Starting a business has several challenges; chief among them is the location of your new company. If you’re planning on establishing a start-up company, you might want to consider setting up an office space in Connecticut, which was ranked 7th in U.S. News’ list of Best States for Business (2021).
Why Choose Connecticut As the Location of Your Office?
- Advantageous geographical location – The state is close to major cities (such as Boston in Massachusetts, New York City in New York state, and Jersey City and Newark in New Jersey) as well as lush green suburbs.
- Low business taxes – Connecticut’s total effective business tax rate is the lowest in the country. For corporations, the business tax rate is 7.5% of their net income. (Other states have a tax rate of 21% or higher.)
- Highly skilled workforce – The state’s workforce is the third-most educated in the United States.
- A thriving small business community – All of the aforementioned factors have created a business environment in which small businesses (which account for 97% of Connecticut’s total businesses) thrive.
- A wide range of government incentives for small businesses – To help small businesses, the state of Connecticut offers a wide range of small business financing programs and tax incentives to encourage investment.
Why Choose Stamford?
Stamford is consistently ranked as the best city in Connecticut to start a small business. Just last year, Fundera named Stamford the best city in CT to start a business.
What makes Stamford such an attractive location for businesses?
- Medium-sized population – Population growth is vital to ensuring there’s a sufficiently sized workforce in the state. However, rapid population growth can send rent prices skyrocketing, which can have an impact on your company’s bottom line. Fortunately, you won’t have to worry about skyrocketing rent prices in Stamford anytime soon. That’s because the city currently has a population of over 130,000 people, which for most business owners is the ideal size.
- Prime location – Need an affordable office space near New York City, but want to avoid the high rent prices? The city of Stamford (which is just roughly 40 miles away) is an ideal location. A lot of NYC commuters and Manhattan workers rent apartments and houses in Stamford because of its proximity to New York City, interconnected public transport system and affordable rent prices.
- High projected future growth rate – The projected future job growth rate gives you an idea of a city’s economic momentum or growth track. With a projected future growth rate of 39.19%, it’s not surprising that large corporations and hedge funds have chosen Stamford as the site for their headquarters.
- High quality of living – A large number of employees with families have made Stamford home because of the high quality of living. Stamford has several attractions, the most popular of which are the Stamford Museum and Nature Center, Cove Island Park and the beach and boardwalk at Cummings Park. There are also more than 80 restaurants and clubs in the area as well as several theaters and galleries.
If you’re looking for an office space with a prestigious address, Connecticut Business Centers is strategically located in Fairfield County’s most prestigious business district. This gives our clients a business address that can rival Manhattan in terms of prestige, but without the high rental costs.
Should You Switch to a Virtual Office Set-Up?
The pandemic forced companies to adopt more flexible work arrangements and highlighted the advantages of a virtual office space, which provides companies with a physical office address, a telephone number, and communication and administration services.
What are the advantages of switching to a virtual office setup?
- Lower overhead costs – A virtual office space saves companies the trouble of having to maintain administrative staff, buy office equipment, or deal with long-term leases.
- Higher employee productivity – Remote work eliminates the need for employees to commute to work. No commute time means less stress and more flexibility for employees, which can, in turn, boost employee engagement and productivity and reduce turnovers.
How to Boost Employee Productivity
Some companies remain skeptical about the productivity-related benefits of virtual office setup. The transition to a virtual office setup will no doubt require some getting used to. However, with the right policies in place, employee productivity and engagement can be increased.
Here are some tips on boosting remote employees’ productivity:
- Streamline communication – To facilitate seamless collaboration on projects, it’s important to streamline all communication channels. This saves employees the trouble of having to constantly switch between email and chat groups.
- Teach communication best practices to employees – To make the transition to a virtual office space a bit smoother, you can teach online communication best practices to employees. For instance, you can craft guidelines to prevent one employee from taking up too much time during Zoom meetings.
- Limit video conferences to prevent Zoom fatigue – Daily Zoom meetings can have a negative effect on employee productivity. That’s because online meetings are more mentally taxing than in-person meetings. To prevent Zoom fatigue, it’s best to limit Zoom meetings and use other methods of communication whenever possible. For instance, if management needs to share info, maybe they can email the presentation slides instead of doing a presentation over Zoom.
- Schedule meet-ups to boost employee morale – To make up for the lack of face-to-face interactions, companies can encourage managers to schedule meet-ups for employees who live in the same area. A vital component of any strategy for maintaining employee productivity is to ensure employees feel a sense of camaraderie within the workplace.
- Avoid micromanaging employees – To ensure employee performance remains consistent, managers will need to adapt to employees’ increased flexibility and autonomy within a virtual office space set-up. However, managers should avoid micromanaging employees, as this can lower employee productivity and satisfaction. (According to a study from PricewaterhouseCoopers, millennial workers were happier—and more productive— when management gave them more autonomy in their workplace.) For instance, instead of routinely asking for updates from employees, managers should define clear goals and deadlines from the start.
Choosing a Virtual Office Space Provider That Can Meet Your Company’s Needs
In a rapidly changing business environment, it’s important to choose a virtual office space provider that can meet your startup company’s evolving needs.
Here are the things you should look for in a virtual office space provider:
- Prime office location – Your company’s physical address leaves a lasting impression on potential clients and customers. To project stability, most companies prefer offices within a central business district (CBD). However, if you want the prestige of a CBD office space but not the premium price tag, there’s the option of a virtual office with a physical address in the CBD.
- Years of experience in the industry – To narrow down your options, find out which virtual office space providers have extensive experience in the industry. The number of years a virtual office space provider has been in business can give you a good idea of the reliability of their services.
- Solid online reputation – Another way of gauging the reliability of a company’s services is to check their online reviews. Keep in mind that a few negative reviews are not necessarily a red flag. (Miscommunication can happen sometimes, after all.) If you come across a few negative reviews, focus on how the complaint was resolved.
- Wide range of services – To make sure your company’s changing needs are met, it’s important to choose an office space provider that offers a wide range of services, which should include office rentals, videoconferencing, and virtual office space services.
Connecticut Business Centers is the premier provider of all-inclusive executive and virtual office space solutions for corporate professionals in the state. To reserve your workspace solution, call us at (203) 359-5600 or fill out this form. We serve homeowners in Stamford, CT, as well as the surrounding communities in Connecticut.