My company owns a number of different business ventures in New York City. Most of these businesses are virtually unrelated. I cannot rate my company among the large conglomerates which own whole buildings in the city. However, I can say that it’s doing well since it is able to run multiple unrelated businesses in NYC. You might believe that my company has to incur huge amounts in annual expenses to run the businesses. The truth is, I usually pay less than average for the things that make operating overheads in most businesses high. This includes office rent and employees.
Here’s how I do it.
Five years ago, I decided to start a company that dealt with website design and website optimization services. I didn’t have enough money to rent an office and opted to start off from my office. However, I lost a lot of clients for lack of a decent office. A friend of mine advised me to get a virtual office in New York City. It would allow me to meet clients in a professional setting as well as have other office goodies like dedicated address, receptionist and phone number. It also allowed me to concentrate on running the business from home and only use the virtual office when necessary.
The strategy worked almost immediately and I started getting more clients. Soon, I thought about starting other businesses upon which I could replicate this business strategy. Each year, over the past five years, my company has managed to start 7 new and successful businesses using this strategy.
Although I no longer work from home, using virtual offices has enabled my company operate different unrelated businesses on a shoestring budget. The rent rates I pay each year are significantly lower that the average rates for the city. I also get to have professionals such as receptionists work for me at surprisingly low rates.