2 January, 2020
When it comes to keeping business costs down, there are many things you can do in today’s digital world to cut back. Startups and budding entrepreneurs often have to adhere to very tight budgets, and this means operating with the lowest overheads possible.
Here at Hoxton Mix, we support London’s growing startup culture. More than 216,000 new businesses were registered in the capital last year, and Shoreditch is a thriving area for new companies. We offer virtual office rent, giving every startup venture a chance to get their projects off the ground. We also provide other virtual services such as virtual phone services with a prime London number, mail forwarding, and virtual office receptionists.
As industry undergoes huge digital transformation, working remotely is becoming more and more viable. And small business owners, self-employed contractors and freelancers no longer need to fork out for expensive ground rent and get tied into long landlord contracts to scale up and grow.
Here’s everything you need to know about virtual office rental with Hoxton Mix.
Many business owners now choose to rent a virtual office instead of physical office space as a way to cut back on costs. Compared to renting physical space, virtual offices are a much cheaper solution. Our services start from as little as 41p a day, and you’ll get a prime London address for your company registration and other legal matters as well as all your post and professional correspondence.
If we look at current figures (Statista.com), the price of rent for offices in London is the highest in the whole of Europe. This means that startups operating here are faced with high outgoings each month. In the second quarter of 2019, the West End had average rents per square foot of over £112. While the up-and-coming area of Shoreditch is more affordable than the West End, it’s by no means cheap to rent commercial space there.
On top of footing the bill for ground rent, you may also need to hire a specialist lawyer for complicated contracts, and there could be additional costs to bear in mind. Things like service charges for cleaning and maintenance or insurance will all add up. With a virtual office costing from £15.00 a month, businesses can make huge savings and help their projects gain traction with as little financial risk as possible.
As well as being much more affordable than commercial offices, virtual office rental also won’t come with a contract. Many businesses feel tied down to landlord contracts, and when markets are volatile, or when new ventures come with uncertainty, signing a lease can be a scary prospect.
With a virtual office, you’re free from leases and only pay for the service you use. Our office plans are paid on a monthly pay-as-you-go basis, with easy cancellation anytime you need. So if business is slowing down, or you need to move your address to a new location, you can make the transfer without any complicated paperwork.
Another option that is open to freelancers and entrepreneurs is hotdesking, a concept that allows people to hire a desk for the day, usually in a co-working space. At Hoxton Mix, we do offer shared office space or private office space for those who require a place to work.
Memberships for hotdesking cost more than a virtual office. But if it isn’t possible for you to work from home, this can be the best option for you. For those who can work with a home setup (or remotely elsewhere), virtual offices are much more cost-effective. And there’s always the option to hotdesk when you feel like being in a busy office environment.
Based in Old Street in the heart of Shoreditch, we can offer a desirable business address without high rent prices. In addition to our basic plans, we can also provide services such as mail forwarding, prime London 020 telephone numbers and a virtual assistant to handle all of your calls.
There’s also the option to hotdesk when you want or hire meeting rooms by the hour so you have a dedicated space to meet with clients. Our virtual office service gives you same-day setup too, so you can get registered with Companies House and start trading as soon as possible.