Startups tend to have different needs than more established businesses when it comes to office space. Whereas most established businesses need a traditional office space with designated desks, many startups prefer the flexibility of a virtual workplace. Does your startup need to invest in office space rental solutions or can it get by with a virtual setup for now? 191 Works discusses the advantages of each option below.
Benefits of Having a Physical Office Space
The most immediate benefit of an office space is that it provides a physical address. Having an office space allows you to project a professional image and gives you a space to hold meetings with employees, clients and prospective clients. Despite the ubiquity of video chats, face-to-face interactions are still the preferred mode of communication for many people and can be more effective when it comes to closing deals.
Having a physical office space can also help improve productivity. Since the entire team will be working in the same space during the same hours, it’s easier to schedule meetings and collaborate with coworkers.
Benefits of Working Remotely
That being said, there are certain advantages to having a remote office instead of seeking office space for rent. The most obvious benefit is not having to pay for office space, which frees up capital that can be allocated to other resources to grow your business. In addition, a remote workplace gives employees more flexibility, which can help you attract the top talent. Furthermore, by telecommuting, you eliminate wasted time commuting between home and the office, leading to more productive. Also, many remote workers claim to be more productive when they’re in a comfortable home environment, as opposed to an office location.
The good news is you can have the best of both worlds by investing in a virtual office solution. Virtual offices bridge the gap between leasing an office space and having an entirely remote workplace. With a virtual office, you can compile a multinational team, yet still take advantage of the features of a physical office, such as a mailing address, a local phone number and even a call answering service for a more professional presence. Conference rooms and day offices can be rented for a set number of hours per month, or you can choose to pay-as-you-go.