Regardless of your new company’s industry or niche, administrative tasks are a necessity. After all, you can’t maintain a client base without administrative work. Entrepreneurs often debate whether a traditional or virtual office is the best choice to maintain these essential functions. Here, you can learn more about their similarities and differences so you can make the best decision for your new business.
The Benefits and Downfalls of the Traditional Office
A traditional office requires a physical location that you either lease or purchase. It comes with its own unique set of pros and cons for entrepreneurs.
- Having a traditional office affords you the opportunity to put your business’s location on your website, business cards, and even within your signature in email correspondence. This may help to build trust in some industries.
- If your industry or niche requires that you meet with clients or employees often, a traditional office provides a professional space to do just that.
- Often, it’s hard to find a good location. It’s much like buying a house; location is important. If your office is out of the way for many people, or even located in a bad neighborhood, it may do more harm than good.
- Rent is going up everywhere, and that applies to commercial space as well. A suitable space in a good location will mean incurring a high cost to have a physical location for your business.
- Chances are good that you’ll need in-office support, like a secretary and cleaning staff. These come with additional costs – and will mean footing the entire bill for staff or freelance services.
What You Should Know about a Virtual Office/Co-Working Space
A virtual office allows you to enjoy all the perks associated with an organized office, but without the costs and stress that can accompany it.
- A virtual office is far more cost efficient. You won’t have to rent or lease property, which is a huge savings. What’s more, since there’s shared accommodations (or no physical location at all), you won’t need to take on the sole responsibility of hiring someone to greet your customers or even clean your office at the end of the business day.
- You can appear more reputable to clients and prospects.
- If something happens to your email inbox, you won’t have to hire IT support to fix it. You will have back-end support for just those types of situations.
- Basically, all of the pros of a traditional office Minus THE MASSIVE CAPITAL COST!
- A virtual office doesn’t come with a physical location, but in many cases, you can “borrow” meeting rooms if you need to meet with clients or gather your employees.
- Shared accommodations could mean a fit isn’t what you initially expected and may make for a transition period
If you’re still wondering whether you should lease an office building or choose a virtual office provider, it’s important to weigh the pros and cons. For many entrepreneurs, the virtual office/co-working space is the best solution. It costs less, and it gives you more time to focus on what’s important – the success and growth of your business.