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According to the definition of “Virtual Offices” by the Third Generation of Telework, the Virtual Office (Messenger and Gschwind, 2016) refers to the situation of working within and beyond the workplace, fixed work timings by using Information and Communication Technology (ICT) tools.
A Virtual Office recreates actual working conditions, using technology, to create networking between workers present at various physical locations. A virtual office can connect employees sitting at any place in the world right now, regardless of their country or mode of connecting to the internet.
It offers cloud, voicemail, email, and videoconferencing services, with a virtual business address, or a virtual receptionist instead of the call-answering feature. The term “virtual office” was first used by Timothy Ferris in his book, “The Four-Hour Work Week” (2007).
The number of virtual workplaces worldwide in 2006 was only 30,000, but by 2016, there were more than 1 million virtual offices, present internationally.
This exponential growth of virtual office spaces has been mainly due to the continuous improvements in technology (making remote work simpler), a rising number of freelancers and sole proprietorship as well as a fall in the number of full-time workers (or increase in part-time work) owing to the growth of the part-time job market.
There are 3 main kinds of virtual offices, starting with, offices that give you a business address for your office (which is best for you if you want a physical address without actually using an office). Secondly, virtual offices allow you access to a physical workspace, consisting of desks or a coworking space.
Thirdly, there are the kinds of virtual offices, providing you both with a virtual office address, and a physical office to work in. Virtual offices can also be categorized according to their usage, such as virtual offices for local, and international businesses, mail reception virtual offices, and virtual offices with skilled experts (offering the assistance of accountants, lawyers, administrators, etc.)
The value of a prestigious business address and office phone is realized by using a virtual office location. By saving on overhead costs of maintaining and using a physical office, your business still reaps the benefits of being in an area related to your target market, including presenting a respectable, important, and settled image.
A virtual office also permits your workers to telecommute, creating an opportunity for you to hire, the best candidate, for a position (regardless of where they are located) besides the usual advantages of remote work such as greater flexibility, reduced traveling time, and higher productivity levels.
By choosing a virtual office, you cut down on the financial risk associated with expanding your business, to a new region and even take your workplace to a different country, without incurring any travel expenses. As you are already benefiting from saving on the costs of leasing a traditional office space, office furniture expenses, internet charges, and other management services, this is only an extra cost that you don’t have to bear.