There is a huge stigma when considering virtual offices in comparison to the traditional offices. Most people seem to think it impossible to have a successful business by having an online office space. But guess what? It is way far from the actual truth. In reality some business are way better off with having an online office.
How old is your business?
How old your business is can either eliminate or retain the need to have a traditional office space. If you are a newly set up business then it is best if you opt for an online office which will not only allow you to have absolutely no premises costs but also test how well your product or service is actually doing in the market. You can even employ a few employees to help you out from remote locations, thus reducing physical costs of recruiting employees. It will also enable you to employ some of the best professionals on a part time basis.
How much physical contact is necessary?
The type of your business will easily answer this question. If your company needs much physical interaction with your clients then its best you go for a traditional office space. However, if it’s vice versa then opt for a virtual office space, which would be more appropriate.
If your products or services don’t have to be worked on a set time table, then an online space would best match you. In Singapore virtual office spaces are becoming very popular, mainly because of the flexibility it offers. One can work from anywhere at any time. You can have the relaxed setting you expect, consume any food or drink, as and when you like. And most importantly spend time with family while actually working and getting paid!
However, if your products require you to work on a specific time and schedule then its best you opt for a traditional office space.
Future forecasts and costs
If you are a small business not having the urgent need to locate your business then go for an online office which would save up much of your overhead costs. If you’re planning on locating in future but can now manage with an online office then too don’t get an office space rented out. That way you could save up for future premises renting purposes.
All in all if you are a small business its best you opt for an online office than a traditional one. The overhead costs that may be incurred may be too much to be covered if your business is well established. So consider and reconsider all factors before locating on a physical office space!