Is a Virtual Office Worth It? 14 Benefits of a Virtual Office
A virtual office helps transform your company into a digitally based organization. That sounds interesting, but you might be wondering if this is just a fad that will fade away or if it is worth having a virtual office.
We know it is worth it for most companies to make the switch and have a virtual office. Find out why a virtual office is worth it with these 14 benefits a virtual office provides.
1. Improves How Your Business is Perceived
A business’s location says a lot about them. A business running out of the garage in the suburbs will be seen as juvenile, lacking experience, and unstable. However, a business with a professional address in the heart of the industry surrounded by industry giants is more respected.
A virtual office allows you to put your business right in the heart of any city or any industry. This improves how your business is perceived and how customers and investors consider your brand.
2. Save Money: No Lease, No Office, No Tech
When you choose to go with a virtual office and make the switch for your company to go 100% virtual, you will save money. You won’t have to worry about paying an expensive lease, wasting money on office equipment like chairs, desks, and copy machines, or investing in personal technology for each employee. The switch to virtual work helps you improve your bottom line and improves your business’s potential cash flow.
3. No Commute
Working virtually means that the longest commute you have to make is from your bed to your desk. You no longer have to worry about rush hour stop-and-go traffic or wondering if you have enough gas to make it home after a long day of work. With no commute, you get to work faster, have less stress, and save a lot of money by not having to pay to get to work.
4. Improved Talent Pool
New York City is the most saturated work market in the United States and has 9.6 million people in the labor force. If you live anywhere else, that number quickly drops. As the size drops, it becomes more difficult for a company to find the educated, qualified, and experienced workers they are looking for. Moving your company to a virtual office fixes that problem because instead of being limited by local talent, you can suddenly hire national and even international talent.
5. No Long-Term Commitments
On average, an office lease requires a contract of a minimum of three to five years. Signing a contract for that long can seriously impact a business and can even play a restrictive role in expanding, even if they have amazing success.
There is no need to sign a restrictive long-term contract with a virtual office. Davinci measures contracts in months, not years. We make it easy for you to get a contract for a period you’re comfortable with, so you’re not wasting your time and money on a long-term lease.
6. Improved Productivity
Leasing and managing an office space takes an extreme amount of time, which can severely impact your productivity. A virtual office significantly reduces that management time and lets you and your employees work on providing a product or service.
7. Greener Solution
Traditional offices require employees to commute, and they also need to be supplied with items like paper, pens, and more. And then there is the added cost of heating and cooling the office. Virtual offices are simply better for the environment.
Working in a virtual office forces your company to move all of its processes and communications to digital solutions, which each help reduce your carbon footprint.
8. Work from Anywhere
Working virtually is so much more than just working from home. A virtual office gives you and your employees the freedom to work from anywhere in the world with an internet connection.
Virtual offices allow you to become a digital nomad. These are the people who continually travel around the world, living like a nomad but working remotely from wherever they are. They can be working everywhere from Chiang Mai, Thailand, to Berlin, Germany, all while working for the same company.
9. Keep Your Information Private
There is no need for your employees, clients, customers, and investors to know your private address and personal information. Too many entrepreneurs and business owners who choose to work from their homes use their home addresses for their contact information. While this may seem easier at the start, it creates a dangerous breach of your private information. And, your private life can quickly be infiltrated by your work life.
When you’re at home, you want to be with your friends or family without being worried about work-life interrupting it. A virtual office acts as a barrier between those two worlds.
10. Improved Scalability
Every company wants to grow and make more profits. The unfortunate truth is that many companies make choices that limit how much they can grow. Office space and physical resources are just some ways a company is limited. It doesn’t matter how much a company might need a new hire to help the team. If there’s no place for them to work comfortably, they can’t join the team.
Virtual offices fix this problem because space is no longer a limiting factor. You’re able to hire employees when you need to and grow as fast as you need. If you have a great quarter and need to hire a dozen more employees to accommodate growth, instead of worrying about where they’re going to sit to do their work, you know that they’ll be able to work virtually.
11. Improved Employee Satisfaction: Working From Home
Recent surveys show most employees prefer to work from home. Working from home makes employees feel less micromanaged and more productive than working in an office. Additionally, employees who work virtually have found that they can be more productive as they aren’t interrupted as much.
Some employees prefer to work virtually and are happier and perform their job better when given that opportunity.
12. Reduced Legal Liability
When setting up a company, a business needs to differentiate between private and professional property. The biggest reason for this is to reduce the legal relationship between private and organizational wealth.
Suppose you do not take the time to separate yourself from your business on paper regarding your business’s taxes and personal liability. In that case, it’s almost impossible to find the separation. If your business experiences any financial problems, you don’t want those financial issues to affect your personal holdings and wealth.
By choosing to go with a virtual office, you’re able to make a clear distinction between your personal wealth and holdings compared to the wealth and holdings of your business. This makes it easier to file taxes accurately, simplifies bookkeeping, and helps protect you from being personally exposed to damages if something ever happens to your business.
13. Compliance with HOA and City Regulations
Some Home Owners Associations (HOA) and even some cities make it illegal for residents to run a business from their homes. A virtual office address can help you remain compliant with HOA and city regulations.
Even though you are doing all your work from home, a virtual office address provides you with an external location for running your compliant business. In that aspect, you are choosing to work remotely, which is not illegal or against regulations.
14. Flexible Work Schedule
Virtual offices never close, making virtual office hours available around the clock. Employees can work when it best fits their schedule, rather than being limited to a strict 9:00 to 5:00 work schedule.
It can be difficult to work with unlimited work flexibility because you don’t know when employees or managers may be online and working, so it’s becoming a best practice to establish agreed-upon work hours for each employee. This way, there is at least a small layer of accountability and management to ensure that employees are working when they say they would. Some companies with more flexibility control that by establishing a few hours each day that are considered digital office hours. During these times, it’s expected that all employees are online and available for communication.
With thousands of locations around the globe, Davinci virtual offices can put your company anywhere from Wall Street to Shibuya. Davinci virtual offices can cost as little as $50 a month, and once you have registered the address, you can use it on all legal and business documents. Find your virtual office location today.