Hong Kong continues to be one of the most vibrant and inspiring countries to launch a business. It is filled with opportunities for ambitious entrepreneurs, but its popularity with tech startups and SMEs has created new challenges. For instance, it is also one of the most expensive places on the planet to rent an office.
It means that managing expenses is a tough job and, often, businesses have to borrow large sums to fund their growth plans. If you can then generate big profits, it’s not such a danger, but the reality is that markets are unpredictable. It can be a better option to look at shared workspaces, particularly if you are already operating out of a home office.
The benefits of virtual offices in Hong Kong are numerous. They allow home based businesses to stay lean and agile, while also providing access to world class resources. Keep reading to learn more about this service.
Let’s Banish the ‘Lock In’ Leases
Traditionally, commercial real estate has operated in a very rigid and inflexible manner. It is conventional for landlords to demand that tenants agree to ‘lock in’ terms. This means that, if they want to terminate a contract early, they have to pay a large penalty fee.
Some landlords don’t allow terminations at all, so businesses can end up trapped in spaces which have become unsuitable for them. Fortunately, virtual offices never demand this kind of agreement. Contracts are provided on a rolling basis and tenants can leave at any time.
Time for a Bit More Control
The conditions of use are similarly flexible because virtual providers are committed to helping their tenants build flawless office environments. They understand that ‘perfect’ is different for everybody; what might be valuable to one company isn’t automatically useful for another.
Consequently, if you work with a virtual provider, you’ll get the chance to tailor your resources, so that you only pay for the services you need. It is a great way to manage expenses, as you retain the right to add or eliminate fees at any time. You are always in control.
Room for a Remote Team
Virtual services lend themselves very well to the support and maintenance of remote teams. The term ‘remote’ covers a diverse range of operational structures, but if you have employees who spend time working offsite (in their own homes, for example), they are a handy resource.
So, for example, one way for home based companies to save money is to employ freelancers. They are responsible for their own schedules, but they still require high -quality communications tools and digital software. They can get this by ‘logging in’ to the virtual hub.
Setting Up in the Top Spot
With such high rent rates, even midrange offices can be a financial weight in Hong Kong. For most small businesses and entrepreneurs, then, high-end workspaces are rarely a viable prospect. That is unless they are utilised as remote resources, just like virtual facilities.
These offices and workspaces come with remarkably low rates, precisely because the structure is designed to be impermanent. Some tenants never personally visit the actual building, choosing to operate remotely, so they are charged significantly less.
Why Virtual Offices Are a Great Place to Start
Unsurprisingly, most businesses don’t see themselves utilising virtual workspaces for a long time. It is normal and expected that tenants are going to grow to need a bigger, possibly entirely private office at some point. This is why providers are not interested in locking them into leases.
Virtual offices are a superb starting point, whether you’re launching your first business or trying to expand an existing one. They are there for as long or as little as you need and you’re always guaranteed world class service.