So, you launched your business and it’s been doing well. So well, in fact, that you’re ready to grow and enter new markets. Though expanding into new markets is an effective way to grow a business, it’s a decision that requires a careful examination of your financial, human, and business resources in order to guarantee that you’re entering the right market and that your business will be able to handle increased demand.
One of the most common barriers of entering a new market, nationally or internationally, is cost. For the purpose of this post, we’ll be focusing on how you can lessen your business’ economic burden when entering an expensive new market. One often overlooked, yet highly effective solution to this challenge is hiring a virtual office; not only is it affordable, but it also provides a plethora of benefits that can help businesses in new markets take off.
Top Benefits of Hiring a Virtual Office when Expanding into New Markets
1. They’re Affordable
One of the greatest benefits of virtual offices is that they are affordable, making them an attractive solution for businesses that are ready to expand but might lack the necessary cash flow to lease an office, buy furniture, and equip the office with the necessary resources. Virtual office services avoid placing a big strain on your financial resources and they liberate a significant amount of cash that can be invested into other key areas of business expansion, like marketing and communication efforts and hiring local talent.
2. Renowned Business Address
Virtual offices are typically located in prestigious areas, like downtown or central business districts. Having a renowned business address can help with business credibility and professionalism, which can help foster a sense of trust and legitimacy with potential clients. Furthermore, having a well-known, local address listed on your website and social media profiles can help you with your marketing efforts, particularly with organic traffic as it can improve your ranking on local SEO searches.
3. Local Phone Number
You address plays a key role in local searches, but so does your phone number. If you have a local address listed but an international phone or a phone with the wrong area code, search algorithms will likely omit your from the search list or rank you in the lower positions. Having a local phone number also helps potential and existing clients be more comfortable with reaching out to you. If your number is from a different country or state, clients might instead opt to look for other companies that they could reach out to more easily and without having to incur extra costs.
Just like a local address, a local phone number can help you improve your local presence and create a sense of community with clients and customers.
4. VoIP Phone Number
Virtual offices also typically offer the service of VoIP phone systems. These are a great option for businesses interested in having a toll free number or businesses who want to customize and personalize incoming calls. Furthermore, if your business requires that you travel a lot, VoIP phone systems are great as they’re cheaper than roaming and since they are internet-based, as long as you have access to the internet you’ll have access to calls and messages.
Other benefits from VoIP systems include voice to text message, call forwarding, support conference and video conference calls, and work from a phone or computer.
5. Live Receptionist Services
Hiring a virtual office live receptionist service can go a long way in improving your customer service efforts. Live receptionists provide a comprehensive and personal service; they greet callers in a personalized manner with your business name and language, they scan calls, they can provide industry-specific support, and they can help clients fulfill orders or book an appointment.
Live receptionists are highly trained and they can help with business credibility, trustworthiness, and loyalty; they can help you establish a more robust; professional presence in a new market; and they can boost business leads and qualification.
6. Access to Meeting and Office Space
Virtual office services typically include access to meeting rooms and office space. This is a particularly attractive benefit for businesses entering a new market as it provides them with the right infrastructure to meet with clients, vendors, or partners.These spaces are equipped with cutting edge technology in order to support all business needs.
Access to meeting and office space is also beneficial if you are hiring local talent, as they can alternate between working from home or a cafe, and working from a professional office.
7. Mail Handling and Forwarding
Virtual offices provide businesses with a renowned address that they can use to send and receive mail. Furthermore, one of the greatest benefits offered by this service is that your business mail can be scanned so that you don’t have to deal with spam mail or announcements. Depending on your business needs, you can choose to pick up your mail or provide instructions so that it can be forwarded to an address of your choosing.
A note on digital mail: more and more virtual office providers are starting to offer digital mail services. These can come in handy when expanding into international markets, as you can decide what needs to be done with your mail from your phone, tablet, or computer. Your virtual office provider will send you a picture from the envelope or package and you can choose to have them (open, forward, shred, or hold).
If you are ready to expand your business into new markets but don’t want to place too much strain on your cash flow, consider hiring a virtual office. Virtual office services provide access to renowned business address, local phone numbers, meeting and office space, mail handling services, and live receptionist that can improve your customer experience.
A virtual office can help your small business break into expensive markets without breaking the bank and at the same time liberate cash flow to tackle other key issues of expansion.