Having the freedom and fulfilment that comes from running our own businesses is something that many of us spend a lifetime dreaming of. But with so many practical – and financial – barriers to striking out on our own, it’s no surprise that it has remained a pipe dream for many as they have preferred to stick to the relative security of being someone else’s employee. But with the internet revolution over the last decade barriers to working for yourself have come tumbling down.
With the latest wave of smart apps, cloud computing and clever tech solutions at your fingertips, it’s now easier than it’s ever been to start and run a one hundred percent virtual business. It’s also now very viable to start a business with minimal funding, as the march of new online solutions are also low cost, and in many cases, free up to certain limits. ‘Entrepreneur’ is the word on everyone’s lips as the playing field becomes level and anyone with a strong idea and some determination stands a good chance of making their small business a success. Check out our guide to running a completely virtual business:
Why Is It Called a Virtual Business?
You’re running a virtual business if it’s a venture that doesn’t need any additional physical structure (outside of your home environment) and relies solely on the power of the internet for its operations. All you really need is a computer and a good wi-fi connection. That lack of tangible attributes has a couple of benefits – it reduces start-up costs to a bare minimum, making it more possible to get started without serious financial backing, and it also makes a business dynamic – able to respond quickly to passing market trends. With no fixed overheads to worry about in the traditional sense, many are now choosing to work flexibly, from anywhere in the world, combining business and their personal interests in a way that suits them. So why isn’t everyone doing it? Well, first of all you still need a strong idea that has the capacity to generate a real return on investment. The world wide web may have revolutionised the ability to enter the market, but it also means your competition is global too.
How Do I Get Started?
Develop a Clear Proposal
Just because you can get started with not much more than a laptop, doesn’t mean you don’t need a clear-cut business plan if you want to succeed. With so many opportunities and things you could offer, what are the strengths you have and what is the key difference that will make your company stand out? A sustainable company needs to be based around your personal strengths, skills and passions – or you stand little chance of convincing anyone else, not least your customers. If you have a great idea, but not the skills to execute it, search for online training courses at www.futurelearn.com and get the training you need. Starting off with a narrower offer is best, as it allows you to refine the strengths of yourself and your business – there will be plenty of time to add additional things in later.
Know Your Market
The number one reason that most small businesses fail is not understanding enough about who their audience is – and there’s no need to make that mistake with all the tools the internet brings. Use social media channels to tune into the conversation around your target industry – what are people saying and looking for? What trends are there? What needs aren’t being met by companies already in the market? A solid market analysis will give you the foundation you need in order to make business and marketing decisions. Making your target customers a part of things from the ground up is a smart move – spend time building a following pre-launch, and you won’t need to do much more in the way of marketing. Your conversation with your followers is the springboard to success in a virtual world.
Get The Right Tools
Every single aspect of running your business can now be covered online, from software systems like Office365 and Google Drive to accounts and invoicing – you can even send and received faxes online with https://www.efax.co.uk/. But finding the best virtual tools for business is incredibly important. Tools like Slack can help you organise your time and to-do’s, and easily facilitate collaboration with others. Software like PicMonkey and Canva can help you create professional looking graphics to market your business. Or reach out to your audience using video by setting up a YouTube channel – you can even create and edit videos right on your smartphone, so you don’t need special equipment. If the customer base is there and you have the right tools, you no longer need to worry about anything else.
Get Your Business Finances Sorted
Just because you’re working a low-or-no cost set up, doesn’t mean you don’t need to have your house in order when it comes to your business finance – there are still quite a few requirements to meet, especially once you begin employing others. If you’re giving up full-time work to devote time to starting a business you must have a bank of savings built up to support yourself, and an idea of how long it will take you to turn a profit. Keep a careful record of all your expenses and receipts and make sure that you are properly registered for all the taxes you may be eligible for. Having a small amount of money to invest can make these easier if you want to grow operations further – a small amount of budget goes a long way with targeted internet advertising, or to virtually outsource tasks such as HR if you do employ others or website development.
Think Positive
Your mindset has the power to determine the success of your business. Any entrepreneur will have to get used to deflecting the doubt of others along the way and be able to focus on the belief that their idea is good enough to succeed. Find ways to stay positive in business by communicating your vision clearly to others. A few testimonials from satisfied customers and you’ll soon be sure you are on the right track!
