Economic hard times can still be a good time for business formation; the SBA reports success of entrepreneurial pursuits heightens in recession. But finding startup funds can be one of the biggest barriers to business formation in a downturn, so entrepreneurs should think about how to cut costs on founding finances.Office space can be a major expense for startup companies. OfficingToday.com says that one way small business owners are increasingly saving cash is through virtual office formation. Owners of almost all business types might find a virtual office is amenable to their products and services.
The source says it’s important to realize a virtual office isn’t simply a body of employees working at Starbucks. Business owners need to arm themselves with supportive environments and current technologies. Nonetheless, paying for these tools and a professional business address can save plenty of cash up front.
In addition to cutting real estate costs, entrepreneurs starting employer firms might find that virtual offices might inspire creativity. Entrepreneur.com suggests that traditional offices with overhead lights and oppressive cubicles might not be the most conducive environment for innovative work.