Finding ways to increase business revenue has become crucial for coworking space operators, especially after surviving the hard times that the Covid-19 pandemic brought with it for the whole industry.
Although the signs point to a speedy and robust recovery, this should not be taken as a guarantee that business will go back to pre-pandemic levels. Instead, coworking operators should look for creative ways of increasing their revenue. One idea that is simple to implement and can start paying off from the get-go is to add a virtual office service at their locations.
Here’s how you can increase business revenue with virtual offices:
Leverage your business address
Your business address is one of your most valuable assets and you should definitely use it to increase revenue. The way to do this is through renting out virtual offices at that address so that virtual tenants are able to use this address to register their business, as well as in their marketing strategy.
Increase your scope
Adding virtual offices to your offering can help you broaden your market exponentially. With the right online marketing strategy you can look beyond your local market and offer your virtual office service basically anywhere in the world.
Increase number of members
For most virtual offices and companies, a physical office space doesn’t make much sense. After all, the majority of these types of businesses are typically run by just one person. But these people do need workplace amenities such as access to meeting and conference rooms, a fax machine, a private office space when they need to do focused work, and a coworking space when they feel the need to connect to their local business community.
So the strategy here is to attract these people with your virtual offices, and then upsell them on a coworking membership.
Make your business pandemic proof
Although the COVID-19 pandemic seems to be slowly coming to an end, the truth is that nobody knows how that is going to play out, and nobody is able to give an exact timeline of when this will be all over. This means that anything you can do to ensure a revenue stream is something worth doing.
Since virtual office locations actually handle their client’s business mail for them, they have been classed in many areas as ‘essential businesses’, so adding virtual offices to your offer can actually help make your business pandemic proof.
If you need more guidance as we battle this pandemic together, Workspace Strategies is here for you.