There’s a lot of big decisions to make when you’re planning an overseas expansion. One of the most important, of course, is where you’re going to end up. For many entrepreneurs, Asia is a dream destination. It offers a huge variety of cultures and communities. There are a number of rapidly growing economies here, and the people are hungry for new ideas.
In terms of market potential, a move to Asia is a major opportunity for businesses. You’ve just got to decide whether you want to experience an up and coming spot like the Philippines or a globally dominant economy like Hong Kong. The latter is a truly wonderful place to run a company, but costs are a constant challenge.
Hong Kong has some of the highest rent prices in the world, so entrepreneurs are turning to virtual solutions for affordable office space. This article explains why they’re such a valuable resource.
The Fight against Office Inflation
With leading virtual offices in Hong Kong, Servcorp understands the need for flexible office space. This region is looked at as one of the most prestigious for businesses, but it can be tough to find suitable leases. This is why virtual vendors offer access to a ‘cloud’ office.
They don’t rent out physical workspaces, but they handle company communications on behalf of tenants. Letters and calls are directed through the facility first. They become attached to a real life business address, even though a full-time office isn’t being leased.
Making the Best of It
So, there’s no actual office. Instead, entrepreneurs or small teams continue to work independently, from locations of their choosing (usually a home, hotel, coffee shop, etc.) All company communications are processed by the virtual facility and redirected to them.
It’s like having an office, without paying for it. There are all kinds of perks too. Many vendors in Hong Kong provide world-class software, IT support, and access to onsite conference rooms and coworking spaces. It’s easy to see why going virtual is a great idea for smaller businesses.
Getting a Fair Opportunity
There’s no other leasing arrangement that gives businesses on a budget the chance to compete with much bigger market rivals. With a regular three to five year contract, you’d need a lot of money to afford the premium addresses.
Virtual offices, on the other hand, provide the iconic location without the rental fees. Tenants can use the facility address for letters and calls, so it’s really no different to if they were full-time leasing on the same street. Grabbing a spot in Sheung Wan or Wan Chai is a huge opportunity.
Forging New Connections
Some virtual offices contain collaborative and shared space. This won’t be the case with all vendors, but it’s worth looking for one that offers conference rooms and hosting resources. That way, you can maintain your credibility by entertaining clients in a luxury environment.
If your virtual office has onsite coworking areas, don’t be afraid to use them. Expanding into an unfamiliar market is tough and the sooner you start meeting people, the more chances you’ll have to strengthen your brand.
How to Make Sure Hong Kong Expansion Works For You
It takes a lot of work to expand a business, particularly overseas. The secret is meticulous planning and a robust contingency plan, just in case things don’t work out. This is one of the reasons why virtual offices are such a wonderful asset.
They provide all of the same resources as a traditional workspace, but with a much greater degree of flexibility and independence. These vendors are only concerned with helping tenants achieve their goals. When you feel it’s time to leave, they’ll support you with the next big step.
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