Are you about starting a virtual office rental company? If YES, here is a complete sample virtual office rental business plan template & feasibility report you can use for FREE. Okay, so we have considered all the requirements for starting a virtual office rental company. We also took it further by analyzing and drafting a sample virtual office rental marketing plan template backed up by actionable guerrilla marketing ideas for virtual office rental companies. So let’s proceed to the business planning section.
Table of Content
- 2. Executive Summary
- 5. Job Roles and Responsibilities
- 6. SWOT Analysis
- 7. MARKET ANALYSIS
- 13. Startup Expenditure (Budget)
Why Start a Virtual Office Rental Business?
There are loads of entrepreneurs who would not mind to cut overhead costs as low as they can and still maintain professionalism of the highest order. One of the easiest ways of cutting over cost is by renting a virtual office. Virtual office is designed to provide communication and physical address services without bearing the financial burden to maintain the office facility.
As a matter of fact, with virtual office, you can own an office address in a high profile business district without very minimal cost.
With the increase in the demand for virtual office, any entrepreneur that decides to start his or her own virtual office is sure going to make good returns on his or her investment. But it is important to state that serious researching, planning and creativity is a necessity if you truly want to start your own virtual office business; you would need the best of software to effectively run this type of business.
If you want to start your own virtual office, you would need a mailing address for the office, professional address (physical office address), receptionist (remote receptionist), communication services (call center) and virtual assistant.
Just like most industries, the virtual office rental business is still pretty much open for as many entrepreneurs that are interested in the business. Even if you don’t have the finance and other requirements for building office facilities in highbrow business districts, all you need to do is to serve as an agent for office facility owners. You will get people to rent virtual office and then make your commission without much stress.
If you have decided to start a virtual office rental business, then you should make sure that you carry out thorough feasibility studies and also market survey. This will enable you properly locate the business in a community or city with the right demography; a location that can readily accept your services even though most of your clients are not expected to live around the location. Business plan is yet another very important business document that you should not take for granted in the bid to launching your own business.
Below is a sample virtual office rental business plan template that will help you successfully launch your own business;
A Sample Virtual Office Rental Business Plan Template
1. Industry Overview
Virtual office rental business falls under the serviced office leasing industry and operators in this industry primarily rent or lease fully furnished office space to businesses on a part-time or as-needed basis to a myriad of businesses, ranging from start-ups to Fortune 500 companies.
The serviced office leasing industry also provides virtual office and conference room leasing options to their clients. It is important to state that firms that provide conventional commercial leasing options are not part of the serviced office leasing industry.
A virtual office is an office location that exists only in the cyberspace. A virtual office arrangement enables an entrepreneur to operate from any location in the world by simply leveraging on technology such as a functional laptop / computer, a mobile phone and internet facility.
Those that operate virtual office rental business provide the professional office addresses (physical office facilities and meeting rooms) where mails are received, meetings are held and visitors received when necessary.
If you a closer observer of the Serviced Office Leasing industry, you will agree that the industry struggled during the recession when corporate profit declined and businesses closed shops. On the other hand, as the economy recovered, the industry experienced an upsurge in demand for its services.
Going forward, the revenue generated by players in this industry will continue to grow as the number of telecommuters in the workforce increases. The Serviced Office Leasing industry is indeed a growing industry and pretty much active countries such as the united states, Japan, Singapore, Switzerland, United Kingdom and United Arab Emirates.
Statistics has it that in the United States of America alone, there are about 781 licensed and registered companies in this industry, employing about 3,358 and the industry rakes in a whooping sum of $2bn annually. The industry is projected to continue to grow at a 12.7 percent rate within 2011 and 2016. Regus PLC has the dominant market share of the available market in this industry.
A recent publication released by IBISWorld shows that the Serviced Office Leasing industry is in the growth stage of its life cycle. The report projected that industry value added, which measure’s the industry’s contribution to the economy will raise at an estimated average annual rate of 7.5 percent from 2011 to 2022. The report further stated that GDP will grow at an annualized rate of 2.2% during the same period, indicating that the industry is growing faster than the economy as a whole.
Businesses are increasingly turning to industry companies to rent or lease workspaces, including fully furnished offices, virtual offices and conference rooms. Renting or leasing office space is a cost-effective alternative to buying commercial property
One of the major reasons why people subscribe to virtual office is simply because they want to maintain professional business office address in a high profile business district at the lowest possible cost. This can only be achieved via virtual office arrangement.
