How to Start a Virtual Office Space Renting Business

Virtual office space renting is one of the most trending businesses in the leasing and renting industry. A virtual office is a business location that only exists on the web. With this specialty, any business can be operated from any location by using technology and the internet.

A virtual office provides significant financial savings to entrepreneurs compared to traditional space renting. Generally, virtual office space renting service providers provide other value-added services like receiving couriers, answering phone calls, and also professional email handling.

Virtual office space renting business normally attracts two types of clients. These are startup companies and companies looking for expansion with a shoestring budget. This concept is very effective for those corporates as it allows them to operate with low-cost investments.

Simply, the virtual office is an affordable and brilliant option for even the smallest organizations to operate a business like a major corporation.

Benefits of Virtual Office Space

The virtual office space serves numerous solutions to entrepreneurs. Some of the key advantages and benefits are:

• The company gets a dedicated local telephone number.
• The Client gets a dedicated live receptionist to answer the calls.
• The company gets a corporate mailing address.
• Entrepreneurs can save money on technology
• No wastage of time traveling to the office.
• Less overhead cost compared to bricks & mortar location.
• Meeting room on demand.

Virtual Office Space Renting Business Plan

The business is hugely management intensive. It requires a lot of planning to get success. The major emphasis should be on the right advertising and marketing.

Identify your target demographic. Try to identify their specific needs. Accordingly, scale up your products. Determine the location you will cater to. You must have multiple numbers of locations to provide your customers with a wide choice.

Do some market research about the competitors of the same business. Plan according to to compete with them. You must come up with upgraded equipment and facility. Calculate your startup budget and an expected ROI.

Services & Solutions

In starting this business, you must determine what services and solutions you will offer to your clients. Here, we have listed some basic services and solutions.

• A prestigious address in prime locations in the city
• A local business telephone number.
• Dedicated receptionist to answer the calls of your client.
• Access to the on-demand meeting room and conference room
• Mail and courier facility
• Access to some basic facilities on-demand basis. Such as copying, printing, faxing, lamination, etc.
• The facility of video conferencing and online meetings
• On-demand sharing of office space hourly or daily basis

It is recommended, to design your services according to the market demand. These are some basic services you need to provide. You can also go for customization. Some of the advanced solutions are making cold calls, social media management, customer feedback, SMS marketing, appointment confirmation, etc. Design package tariff carefully.

Promote Your Virtual Office Space Renting Business

Online promotion and advertising are more effective than offline. You must have your own website. People search for virtual office space renting service providers online.

Offer an online payment system for instant purchases. Social media promotion plays an important role in the promotion of this business. Register with online business directories. Google Adword campaign is very effective as a sales promotion activity. You can also run Facebook ads. A

Furthermore, add your business to Google my Business. Attend trade shows. These are great places to promote your virtual office space renting business.