Should Your Business Be Virtual or Physical?
In the 21st century, not all companies need physical office space. There are more people working from home more than ever. With a virtual office, your business office might just be your bedroom. Here are some ideas as to why you might opt for an online business.
Starting up a business is one of the most difficult obstacles entrepreneurs must overcome. One of the hardest aspects for startups is paying rent for company office space. Is it better to simply have a virtual business or virtual office?
Telecommuting and virtual office workplaces have a variety of benefits and can be easy to implement. The most obvious advantage is that the company doesn't have to pay expensive rents for a brick and mortar store or even an office, in some cases. Employees who work from home are more autonomous, and therefore happier, but are under less discipline and at greater risk for getting distracted. Many people also love the convenience of online shopping as it doesn't require them to go out of their way to the nearest store, search for the specific item they want, and check different locations for the lowest price. All of those things can be done within a matter of minutes on the internet.
Some companies such as bakeries and salons require a physical presence because their services must be done in-person. Brick and mortar stores also offer plenty of benefits to retailers. For starters, foot traffic can actually be a lot easier than establishing a presence on the vast world of the internet. Additionally, a study published in the World Property Journal
found that 61% of shoppers prefer to buy products in-store (as opposed to the 31% who prefer to shop online) and that 40% of shoppers spend more money than originally planned when visiting a physical store (as opposed to the 29% who spend more online).
Regardless of which choice a company makes, the decision should be built into the business plan so that investors know the reason behind it. Companies must have a clear financial projection and realistic view about costs.
How Can A Virtual Office Help You?
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