So, if your intention is to start a virtual office and also to maximize profits, then you must ensure that your lease office facility in a location that is regarded as a high profile business district. It will make it easier for you to market and attract clients. It is expensive to lease office facility in such areas, but you stand the chance of recouping your investment and also making profits.
Over and above, the serviced office leasing industry is still open to any aspiring entrepreneur who has the required skills to start his or her own virtual office rental business and of course make good money from the industry. As a matter of fact, it was projected that over the next five years, new technology will continue to emerge that will make it easier for more players to come into the industry hence increasing the competition in the industry.
2. Executive Summary
Don Pedro® Virtual Office Services, LLC is a registered and licensed virtual office rental cum virtual support Services Company that will be based in the United States of America, but will service clients all over the globe. We have been able to secure a standard and well – positioned office facility in a busy business district in Baltimore, the largest city in Maryland where we intend coordinating all our virtual support services providers scattered all across the United States.
We are a virtual office rental cum virtual office support services company that is set to compete in the highly competitive Serviced Office Leasing industry not only in the United States market, but also in the global market.
Our business goal is to become one of the leading virtual office rental services company in the United States. Our virtual office support staff members are going to be selected from a pool of talented and highly creative professionals with various skills as it relates to the services we offer in and around Baltimore and also from any part of the world.
We will make sure that we take all our freelance workers through the required trainings that will position them to meet the expectation of the company and to compete with leading virtual assistant services companies cum virtual office rental services companies in the United States and throughout the globe.
At Don Pedro® Virtual Office Services, LLC, our client’s best interest come first, and everything we do will be guided by our values and professional ethics. We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely. We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for our partners, freelance workers and for our clients.
Don Pedro® Virtual Office Services, LLC is family business that is owned by Donald Pedro and his immediate family members. Donald Pedro is an ICT expert with background in real estates. He has well over 6 years hands on experience in the ICT and real estate industry prior to starting Don Pedro® Virtual Office Services, LLC. He has what it takes to grow the business to favorable compete with leading virtual office services companies in the United States and all over the world.
3. Our Products and Services
Don Pedro® Virtual Office Services, LLC is established with the aim of maximizing profits in the virtual office rental and virtual support services line of business. We want to compete favorably with the leading virtual rentals and virtual assistant services companies in the United States which is why we have but in place a competent quality assurance team that will ensure that all our services meet and even surpass our customers’ expectations and our office spaces are of great standard.
We will work hard to ensure that Don Pedro® Virtual Office Services, LLC is not just accepted nationally in the United States of America, but also in other parts of the world. Our products and services are listed below;
- Lease or rent fully furnished workspaces
- Lease or rent virtual offices
- Lease or rent conference and meeting rooms
- Provide telecommunication services to leases
- Provide other business services to leases
- Providing outsourcing services for work related to finance and accounting functions
- Providing outsourcing services for work related to human resource functions
- Providing outsourcing services for customer relations management
- Providing outsourcing services for sales fulfillment and order management
- Providing outsourcing services for document management
- Providing outsourcing services for supply chain management and engineering functions
- Freelance writing, editing, copywriting, researching, data entry and translation et al
- Freelance web design, graphic design services, video editing and photo editing et al
4. Our Mission and Vision Statement
- Our vision is to establish a standard virtual office services company whose services and brand will not only be accepted in the United States of America, but also in other parts of the world.
- Our mission is to rent virtual office spaces, provide professional and highly creative virtual support services that will assist businesses, individuals and non-profit organizations in achieving their business goals. We want to build a virtual office services company that can favorably compete with other leading brands in the industry.
Our Business Structure
Don Pedro® Virtual Office Services, LLC, is a virtual office services company that initially rent office spaces for clients in Baltimore, but hope to grow big and secure outsourced jobs from big corporations from all over the world.
We are aware of the importance of building a solid business structure that can support the picture of the kind of world class business we want to own. This is why we are committed to only hire the best hands (freelancers and back office staff) within our area of operations.
At Don Pedro® Virtual Office Services, LLC, we will ensure that we hire people that are qualified, hardworking, creative, customer centric and are ready to work to help us build a prosperous business that will benefit all the stake holders (the owners, workforce (freelancers), and customers).
