The right person for your business might live across the country or the world, and could cost you less, depending on their cost of living. Since location is not a factor, you are not restricted to hiring workers in your community. Not having a sign to hang out front means you need to make a little more effort on digital marketing. If you go that route, make sure you classify the contractors correctly by following IRS guidelines. Or you can opt for fewer on-staff workers and hire independent contractors on a project-by-project basis. Pro: Afford a bigger staffīecause you’re not limited by office square footage and you’re saving on overhead, the number of workers you can hire is only limited to your budget. Check with your insurance agent to see what insurance policies cover remote business operations (chances are your homeowner’s policies are not enough. You still need business insurance for such things as errors and omissions and business equipment. Without a physical location you don’t need insurance covering employees or customers possibly slipping and falling in your business. And you won’t be surprised by rising rent and utility costs. Not having an office staffed with employees saves money on overhead (rent, utilities, parking, furniture, etc.) and commuting costs, which enables you to invest more in research, development and marketing. Here are eight pros and cons of transitioning to a virtual company. Of course, it depends on your industry and your target market, but if it makes sense for your business, your “new normal” might be joining the increasing number of businesses operating completely virtually. Other business owners have discovered it’s possible (and beneficial) to successfully go completely virtual. Plus, they found transitioning to remote work increased employee availability by 19%. An Intermedia survey of small business owners shows 57% of respondents say they’re likely to maintain remote working options for workers long term.
Tasks previously thought to require in-person workers have now been handled remotely without skipping a beat. Today, even though some businesses are reopening, there will likely be fewer workers returning to workspaces as in the pre-COVID-19 days. So, when the pandemic hit, our operations were not affected as much as other businesses having to transition employees to work from home. And 12 years later we’re still operating virtually. We leased office space for nearly 18 months before realizing how much money we could save by working remotely. After working in the same office for many years, we were comfortable sharing a workplace. When I started my business in 2008, the idea of working from our homes didn’t really occur to my partners and me. There are several positives to switching to remote work, but the switch also comes with several other considerations that need to be sufficiently prepared for.
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