Technology has evolved so much just in the past decade alone. Computers have gotten faster, phones have gotten smaller, and gadgets have gotten more sophisticated. These advances have allowed for many people to pursue their interest in becoming an entrepreneur. Many people who want to start their own business now have the option of either setting up a physical location or working wherever they want, thanks to technology. There are several benefits of a virtual business:
- No need to pay rent: With physical locations comes the cost of occupying a space. Whether that’s a space in a shopping center, or a warehouse in an industrial area, you’re going to have to pay for where your business is. The biggest thing in real estate is location, location, location, and you can expect to pay prime prices for a great location. A virtual location allows you to work wherever there’s an Internet connection. That can be in your home or even the local coffee shop. You won’t have to pay too much more with these locations.
- No need for set business hours: This can be a perk but should be used moderately and responsibly. If you have a physical location, you need consistent hours of operation, so your customers can know when to find you. When you run a virtual business, you don’t need to tend to a counter all day. You can get notifications while you’re on the go and handle them as you please, instead of waiting for the customers to come to you.
- Working in your pajamas: Obviously if you really want, you can work in your pajamas at your physical location, but people will definitely be able to see you, but that’s your decision. A virtual business can be anywhere, so if you want to work from bed, you can do that, and no one would know otherwise. You can save a lot of money on your wardrobe when you have a virtual business, because no one expects you to be in a suit or other business casual clothes if you’re not interacting with your clients or customers face to face.
- Lower maintenance: Usually people have a physical location if they have inventory to keep. Depending on the type of business you run, you won’t have to keep track of inventory as diligently. Some people’s virtual business provides products that the owner of the company themselves don’t keep on hand. They have suppliers and just send a message that someone has ordered it. Others provide a service that doesn’t require a physical meeting between the business owner and the client. The cost to maintain your company drastically decreases with a virtual business.
- Cheaper labor costs (if you choose): If you have a business and you need assistance, you can hire employees. However, depending on where you live, labor costs can be expensive. Paying minimum wage may not be in your budget, or maybe the amount of work doesn’t coincide with how much you’re willing to pay for. A virtual business can hire virtual assistants, even people who don’t live in the same country as you. You can find inexpensive virtual assistants who live internationally for a much cheaper rate, and still get the amount of work done that you needed.
Virtual businesses are increasing in popularity, and you can probably see why. You can have a virtual and physical presence if that works for your industry too. If you can, I suggest looking into starting your business virtually, as the benefits of a virtual business in some cases can’t be beat.
Briana Myricks is a 20 something freelance writer and blogger. Striving for financial independence as a newlywed, she blogs about young married life at 20 and Engaged.