As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of five years or more as agreed by the board of trustees of the company. In view of the above, we have decided to hire qualified and competent hands to occupy the following positions;
- Chief Executive Officer
- Creative Director
- Human Resources and Admin Manager
- Sales and Marketing Executive
- Virtual Office Support Staff
- Client Service Executive
5. Job Roles and Responsibilities
Chief Executive Officer – CEO:
- Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
- Responsible for fixing prices and signing business deals
- Responsible for providing direction for the business
- Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Responsible for signing checks and documents on behalf of the company
- Evaluates the success of the organization
- Serves as project manager of the organization; works directly with freelancers
- Responsible for designing concepts for advertisements and other promotional needs for client (s)
- In charge of copy writing and laying out chronological advertisement plans
- Develops strategic plan by studying technological, and financial opportunities; presenting assumptions; recommending objectives.
- Accomplishes subsidiary objectives by establishing plans, budgets, and results measurements; allocating resources; reviewing progress; making mid-course corrections.
- Coordinates efforts by establishing procurement, production, marketing, field, and technical services policies and practices; coordinating actions with corporate staff.
- Builds company image by collaborating with customers, government, community organizations, and employees; enforcing ethical business practices.
- Maintains quality service by establishing and enforcing organization standards.
- Maintains professional and technical knowledge by attending educational workshops; reviewing professional publications; establishing personal networks; benchmarking state-of-the-art practices; participating in professional societies.
- Make certain that production and development department perform efficiently, coordinate employee efforts, and facilitate communications between management and graphic designer
- Ensures that the organization work in line with international best practices.
Admin and HR Manager
- Responsible for overseeing the smooth running of HR and administrative tasks for the organization
- Designs job descriptions with KPI to drive performance management for clients
- Regularly hold meetings with key stakeholders to review the effectiveness of HR Policies, Procedures and Processes
- Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
- Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
- Defines job positions for recruitment and managing interviewing process
- Carries out staff induction for new team members
- Responsible for training, evaluation and assessment of employees
- Responsible for arranging travel, meetings and appointments
- Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
- Oversees the smooth running of the daily office activities.
Sales and Marketing Manager
- In charge of leasing our virtual office spaces, conference rooms, meeting rooms and other related services.
- Manages external research and coordinate all the internal sources of information to retain the organizations’ best customers and attract new ones
- Models demographic information and analyze the volumes of transactional data generated by customer
- Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of development projects.
- Writes winning proposal documents, negotiate fees and rates in line with organizations’ policy
- Responsible for handling business research, market surveys and feasibility studies for clients
- Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
- Develops, executes and evaluates new plans for expanding increase sales
- Create new markets cum businesses for the organization
- Empowers and motivates the sales team to meet and surpass agreed targets
Accountant / Cashier:
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
- Responsible for financial forecasting and risks analysis.
- Performs cash management, general ledger accounting, and financial reporting for one or more properties.
- Responsible for developing and managing financial systems and policies
- Responsible for administering payrolls
- Ensuring compliance with taxation legislation
- Handles all financial transactions for the organization
- Serves as internal auditor for organization.
Virtual Office Support Staff
- Provides outsourcing services for work related to finance and accounting functions
- Provides outsourcing services for work related to human resource functions
- Provides outsourcing services for customer relations management
- Provides outsourcing services for sales fulfillment and order management
- Provides outsourcing services for document management
- Provides outsourcing services for supply chain management and engineering functions
- Does Freelance writing, editing, copywriting, researching, data entry and translation et al
- Does Freelance web design, graphic design services, video editing and photo editing et al
Client Service Executive
- Welcomes clients by greeting them in person or on the telephone; answering or directing inquiries.
- Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
- Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
- Manages administrative duties assigned by the chief executive office in an effective and timely manner
- Consistently stays abreast of any new information on the organizations’ products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients when they make enquiries
- Receives parcels / documents for the company
- Distributes mails in the organization
- Handles any other duties as assigned
6. SWOT Analysis
Don Pedro® Virtual Office Services, LLC engaged the services of a core professional in the area of business consulting and structuring to assist our organization in building a well – structured virtual office rental and support services business that can favorably compete in the highly competitive serviced office rentals and virtual support services industry in the United States and the world at large.
Part of what the team of business consultant did was to work with the management of our organization in conducting a SWOT analysis for Don Pedro® Virtual Office Services, LLC. Here is a summary from the result of the SWOT analysis that was conducted on behalf of Don Pedro® Virtual Office Services, LLC;
Our core strength lies in the power of our team; our back office workforce. We have a team of creative and highly proficient team with excellent qualifications and experience in various niche areas in the virtual office rental and support services line of business.
Aside from the synergy that exists in our carefully selected back office staff, our services will be guided by best practices in the industry and we have robust business network with owners of strategically positioned office facilities in New York City, Las Vegas, Los Angeles, and Baltimore et al .
