Business

Virtual Offices: The Right Way for Startups to Scale up Fast

Over the last decade, Singapore has grown to be a thriving commercial hub. Like many territories in this region, it is considered to be a gateway to the Asian market, and more foreign business owners arrive every year. It has led to the development of an industry which is particularly valuable for those looking to expand.

Virtual offices are fully equipped fully accessible corporate suites. They contain all of the tools and resources of a traditional office rental, but they are not private. Tenants pay to share the space and benefit from very low rates; much lower than can be secured with any other type of office solution. While it is a novel idea for many companies, most entrepreneurs tend to fall for its flexible charms rather quickly.

This guide to the key benefits of virtual offices is going to explain why these shared environments are the future for start-ups.

No Downtime or Missed Chances

When you’re just starting out, the aim is to make money fast, because launching a business costs lots of it. In fact, many companies begin life with big debts which need settling. It means that any downtime associated with laying roots and opening up shop represents a challenge.

Fortunately, virtual offices eliminate downtime and allow businesses to hit the ground running. Visit www.servcorp.com.sg/en/virtual-offices/ to check out some of the fully equipped, fully accessible workspaces on offer in Singapore. They are available on a ‘pay as you go’ basis, so you can signup and start operating from day one.

Flexible Leases and Negotiable Terms

Similarly, there is no need for a rigid contract either. Virtual offices are shared with other tenants, so you don’t rent out the space. You pay to use what it inside it. For smaller companies, such flexibility is invaluable, as it means that there are no restrictions on movement or growth. The level of agility remains high and market risks become traversable.

If you set up and find market momentum fast, you can upgrade to a package with more services in a matter of hours. Similarly, if things are harder than you expected and development is slow, you can scale your resources back and save cash. The virtual office is designed to fit your unique needs, so tweak the terms until you’re happy.

A Location at the Heart of It All

In addition to these benefits, virtual offices usually come with very appealing corporate addresses. The Marina Bay Financial Centre, in Singapore, for instance, is home to a virtual facility and it is a very highly regarded location. There are many established businesses in the area, which means that tenants can take advantage of certain associations.

Investors, customers, suppliers, and even employees all look to location when forming their opinions about a company. Therefore, having a prestigious address – even if it is not private – is a great way to attract opportunities. Try to pick a workspace which is fairly central and close to transport links. It will make it easier for employees and guests to attend boardroom meetings and conference chats when necessary.

How to Strike a Balance between Risk and Reward

Ultimately, setting up a new business anywhere in the world involves risk. It is a gamble, but entrepreneurs make it because they believe in their products and services. They know that if they get the basics right – and find a good home – they can weather turbulent economies and shifting market trends. While virtual offices are not the only option, they are a wonderful way to launch a business due to their inherent flexibility and transparent terms.

October 2018
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