Remote work is nothing new, and for all the time it has been a thing it has only been growing. In fact, a recent study has revealed that over 70% of people globally do it at least once a week. Given that this figure is thought to be across the entire world, the incidences in the more economically advanced societies is more than likely to be even higher than that figure. In other words, remote working is a ubiquitous phenomenon, has been ubiquitous for some time, and is only becoming more ubiquitous. And it is improved communication technology – ever advancing to keep up with the increased numbers of workers who choose to work remotely – that has made this possible.
There have been other driving factors as well. It is a mistake to think that the pandemic is responsible for the rise of the home office (it had been an incredibly popular way to work for a long time before that) but, undoubtedly, Covid-19 has accelerated things to some extent. Many of those who were initially sent home at the height of the outbreak have simply never returned to the office. And the reason for this is that the technology now exists to make remote working smooth and efficient. The dominance of the physical office in encouraging productivity has long been on the wane – and it could soon be on the way out completely.
And this total paradigm shift in communication technology and methods of working has had another game-changing effect. With it now being so easy to dispense with the physical working infrastructure of a working space, so called “virtual businesses” are now more popular than ever, with new entrepreneurs and startups choosing to conduct business entirely online. Starting a virtual business has never been easier (at least where logistics and infrastructure is concerned) and that is the very simple reason why more and more people are doing it.
The Rise of the Virtual Business
The term “virtual business” is something of a misnomer. The methods of conducting business may be entirely facilitated by the internet and efficient communication technology, but the business itself is very real. There is nothing virtual about how business is conducted. It is still the same tough world, where the majority of small businesses fail within five years and one needs to be organized, dedicated, and industrious to succeed.
Where the virtual part comes in is perhaps in that those running a virtual business do – in a certain sense – have a virtual office. This virtual office takes the form of online communication platforms that integrate workers’ workflow remotely. But the term is still a bit of misnomer. It’s not like you have virtual doors, virtual fire alarms, virtual window cleaners, salt spreaders, and so on – that would be a bit ridiculous!
Nevertheless, these “virtual” businesses certainly seem like the way things are going. And if you think you have what it takes to set up a successful virtual business, there is a font of wisdom and tips and tricks that have been built up over the fairly long time that people have been doing this.
How to Succeed in the Virtual World
So what is the best way to succeed with a virtual business? As mentioned, many of the old tips and tricks still apply – business is business after all – but it is certainly also true that the shift towards remote working and entirely online businesses comes with its own set of challenges. Read on then for some fundamental advice for running an online business.
Create a Business Plan
Nothing changes. To succeed with a virtual business, as with any business, you are naturally going to need a business plan. The first step here is deciding what type of business you will create. After that, it’s all about settling on a mission and vision. If your business will take the form of a typical e-commerce site, then this will dictate how you proceed. If you are instead performing some kind of remote service, then this too will come with its own distinct mission and vision.
Remember that, even if you set up a virtual office, you are still going to need to settle on a budget with its own set of daily expenditures. Foremost among these will probably be your hiring plan – paying your current employees and working towards hiring future ones. You may not have an electricity bill to pay, but you will still have expenditures. So be sure to work out what they are before you begin.
Get a (Physical and Virtual) Business Address
The one thing about virtual businesses that surprises people is that you are still going to need a physical address. You can blame Google for this. In order to appear as a trustworthy business that appears high on their search lists, you also need to appear on Google Maps. You will also need a business address in order to take out a loan or to get registered as a private company.
You may also wish to invest in a virtual business address to add extra credibility to your venture. You can actually rent these addresses – which appear as physical locations – for a fraction of the cost of renting any real office space.
Consider Hiring a Virtual Assistant
Another misnomer. Despite the name, a virtual assistant is not a chat bot or some sort of AI program. A VA is indeed a real person, but they work from a remote location and offer their services to a range of clients. Keeping your blog updated or completing quotidian admin tasks can really kill your productivity, so it’s a great idea to outsource this to a virtual assistant.
Set Up a Professional-looking Website
This step is fairly obvious, but it is also one that can be trickier than you think. Do not simply rely on the quality of your service or products to succeed online. When it comes to a virtual business, your website will constitute your number one source of branding and marketing. If you do not have the web design skills to do this properly, then you should certainly consider outsourcing to a web designer, or even hiring one permanently for your team.
Use Project Management Software
It should come as no surprise that running a virtual business will involve a good deal of investment in software. This should be one of the main things factored into your budget. And apart from the website, a good project management software is the most essential software you will require. This is the only way to keep your employees productive and ensure that your virtual business runs as smoothly as any other successful business.
Beyond these essentials, running a virtual business will take all the creativity and dedication that any other business would. But by covering these bases from the outset, you will already be on your way to making a success of the business model that seems set to dominate the future.