As a new virtual office services company, it might take some time for our organization to break into the market and gain acceptance especially from top profile clients in the already saturated and highly competitive virtual office rental and support services line of business; that is perhaps our major weakness.
Another weakness is that we may not have the required cash acquire office spaces for rent in highbrow business districts and also to promote our business the way we would want to.
No doubt, the opportunities in the virtual office rental cum virtual office support services line of business is massive considering the number of individuals and corporate organizations who cannot afford to rent physical office spaces in highbrow business districts and those whose businesses depends on the services of freelancers and those who would want to cut cost. As a virtual office rental and support services company, we are ready to take advantage of any opportunity that is available in the industry.
Some of the threats that we are likely going to face as a virtual office rental and support Services Company operating in the United States are unfavorable government policies, the arrival of a competitor within our location of operations and global economic downturn which usually affects purchasing / spending power. There is hardly anything we can do as regards these threats other than to be optimistic that things will continue to work for our good.
7. MARKET ANALYSIS
- Market Trends
The internet has truly open up loads of business opportunities and virtual office rental and virtual support services industry is one of them. Few decades ago, who would have believed that an entrepreneur can rent or lease an office space in the cyberspace?
It is a fact that the common means of communication and data delivery in the virtual office rental and support services industry include the Internet, e-mail and phone-call conferences, online work spaces, and fax machine et al.
More and more virtual office rental and virtual support services providers are leveraging on technology platforms such as Skype as well as Google Voice to carry out their services. Professionals in this line of business work on a contractual basis or a retainer – ship basis.
The cost of leasing or renting a standard office facility in a highbrow business district like New York City et al keeps soaring high, entrepreneurs who are determined to remain in the game even though they don’t have the financial muscles would always embrace virtual office.
Another common trend in the virtual line of business is that, most virtual office rental and virtual support services companies no longer settle for clients within the location where there physical office is located but also from any part of the world.
The truth is that with the advent of the internet, it is now easier for virtual office rental and virtual support service providers to work for clients in any part of the world. A virtual office services company can be located in the United States of America and have their biggest client in United Arab Emirates or Australia; many thanks to the power of the internet.
Lastly, the virtual office rental and virtual support services industry will continue to evolve due to the advancement of computer technology and software applications et al.
8. Our Target Market
Before starting our virtual office services company, we are certain that there is a wide range of both corporate and individual clients who cannot successfully run their businesses without renting a virtual office space in a highbrow business district or outsourcing some of their operations to a third party service provider. As a matter of fact, without virtual assistant like content writer cum freelance journalist, online publications and web industry will struggle.
In view of that, we have created strategies that will enable us reach out to various corporate organizations and individual who we know can’t afford to do without our services. We have conducted our market research and survey and we will ensure that the services we offer well accepted in the market place.
Below is a list of the people and organizations that we have specifically market our products and services to;
- Bloggers and website owners
- Banks, Insurance Companies and other related Financial Institutions
- Blue Chips Companies
- Corporate Organizations
- Manufacturers and Distributors
- Real Estate Owners, Developers, and Contractors
- Research and Development Companies
- The Government (Public Sector)
- Religious Organizations
- Political Parties
- Television Stations
- Printing Press (Publishing Houses) and Authors
- Branding and Advertising agencies
- Entrepreneurs and Start – Ups
Our competitive advantage
Even though the virtual office rental and virtual support line of business is still pretty much open, we cannot rule out that the competition in the industry is getting stiffer by the day, you have to be highly creative and come up with well – equipped virtual office spaces in highbrow business districts, detailed services, graphic designs and concepts in order to survive in the industry.
The virtual office rental cum virtual support services industry is indeed a very prolific and at the same time a highly competitive industry. Clients will only hire your services if they know that they can get nothing but the best from you.
We are quite aware that to be highly competitive in the virtual office rental and virtual office support services line of business means that you are not only expected to be able to office well – equipped office spaces, deliver consistent and highly creative jobs, but you must be able to meet set targets. No one would want to continue to hire your services if don’t always meet up with the target date of completion of projects or get the kind of business deals that an office space in such location can attract.
Our competitive advantage lies in the power of our team; our back office workforce. We have a team of creative and highly proficient team with excellent qualifications and experience in various niche areas in the virtual office rental and support services line of business.
Aside from the synergy that exists in our carefully selected back office staff, our services will be guided by best practices in the industry and we have robust business network with owners of strategically positioned office facilities in New York City, Las Vegas, Los Angeles, and Baltimore et al .
