How to Run a Virtual Business

A virtual business has little or no physical structure, and relies on the Internet and telecommunications to achieve the desired business goals. With low overhead costs, little investment requirements and low start-up costs, business owners across the globe are considering virtual business for the present and the future. You will need to accomplish many things to run a virtual business.

Step 1

Determine the type of business you will run. Start with what you do best and/or consider getting additional training in an area that you love but for which you may be less qualified. Lay out the types of services you will offer, keeping in mind that accomplishing a few things very well is better than tackling many services at a lesser-quality level.

Step 2

Research other businesses that offer the services online or to those in your area. Determine if there is a need for your service and if you will be competing against a large, well-known company. This research may alter your decisions, in that you may decide to offer unique services or develop an entirely new idea.

Step 3

Study your target market. Outline who your clients will be, where are your clients located and how will you reach out to them. It is important to measure the need for your service and determine if those in your target market utilizing your type of service currently. A market analysis will help determine the needs of your market and guide you in marketing decisions.

Step 4

Organize your business finances. Although a virtual business will not require the startup costs and overhead of a physical business, there are still financial requirements. Determine how long you can support your virtual business until the company becomes profitable enough to sustain itself. Determine the costs for online marketing and advertising, shipping, employee costs and other projected expenses.

Step 5

Hire an employee (or two). To free yourself to earn more business and pursue the aspects of the business that excite you the most, consider hiring at least a part-time employee. Along with this, it is valuable to hire out for those tasks that you do not do well or dislike. Be willing to accept your limitations and add to your team to strengthen the company. If h iring an employee is too cost-prohibitive, consider hiring a virtual employee. These employees can work on an as-needed basis on many kinds of administrative tasks.

Step 6

Consider outsourcing for certain areas of your business. Hiring a telephone reception company to answer your calls makes your company look bigger and more successful. Rely on professionals for graphic design and web development. Seek salespeople experienced in your industry. Although they will increase your monetary output, they will also increase your business.

Step 7

Overcome the virtual stigma. Because you are virtual, many will think you are not a real business and that you will not be around in the long-term. Be honest with your clients and potential customers, sharing your vision and goals for the business. Offer references from satisfied customers and educate new customers about your standards for excellence and the processes your business employ to achieve success.

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Wednesday, May 1, 2013