25 June, 2022
Virtual Office to Rent: Why It's a Good Option For Start-Ups and Beyond
Here at Hoxton Mix, we support London’s growing startup culture with our virtual office services. 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, which means operating with the lowest overheads possible.
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 start-up venture a chance to get their projects off the ground. We also provide other virtual services such as virtual phones with a prime London number, mail forwarding, and virtual office receptionists.
As the industry undergoes a 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.
Virtual offices can be a great alternative to physical office space for businesses of all kinds and offer many benefits and advantages you may not know about.
Here’s everything you need to know about virtual office rental with Hoxton Mix.
Benefits of Renting a Virtual Office
Here is why more businesses are switching to alternative workplaces and are looking for a virtual office to rent.
If you are self-employed, planning to register as a sole trader, or simply don’t want to tie your company to one location, a virtual office is a top choice. It allows you to arrange a flexible workspace, saving you time and money.
You will be able to increase productivity by cutting out the daily commute, setting your own work schedule, and avoiding the stress of a noisy office environment. Choose a virtual office to let all work processes continue seamlessly, wherever you are in the world.
Wider Talent Pool
With a remote office, you have no limits in finding the best talent. You don’t have to worry about them living nearby—employ people who are the best fit for your company, even if they live across many time zones.
Virtual office space for rent makes expansion easy. There will be no need to have a full business relocation or renovation because there will be space to accommodate your team, no matter how big or small.
Advanced Credibility to the Business
Finally, office space for rent in a prestigious location makes your business more presentable. And it also protects the privacy of your home.
How Offices to Rent Can Benefit Start-Ups
Start-ups should consider renting a cheap virtual office space because of the meaningful reduction in the operating cost. You don’t need to heavily invest in a physical office if there is no actual need for it. This frees up more of your operating capital to spend elsewhere, for example, on employee perks and rewards.
Another reason to choose a virtual office for rent is unrestricted scalability. Your start-up may only employ a few people. And as you grow and your team expands, you won’t have to worry about growing overheads—our suites will always stay affordable.
For more useful resources, check out our article on how to register a company in the UK and other blog posts.
The Cost of Virtual Office Rental in London
Many business owners now choose to rent a virtual office instead of physical office space 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, the rent price for offices in London is the highest anywhere in Europe. This means that startups operating here are faced with high outgoings each month. In the second quarter of 2019, the West End had an average rent 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.
How the Payments Work
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 by landlord contracts, and when markets are volatile or 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 a business is slowing down or you need to move your address to a new location, you can make the transfer without any complicated paperwork.
Other Reasons why Businesses Choose Virtual Offices
1. Location Flexibility
One of the best things about using a virtual office space is that it allows you and your employees to work from anywhere.
With a traditional business office, workers have to take time to commute every day and can typically only do their work in one centralised location. On the other hand, you and your team can work from anywhere with a virtual office. That could be from home, the coffee shop, or anywhere else you feel like working on any given day.
This kind of flexibility can be incredibly helpful for your employees' productivity and well-being.
2. Better Productivity
Since virtual office space can allow you and your employees to work from home or just about anywhere else, it can also do a great job of increasing the productivity and efficiency of your business.
Believe it or not, remote workers tend to be more productive. Part of this is likely because they're less stressed than typical workers and can maintain a better work-life balance. Cutting out a morning commute and being around their families more can positively affect their well-being.
3. Wider Talent Pool
Using a virtual business office will also open up your options for finding talent. You'll no longer be restricted to hiring people who are able to come work in your physical office location but will be able to hire anybody in the country or world.
This means you'll have a better chance of getting amazing people to work for you who can do the job right, even if they happen not to live nearby. Having access to a wider talent pool can be a great help for creating a business that is powerful, productive, and on the cutting edge of your industry.
4. Expansion Options
When using a virtual office, it will always be easy to scale and expand your business as needed. All you'll have to do is hire a new employee and won't have to worry about ensuring you have the physical space to accommodate them. This can greatly simplify things when your business needs to undergo significant changes.
When using a physical location, it can be costly to expand, and it may require a complete business relocation or renovation to do so. When using a virtual office, you can expand whenever and however much you want without worrying about the cost or hassle of physical office space.
5. Advanced Credibility to the Business
If you want to run a virtual business and hire only remote workers, it's possible to do it without renting a virtual office space. However, it's hard to beat the convenience, credibility, and respect you get by having a physical address that you can use for your business.
While you may consider using your home address for your virtual business, it's usually not a good idea.
Virtual office space can provide what you need to give your business more credibility. It will also protect you legally and will give you more privacy. As a result, you'll have better relationships with anyone you do business with, including partners, customers, clients, and everyone else.
Virtual Office Rent or Hotdesking?
Another option open to freelancers and entrepreneurs is hotdesking, which allows people to hire a desk for the day, usually in a co-working space. At Hoxton Mix, we offer shared and private office spaces for those who require a place to work.
Memberships for hotdesking cost more than a virtual office. But if you can’t work from home, this can be the best option. Virtual offices are much more cost-effective for those who can work with a home setup (or remotely elsewhere). And there’s always the option to hotdesk when you feel like being in a busy office environment.
Rent a Virtual Office with Hoxton Mix
There are all kinds of business models out there these days. If you're up for the task, you have the freedom to work from anywhere and create a thriving virtual business. Make sure you consider the benefits above if finding a virtual office to rent is the right choice for you.
Based on 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 provide services such as mail forwarding, prime London 020 telephone numbers and a virtual assistant to handle all 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 a same-day setup, too, so you can register with Companies House and start trading as soon as possible.
Where can I rent a virtual office in London?
Our virtual office for hire is available in central London. Search for our offices to rent in West End to learn more.
How much does it cost to rent a virtual office?
You can rent startup offices in London for as little as £15 a month.
Which is better, virtual office rental or hotdesking?
Virtual office rental services will be more cost-effective if you can work effectively through your home setup. A hot desk will be a good option if you prefer a typical office environment.
Is a virtual office rental a good idea for a startup?
Startups can save a lot of money if they rent virtual offices. Moreover, they can get a prime London address that will instantly improve their credibility in the eyes of customers and partners.
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