Lastly, all our employees will be well taken care of, and their welfare package will be among the best within our category (startups virtual office rental and virtual support services businesses in the United States) in the industry. It will enable them to be more than willing to build the business with us and help deliver our set goals and achieve all our business aims and objectives.
9. SALES AND MARKETING STRATEGY
- Sources of Income
Don Pedro® Virtual Office Services, LLC is established with the aim of maximizing profits in the virtual office rental and virtual office support services line of business and we are going to go all the way to ensure that we do all it takes to meet and surpass the expectations of all our clients.
10. Sales Forecast
One thing is certain; there would always be corporate organization and individual who would need the services of virtual office rental and support services companies.
We are well positioned to take on the available market in the industry and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six month of operations and grow our virtual office services company to enviable heights.
We have been able to critically examine the virtual office rental and virtual support services market space and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projections are based on information gathered on the field and some assumptions that are peculiar to similar startups in the United States of America.
Below are the sales projection for Don Pedro® Virtual Office Services, LLC, it is based on the location of our business and of course the wide range of our services and our target market;
- First Fiscal Year-: $250,000
- Second Fiscal Year-: $600,000
- Third Fiscal Year-: $850,000
N.B: This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown within the stated period. Please note that the above projection might be lower and at the same time it might be higher.
- Marketing Strategy and Sales Strategy
We are mindful of the fact that there are stiffer competitions in the virtual office rental and virtual support services line of business, hence we have been able to hire some of the best marketing experts to handle our sales and marketing.
Our sales and marketing team will be recruited based on their vast experience in the industry and they will be trained on a regular basis so as to be well equipped to meet their targets and the overall business goal of Don Pedro® Virtual Office Services, LLC.
Our goal is to grow Don Pedro® Virtual Office Services, LLC to become one of the top 10 virtual office rental and virtual support services provider in the United States of America which is why we have mapped out strategy that will help us take advantage of the available market and grow to become a major force to reckon with not only in the United States of America but also in other parts of the world.
Don Pedro® Virtual Office Services, LLC is set to make use of the following marketing and sales strategies to attract clients;
- Introduce our virtual office services company by sending introductory letters / emails alongside our brochure to corporate organizations, religious organizations and key stake holders.
- Promptness in bidding for virtual support services contracts from the government and other cooperate organizations
- Advertise our business in relevant business magazines, newspapers, TV stations, and radio station.
- List our business on yellow pages ads (local directories)
- Attend relevant international and local expos, seminars, and business fairs et al
- Create different packages for different category of clients in order to work with their budgets and still deliver excellent design and services
- Leverage on the internet to promote our business
- Engage direct marketing approach
- Encourage word of mouth marketing from loyal and satisfied clients
11. Publicity and Advertising Strategy
We have been able to work with our in house brand and publicity consultants to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market. We are set to become the number one choice for both corporate clients and individual clients in the whole of the United States and beyond which is why we have made provisions for effective publicity and advertisement of our virtual office rental and support services company.
Below are the platforms we intend to leverage on to promote and advertise Don Pedro® Virtual Office Services, LLC;
- Place adverts on both print (newspapers and magazines) and electronic media platforms
- Sponsor relevant community based events / programs
- Leverage on the internet and social media platforms like; Instagram, Facebook , Twitter, YouTube, Google + et al to promote our services
- Install our Bill Boards on strategic locations all around Baltimore – Maryland and other key cities in the United States of America.
- Distribute our fliers and handbills in target areas
- Contact corporate organizations by calling them up (emailing them as well) and informing them of Don Pedro® Virtual Office Services, LLC and the services we offer
- List our virtual assistant company in local directories / yellow pages
- Advertise our virtual office rental and support Services Company in our official website and employ strategies that will help us pull traffic to the site.
- Ensure that all our staff members wear our branded shirts and all our official vehicles are well branded with our company logo et al.
12. Our Pricing Strategy
At Don Pedro® Virtual Office Services, LLC we will keep the prices of our services and virtual office spaces below the average market rate for all of our customers by keeping our overhead low and by collecting payment in advance from corporate organizations who would hire our services or lease / rent our virtual office space.
In addition, we will also offer special discounted rates to all our customers at regular intervals. We are aware that there are some one off jobs or government contracts which are always lucrative, we will ensure that we abide by the pricing model that is expected from contractors or organizations that bid for such contracts.
