The Covid-19 pandemic dealt a huge blow not only to health systems but also to the global economy. While millions lost their lives, thousands of businesses closed down, with some still counting their losses.
Despite these devastating effects, it was also a learning process, especially for the business community. As most businesses were closing down due to restrictions, others found ways to maintain operations. Yes, many businesses embraced innovations, which made them thrive and make huge profits. Such innovations included online marketing and allowing workers to work from home.
The pandemic has taught us that we can work from home as effectively as in the office. This has given rise to remote businesses and work. Many are going into virtual assistance, dropshipping, e-commerce, online tutoring, and social media management, among others. But how can you start a remote business and make it thrive? This guide takes you through the process, from setting up to operating your remote business.
Develop and follow a business plan
Developing a business plan is one of the important things to do when establishing a business. Just like setting up a traditional business, you will need a plan for your remote business. According to statistics, about 20% of businesses without a plan die in their second year of operation. I bet you wouldn’t want to be in this group.
A business plan helps you to focus on your business goals and strategies and can enhance scalability drive. It makes it easier to determine the capital needed, how to raise it, and determine operational methods. How to raise capital for your business will be one of the main challenges in this entrepreneurship journey. And as known, no investor will put money into a business without a clear path. Therefore, if you will be relying on others for capital injection, create a futuristic business plan. Your plan should capture and stipulates your business journey, both short-term and long-term.
Have a virtual business office and address
To register your remote business, you need a business address. But for confidentiality's sake, you wouldn’t want to use your home address for that purpose. Thankfully, you don’t necessarily need a physical office space to start the business. You can just rent a virtual store.
A virtual office allows business owners and individuals to have a presence without having a physical store. Companies offering virtual office space for rent provide physical business addresses and mail services, phone services, and communication tools. You may also have access to meeting rooms, conference rooms, and a shared workplace when needed.
With this, you can establish your business presence in multiple locations without worrying about overheads like logistics and maintenance costs. A virtual office space gives your business credibility and saves costs. It perfectly aligns with your remote business operation ideology.
Register the business
After renting your virtual office, you can now register the business. By now, you’ve already settled on a business name and the type of business structure suitable for the startup. Are you going for a sole proprietorship, limited liability, general partnership, or corporation? If you are in a dilemma as to the best choice for your business model, talk to a business consultant or attorney.
Afterward, register the business with all appropriate authorities.
Get funding
Unlike starting a traditional business, you wouldn’t require a huge amount to start your remote business. No physical office rent is involved, and you wouldn’t be paying for utilities and maintenance. Nonetheless, you still need to invest some good cash until you start breaking even. Depending on the type of business, you will need money for equipment and supplies. That aside, you may also want to hire other remote workers, which also comes at a cost. You may also need to invest in tech (apps and software) to make remote collaboration easier.
Have a business policy and strategy
Having a well-defined business policy and strategy makes operations smoother and more sustainable. The policy should set rules guiding employees, clients, partners, and suppliers relationships. Employees should know their mandate and jurisdictions to avoid duty class that can affect productivity.
Having a business policy provides a clear direction and focus, gives the business a competitive edge, builds stakeholder confidence, and makes it easier to measure business success.
Start hiring
Depending on your business model and size, you may need remote workers to help with your operations. First, identify specific roles you need to fill. Afterward, look for viable places you can hire favorable candidates. You can find suitable candidates on Upwork and PeoplePerHour. The person you hire should be able to work independently, strong communication, collaborative, self-motivated, and reliable.
Conclusion
Starting a business involves a lot no matter the type of business. So, setting up your remote business isn’t going to be easier. You need to have the right mindset and deploy the right strategies considering the business model. Get a business plan, find a virtual office space, and register the business. Most importantly, look for adequate funding and you are good to go. Don’t forget to be consistent and also improve your operations. With time, the business will grow.