Hong Kong has always been a locale that has attracted business from around the world. Even though the country has one of the most attractive economic climates, opening an office in the city can be extremely expensive for those not familiar with Hong Kong. Fortunately, for today’s entrepreneurs, renting space in a prestigious business centre does not have to bankrupt your business.
Money is no longer an issue because of the diverse office solutions that are available to today’s professionals, the virtual office being one of them. The virtual office allows businesses to rent space on a part-time basis while allowing them use of the facilities. Of the office solutions plans, the virtual office is probably the most cost-effective, making expanding into new markets less risky and more financially tangible. A Servcorp virtual office in Hong Kong, for example, has a reasonable plan that offers renters affordable rates.
Continue reading below to find out more about expanding into Hong Kong through a virtual office.
Logistics
As stated earlier, much of the reason the virtual office is one of the better plans has to do with the fact that the entrepreneur is leasing the use of the office and the amenities, in addition to being provided with a professional address and phone number.
The virtual office is appropriate for companies whose employees work remotely because its flexible lease options allow for a business’s mobility, meaning that you can pretty much work from any location. Whether you want to work globally or locally, these outfits are stripped of much of the unnecessary add-ons that make traditional leasing more expensive.
To take advantage of these plans, business owners and their staff work remotely (whether at home or other locations) and then use the office for meetings. In terms of planning to relocate, you could essentially run your business in another location while testing new markets in Hong Kong. Because your employees also work remotely, you check in with them through email or online chat, and when you return to the city, you can reserve a room to catch them up on your efforts, very simple.
Reduce Your Overhead
With conventional leasing, if you tried to relocate to a new city, you would pay a pretty penny to open an office, and this would be to test out a market. The virtual office lease, conversely, significantly reduces your overhead because you are paying to rent conference and meeting room space and other amenities associated with maintaining an office. The budget needed to relocate a business to another country would be small because your team works remotely and would only need travel to the office when necessary.
Talk To Your Partners And Employees
If deciding to expand to another city, keep your business partners and any employees aware of your plans while testing markets in other locations. When you do eventually move, find out how many of your employees would be willing to relocate to help with the expansion. Then, with the help of your partner, hire on a contract basis workers based on your business’s needs.
Review The Terms Of Your Lease
After you have expanded to a new location, go over your initial lease to modify it. If your expansion efforts have been successful, you might find that the virtual office is no longer appropriate for the office in Hong Kong and might need to switch to another office plan that allows you to rent more than the use of the office and meeting rooms, but adapts to your growing business. Conversely, if you find that the new market does not pan out for your business, you can simply pack up without the expense of most relocation efforts.
Expanding Into New Territory
The virtual office has made relocation efforts for many entrepreneurs less intimidating. Because of its fluidity, the virtual office is perfect for entrepreneurs in Hong Kong who want the flexibility of being mobile. More importantly, the virtual office makes many prime locations available to entrepreneurs on a tight budget.