- Payment Options
The payment policy adopted by Don Pedro® Virtual Office Services, LLC is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.
Here are the payment options that Don Pedro® Virtual Office Services, LLC will make available to her clients;
- Payment via bank transfer
- Payment with cash
- Payment via credit cards / Point of Sale Machines (POS Machines)
- Payment via online bank transfer
- Payment via check
- Payment via mobile money transfer
- Payment via bank draft
In view of the above, we have chosen banking platforms that will enable our client make payment for services rendered and office spaces rented / leased without any stress on their part. Our bank account numbers will be made available on our website and promotional materials to clients who may want to deposit cash or make online transfer for services rendered.
13. Startup Expenditure (Budget)
Starting a virtual office rental and support services company can be cost effective; this is so because on the average, you are not expected to acquire expensive machines and equipment. Basically, what you should be concerned about is the amount needed to secure a standard office facility in a good and busy business district, the amount needed to furniture and equip the office, the amount to purchase the required software applications, the amount needed to pay bills, promote the business and obtain the appropriate business license and certifications.
However, this is what it will cost us to setup Don Pedro® Virtual Office Services, LLC in the United of America;
- Business incorporating fees in the United States of America will cost – $750.
- The budget for liability insurance, permits and license will cost – $3,500
- Renting / leasing a small office space that will accommodate the number of employees for at least 6 months (Re – Construction of the facility inclusive) will cost – $150,000.
- Equipping the office (computers, printers, projectors, markers, servers / internet facility, furniture, telephones, filing cabinets, and electronics) will cost – $10,000
- The cost for purchase of the required software applications (CRM software, Accounting and Bookkeeping software and Payroll software et al) – $10,500
- Launching an official website will cost – $500
- Amount need to pay bills and staff members for at least 2 to 3 months – $70,000
- Additional expenditure such as business cards, Signage, Adverts and Promotions will cost – $5,000
Going by the report from the market research and feasibility studies conducted, we will need about two hundred and fifty thousand (250,000) U.S. dollars to successfully set – up a medium scale but standard virtual office rental and support services company firm in the United States of America.
Please note that you can successfully launch this type of business from any part of the world in your bedroom with just a functional laptop, internet facility and the required software applications. But if you choose to build a business with structure, a business that does not revolve around one man or woman, then you should follow the above structure.
Generating Funds / Startup Capital for Don Pedro® Virtual Office Services, LLC
Don Pedro® Virtual Office Services, LLC is a business that will be owned by Donald Pedro and his immediate family members. They are the sole financial of the business which is why they decided to restrict the sourcing of the start – up capital for the business to just three major sources.
These are the areas we intend generating our start – up capital;
- Generate part of the start – up capital from personal savings and sale of his stocks
- Generate part of the start – up capital from friends and other extended family members
- Generate a larger chunk of the startup capital from the bank (loan facility).
N.B: We have been able to generate about $100,000 (Personal savings $85,000 and soft loan from family members $15,000) and we are at the final stages of obtaining a loan facility of $150,000 from our bank. All the papers and document has been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.
14. Sustainability and Expansion Strategy
The future of a business lies in the numbers of loyal customers that they have the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business close shop.
One of our major goals of starting Don Pedro® Virtual Office Services, LLC is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running.
We know that one of the ways of gaining approval and winning customers over is to consistently offer excellent services at a very competitive price than what is obtainable in the industry and also make available standard virtual office spaces in highbrow business district for rent or lease at affordable prices.
Don Pedro® Virtual Office Services, LLC will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and re – training of our workforce (freelance workers inclusive) is at the top burner.
As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.
Check List / Milestone
- Business Name Availability Check: Completed
- Business Incorporation: Completed
- Opening of Corporate Bank Accounts various banks in the United States: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Securing a small but standard office facility : Completed
- Application for business license and permit: Completed
- Purchase of All form of Insurance for the Business: Completed
- Conducting Feasibility Studies: Completed
- Generating part of the start – up capital from the founders: Completed
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents: In Progress
- Design of Logo for the business: Completed
- Secure trademark for our products: In Progress
- Graphic Designs and Printing of Packaging Marketing / Promotional Materials: Completed
- Recruitment of employees: In Progress
- Purchase of the Needed furniture, office equipment, software applications, electronic appliances and facility facelift: In progress
- Creating Official Website for the business: In Progress
- Creating Awareness for the business: In Progress
- Health and Safety and Fire Safety Arrangement: In Progress
- Establishing business relationship with vendors and key players in the real estate industry and in other industries: In Progress