Virtual Office Spaces are going to be the Part of the Future Entrepreneurial Lifestyle

Kushal is a qualified Chartered Accountant and holds a Masters in Commerce degree from Mumbai University. He is also an active member of the Student's Committee of WIRC (Western India Regional Chapter) of ICAI

Technology and other advancements have dramatically transformed the entrepreneurship landscape. With more and more people gaining access to faster yet affordable internet connections, it has opened up a world of otherwise impossible opportunities.

Moreover, the pandemic is being seen as a major disruptor of all sectors, from industry to personal lives. Not even in their distant nightmares, business leaders would have thought of work from home being a new normal.

When it comes to choosing an office space, established corporations, start-ups and freelancers have many options available. Unlike a decade ago, people are now increasingly appreciating the presence of new types of office spaces like co-working spaces and virtual workspaces.

Absorption, interpretation, learning, and application – a virtual working space holds aspects that are hard to not consider if you are focused to persist. An IWG study (2018) on flexible working attitudes revealed that around 58 percent of office goers in India work remotely at least once in a week. Moreover, 95 per cent of the respondents agreed that flexible working helps their business grow by enabling employees to be more productive.

As business owners and entrepreneurs increasingly prefer co-working spaces, they are moving away from completely work-from-home or open-plan office set-ups

Virtual Office Spaces: The New Reality?

As business owners and entrepreneurs increasingly prefer co-working spaces, they are moving away from completely work-from-home or open-plan office set-ups. What is foreseen are companies working remotely from anywhere in the world while being able to interact either in full virtual reality or via augmented reality.

Virtual co-working spaces offer an environment where a person can live and work in a virtual room, and keep in touch with other co-working members through an online portal that facilitates end-to-end communication, what is present in co-working spaces that exist today.

With a virtual office, a person can setup their business presence at an up-scale location, consider business expansion without jeopardizing their wallet and showcase a well-established corporate image on their business documents. Additionally, one can get a professional business address at a prime location, without paying for the price of actual office space.

As the price is visibly low and the tech becomes more transparent and convenient, the demand for virtual workplaces will explode, due to the following trends.

Open Plan Offices Not Always Favourable

Corporate leaders and HR managers are now realising how open plan offices is a myth to some extent and virtual offices can also deliver almost similar benefits in addition to saving the cost if your nature of business and scale of operation support the same. In many cases, open plan offices are also associated with productivity loss. Virtual offices or VR/AR offices can increase collaboration and cost a company, well, basically nothing.

Increasing Demand for Rare Skill Sets
Even in large corporate hubs, it is often difficult to find knowledge workers with a specific skill set, and even if you find them, you have to pay them high compensation. However, a virtual office facilitates you to recruit anyone from anywhere in the world, therefore, increasing the pool of qualified candidates and decreasing the cost to the company.

Increased Awareness About Hygiene and Safety
Office spaces are always doubted for being unhygienic and leading to the spread of diseases. Now, with the fear of coronavirus which spreads in uncontrollable manner, concern regarding hygienic and safe office premises is rising. Companies will prefer virtual spaces more than ever as they pose no threat.

Entrepreneurship is Rising
For start-ups and small scale companies who usually operate from home as an office in a prime location is unaffordable and not feasible, virtual workspaces are a blessing in disguise. Everyone knows that a home address creates an amateur impression which is increasingly driving many start-ups and entrepreneurs towards pulling the benefits of virtual offices.

Virtual offices help entrepreneurs bridge the gap between their desire for an office and the ability to make a long-term commitment. Moreover, they get a professional business address and trained staff that collect their mail and packages and even answer calls for them.

Summing It All Up
Companies are moving quickly to work-from-home or a combination of work-from-home and a regular office. So far, the concept of co-working has proved to be rewarding owing to accessibility and cheaper availability of required services. Whether you are a start-up, an entrepreneur, a large corporation, or a freelancer, virtual office is an optimal solution for a professional image.