If your business in London is expanding, you may be considering an office space. This might be somewhere your team can work together on projects, as well as having a physical address that customers will trust.
But, one thing that a lot of businesses do not realise is that there are several options when it comes to office spaces. We are not just talking about whether to buy or rent. We are talking about the growth of virtual offices too. Let’s consider the differences between having a physical office or a virtual office in London.
A physical office in London
First of all, let’s consider a physical office and what advantages this is going to offer your business. Well, you will have somewhere for your team to work. You can collaborate in person on projects, which might be better for your business than working remotely. There are also some employees that prefer to have a separation when it comes to personal and work life. So, they enjoy coming into the office and heading home in the evening.
Having a physical office in London also means that customers are able to visit you. If you hold daily face-to-face meetings with clients, you need a space that is going to allow you to do this and appear professional. A physical office space means that you can decorate and create a space that is comfortable for your clients.
However, there is one huge consideration you have to make if you are considering going down the road of a psychical office. You need to think about whether you can afford this option. To buy business premises, you are going to need a lot of money behind you. In addition, renting a space in London is not going to be cheap either. We are talking about some of the highest rates in the country. Therefore, this about whether this is going to be the best move for your new business.P
A virtual office in London
Now, let’s consider a virtual office. The idea is that you have a business address but you do not actually work at this office. In particular, businesses love the fact that virtual office space is going to be considerably cheaper. You can enjoy all of the perks of having an office address in London but without the huge monthly bill. For instance, with W1 Virtual Office, you can boast a London address to your customers. This gives you the credibility and prestige you are looking for but without the prices associated with purchasing or renting in the capital city. So, if you are a small business or new to the industry, this can be an investment that is not going to cost a fortune.
If your business is moving to remote working, it may be best to have a virtual office instead. This allows your employees to work from home, which is a growing demand from many professionals. Over the last few years, the pandemic has made people realise that they are more productive at home and there is more of a work-life balance. So, you are going to be able to accommodate and keep your employees happy by making this a full-time opportunity for them. With a virtual office, some companies will have meeting rooms. So, when you do want to gather the team together, you are going to be able to do this.
What is the best option?
There are advantages and disadvantages to both physical and virtual offices in London. Ultimately, you have to decide what format how your business works best. If you require a lot of collaboration on projects in person and regularly meet with clients, you may prefer to rent or purchase a property in London. Alternatively, if you are able to operate remotely and employees want to work at home, a virtual office is going to suit your company.
Of course, one of the big factors to think about is your budget. London is a costly city and one of the most expensive in the United Kingdom. You are going to have to have a lot of money behind you to purchase a property, as well as rent business premises. You have to ask yourself whether this is the best move for your brand. Alternatively, if you want to be more cost-effective and keep your expenses down, a virtual office will work for you. This is a significantly more affordable way to have a London business address.