in any way getting affected by risks.
7. Entail Fewer Overheads
Running a physical office entails lots of costs. You need to pay for office resources like furniture, etc; maintenance, fittings, and so on. As a result, the overheads will increase thereby putting an additional burden on your budget.
Having a virtual office will help reduce your overheads. First and foremost, it will eliminate the need for physical office space and infrastructure. This will help remove one of the biggest overhead expenses – rent. With reduced rent, you can also reduce the cost of office furniture and equipment items, office supplies, etc.
8. Gain Access To More Talent
By providing a low-cost way to expand into a new location, the virtual office also offers the opportunity to access and hire quality local talent. Expansion needs to be complemented by a competent talent to manage and run the new location office premise.
With a virtual office, your business will be able to find, hire, and interview local talents wherever they are without having to shell out money to rent an alternative interview space. Once recruited and if they wish to, new employees will also get a defined place to work from in the form of a physical office.
9. Leverage Business Support
A virtual office offers quality business support. For instance, a concierge team to deal with administrative tasks, handle post and mail, answer telephone calls, etc.
With someone to take care of these tasks, employees will be able to focus better on their work, raise their level of productivity, and keep the business operations running smoothly.
10. Reduce Commute Time
Chennai is a big city and most parts of the city are congested during the busy part of the day. This results in traffic jams and other bottlenecks, leading to longer and more stressful commute times.
Renting a virtual office will allow your company to considerably reduce commute time. At the same time, employees and partners will be able to enjoy the flexibility of work from anywhere. This will help cut down transportation costs; reduce traffic congestion and carbon footprint.
The energy thus saved can be used to improve work productivity, and deliver better and quicker work output.
There are no long-term commitments and no huge outlay of costs that come with lengthy lease agreements. Instead, virtual offices can be booked on a monthly or an ad-hoc basis, which will help reduce financial risks.
Hiring a virtual office space is a cost-effective and convenient option.
Cowrkz, a leading virtual office space provider in Chennai offers desirable business addresses in different parts of the city. They are well-positioned to help businesses and individuals on a tight budget, to set up an office space, anywhere across Chennai.