Virtual Business Vs Premises: Pros & Cons 100%
With companies such as Basecamp and Zapier proving that virtual businesses can be just as successful and reputable as office-based companies, it’s difficult not to consider the pros and cons of each option. As a business owner or a young entrepreneur – or maybe someone who is still in the process of launching their first company – it can be difficult to choose one working environment over another. When you embrace the potential of an office, you can create a workplace that communicates your vision and personality to your team. An officeless existence requires different communication strategies to establish the necessary feeling of belonging.
While there is no right or wrong answer, it’s essential to understand that not all companies or business structures can perform with equal results in both environments. In fact, you can’t ignore how your internal culture and overall productivity will be affected by any choice. Here’s a short breakdown of the kind of teams and business owners who work best in each constellation.
Working in a real office engages your team
For local businesses and companies that operate in a face-to-face environment with clients and partners, a physical address with an office enables you to physically bring your team together. In fact, you can quickly develop team-building strategies that can be applied in the workplace, such as implementing a buddy system for new hires. Additionally, you need to create an engaging and dynamic atmosphere which, depending on your work structure, can be part of your team-building approach. Indeed, activity-based workstations can keep your employees open to new projects and encourage them to collaborate. However, offices tend to require regular maintenance and decor renovation to remain relevant and create a positive ambience. For instance, it’s best not to keep your furniture longer than necessary – in fact, you should keep a Magenta self storage solution to make sure you can regularly change your decor elements. You can store the items you don’t need anymore until you sell them. As a rule of the thumb, running an office is expensive, but it’s a practical solution for every company with a client-facing protocol.
My virtual office offers international talent access
In comparison, you don’t need to worry about cleaning and decor when you run a virtual office. The lack of premises can save you a lot of money when it comes to maintenance management. However, you need to make sure that your IT systems always deploy the latest and safest technology. Without a physical address, your office is digital, and you need to look after it. A common mistake of digital businesses is to assume that everything that is online is accessible – as a result, their business plan lacks research and strategy, which causes 90% of virtual businesses to fail within 120 days. You need a clear strategic line of action to survive! It would be harmful to assume that an inexpensive setup is synonymous with rapid success. However, virtual businesses are in an excellent position to attract international talent looking for flexible working options. All-in-one, virtual companies are best suited to startups, small companies and service, and IT providers.
The bottom line is that, as a business owner, you need to be aware of the advantages and risks of each setup. Be careful to ensure that your business structure matches your office situation. Physical premises need their team to feel part of the company; virtual offices value flexible collaboration.