Building a successful business is no easy feat. Between managing cashflow, expanding your team, attracting new clients, and keeping up with the market, finding a workspace that suits your needs and budget can be a tricky task. It’s no wonder almost 50% of Australian businesses fail within four years of operation.
What if we told you there was an easy (virtual) solution? The rise of virtual offices has now made it possible for businesses to access all the benefits of having a physical office without having to show up, and at a fraction of the cost.
Whether you’re well versed in the world of virtual office solutions, wondering whether a virtual office is right for your business, or have no idea what a virtual office is, this guide is here to tell you everything you need to know about setting up and using a virtual office to help your business succeed.
This guide will cover:
- What a virtual office is
- What the benefits of a virtual office are
- How to set up a virtual office
- How much a virtual office costs
- The types of businesses a virtual office is best suited for
So, What is a Virtual Office?
A virtual office offers businesses a physical address, mail handling and forwarding, and other administrative services without requiring them to physically use the space. Essentially, it’s a way for you to reap all the benefits of an office space without having to pay for all the costs.
Virtual offices are particularly popular among startups, small businesses, and entrepreneurs. These businesses tend to have need for building a brand, accessing a physical address, and administrative support, but aren’t always best placed to foot the bill of a physical office space. In saying this though, a virtual office membership has the potential to benefit all sorts of businesses.
How to Set Up a Membership
Setting up a virtual office is an easy task. The process usually involves picking your provider and a preferred location, choosing which services you’d like, and then simply paying a monthly membership fee.
Here’s a step-by-step of the usual process:
Step 1: Choose Your Location
After you’ve decided on your virtual office provider, the first step is to choose a location they offer as your business address.
It’s important to choose a location that makes sense for your business, whether it’s for the convenience of your customers or to build a presence in a particular market. Some virtual office providers, including Hub, let you choose multiple addresses if you want to enter new markets across locations.
Step 2: Select Your Services
Once you’ve chosen your location, it’s time to select the services you want. Most virtual office providers offer a number of optional services, like mail handling, phone answering, and access to meeting rooms and offices at a discounted rate. If you don’t want to choose these services upfront, you can usually add them at any point after signing up.
Step 3: Sign Up and Pay
Most virtual office providers let you sign up online or over the phone, and payments are typically made monthly.
What are the Benefits of a Virtual Office?
One of the most significant benefits of a virtual office is the money you save. With a virtual office, you don’t need to pay for any of the physical aspects of an office space. Being a workspace provider, our virtual office members also get the unique advantage of discounted access to our spaces and meeting rooms as they need.
These cost savings leave you with more cashflow to put into other parts of your business – things like marketing, hiring, product development, and more.
An Elevated Brand
Virtual Office addresses are usually in locations that are recognised and sought after.
As an example, Hub virtual office locations include the ‘Paris End’ of Collins Street in Melbourne, right above Wynyard Station in Sydney, and in the highly-coveted Civic Quarter Business Centre in Canberra. This helps with elevating your brand and creating a professional image, especially if you’ve only just started your business.
It also gives potential clients the impression that you have a physical presence in an area close to them or that they’re familiar with, which helps build your credibility.
Better Search Engine Optimisation (SEO) Results
High-performing SEO is one of the key components of growing a business. Adding a highly recognisable address to your website, Google business account, digital marketing, and more results in better local SEO for your business, meaning more potential clients are making it to your website and (hopefully) converting to new leads.
As-you-Need Access to an Office and Amenities
Virtual office providers that also double as workspace providers, like us, sometimes offer the added benefit of giving you discounted access to things like meeting rooms, workshop spaces, offices, business lounges, and more on an as-needed basis. This means you’re not locked in to an office lease, and can get additional support and amenities as your business grows.
How Much Does a Virtual Office Usually Cost?
How much you pay for a virtual office membership varies depending on the location you want and any additional services you choose. To give you an idea, our virtual office memberships range from around $100 to $300 a month, depending on which services you add-on.
Is a Virtual Office Suitable for My Business?
There’s a common myth that virtual offices are only suitable for a small handful of businesses. In actual fact, virtual offices are used by businesses across a range of industries and sizes. A virtual office could be suitable if your business is:
- Growing, but not ready to commit to a physical office space yet
- Wanting to build a presence in a new local market
- Looking for additional admin support, but not wanting to hire new staff
Interesting in knowing more about our virtual office solutions at Hub? Contact our team today.