A Complete Guide to Running a Virtual Business Effectively

If you want to start a business, but don’t want to spend thousands of dollars on rent, you might consider creating a virtual company. You can do this yourself, or hire someone else to handle the process for you. Either way, you’ll still need to follow certain steps to ensure that everything runs smoothly.

Remember to:

• Choose a name that reflects what your company does.
  
  

If you’re starting a virtual company, you probably won’t have a physical address where customers can go. Instead, you’ll rely on online sales and marketing tools to reach potential clients. So, choose a name that accurately describes your company’s purpose.

• Get a Business License
  
  

The first step toward operating a virtual company is getting a business license. Depending on how much revenue you plan to generate, you may need one. Some states require businesses to pay fees based on gross annual revenues. Others offer licenses free of charge.

• Decide whether to incorporate.
  
  

You can operate your virtual company as a sole proprietorship, partnership, LLC or corporation. Each option offers different advantages and disadvantages. When deciding whether to incorporate, think about the following factors:

Here are seven tips to make sure your virtual business runs effectively:

1. Create a System for Goal Setting Suitable for a Remote Team

Goal setting is one of those things that seems like it should be simple, but turns out to be surprisingly difficult. Most people think about goal setting in terms of writing down a list of tasks you want to accomplish. But that doesn’t work well for remote teams because there isn’t anyone around to check off each task once completed.

Instead, we recommend creating a system where team members write down their goals every week. This helps ensure that no one forgets about important projects. And it makes sure that everyone knows what’s expected of them. Plus, having weekly meetings to review progress ensures accountability.

To make sure that everyone understands how to use the system, start by giving everyone a copy of the Goals Worksheet. Then, explain the process step-by-step. For example, say that you’ve got three different types of goals: short term, medium term, and long term. You could show participants how to fill out the sheet in such a way that they can easily see what type of goal they’re working on. Or you might choose to do something else entirely. Whichever approach works best for your group, just make sure that everyone gets clear instructions.

Once everyone is familiar with the system, give them some time to practice filling out the sheet. Make sure that they’re comfortable doing it themselves. If someone wants to ask questions along the way, don’t hesitate to answer them. After all, you want your employees to feel empowered to take ownership over their careers.

Finally, make sure that you follow up with everyone regularly. Don’t wait too long to evaluate whether or not they’re meeting their goals. If they aren’t, encourage them to come up with solutions to address the issues.

The OKR Method

The OKR method – or Objectives and Key Results – is a way to set and meet goals throughout your business.

It is a strategic system where objectives and desired key results are communicated and delivered throughout the organization. OKRs aren’t just about setting goals; they help employees understand what they should work on, why it matters, and how to measure success. By making everyone accountable for the same thing, OKRs give employees ownership over the company’s vision and culture. And because each employee knows his or her role within the organization, they’ll feel responsible if they see themselves reflected in the company’s performance. OKRs allow teams to create a shared sense of purpose and direction.

2. Optimize your Finance and Accounting Processes

Virtual companies are becoming more common. They are typically less expensive to start up than traditional businesses, and often involve fewer people. However, there are challenges associated with running a virtual business. One challenge is that it can be difficult to manage finances and accounting processes. This article explains how you can optimize your finance and accounting process.

Tips to Manage Finances

If you want to keep your finances under control, it helps to set spending limits. If you don’t know where to start, here are some tips to help you do just that.

1. Know Your Spending Limits

Set financial goals and stick to them. Before you even think about buying something, ask yourself whether it aligns with your budget. For example, maybe you want to save $100 every week toward a vacation fund. Or perhaps you want to pay off your credit card balance within six months. Whatever you decide, make sure that you’re working towards those goals.

2. Track Expenses

Once you’ve set your goals, you’ll need to track your progress. This way, you can see exactly what you’re up against. You might find that you’re spending too much on groceries, or that you’re overspending on entertainment. Either way, tracking your expenses gives you a chance to adjust your budget accordingly.

3. Pay Off Credit Cards Early

The earlier you pay off your credit cards, the less interest you’ll accrue. And the sooner you pay off your debt, the easier it will be to maintain your budget. To avoid paying late fees, use online banking to automate payments.

Tips to Payrolls and Taxes

Payrolls and taxes are one of those things that many small businesses don’t think about until it’s too late. If you’re like most small businesses, payrolls and taxes aren’t something you worry about until you’ve got a problem. And once you do, there’s no way out. You’ll either have to pay penalties and interest charges, or hire someone else to handle it. This could cost you thousands of dollars. But there are ways to avoid this headache altogether. Here are some tips to help you keep track of payrolls and taxes.

1. Start early. Don’t wait until the end of the month to set up your payroll system. Having a good plan ahead of time will save you money and headaches later.

2. Get professional advice. A qualified bookkeeper or accountant can help you figure out how much you owe in taxes and what deductions you can take. They can also advise you on whether you need to file quarterly or annual returns.

3. Keep records. Most states require employers to keep certain records for tax purposes. These include employee names, Social Security numbers, dates of employment, wages earned and hours worked. Some states even require employers to keep copies of W-2 forms.

4. Use software. There are several payroll programs available today that make it easy to calculate your payrolls and manage your books. Many of these programs offer free trial versions.

5. File online. In addition to keeping track of your payrolls and taxes, you can also file electronically. This saves paper and postage costs, and makes it easier to update your information.

6. Check your withholding. When you receive your paycheck each week, check to see if your employer has deducted enough income tax from your earnings. If he hasn’t, call him immediately and ask why. If you still don’t understand his reasoning, contact your local IRS office.

3. Identify the Right Technology to Manage Tasks

It’s important to understand how technology can make lives easier, especially when it comes to managing tasks. In fact, there are many ways to manage tasks effectively. For example, you could use email, spreadsheets, project management systems, or even paper and pen. Each method has its pros and cons for business owners and teams. One thing is clear: technology can definitely improve productivity. So what type of tool do you want to use? Here are options to consider.

Communication and Collaboration

Email is not the most effective form of communication. In fact, it’s often ineffective because people are busy doing things like working, sleeping, eating, etc., while emailing. This is why we use Slack, Dropbox, Skype and other collaborative tools to make sure everyone stays up to date on what’s happening and to improve employee engagement.

Project Management and Time Tracking

Trello is a popular tool for managing projects. You can easily add notes and collaborate with others. And there are tons of plugins and integrations out there, too, making it even easier to connect Trello to other systems.

Hive is an all-in-one project management software that integrates into Gmail, Slack, Salesforce, Jira, Asana, Dropbox, GitHub, Basecamp, and many more platforms. You can set up milestones, assign tasks, track progress, and keep everyone updated. It’s pretty powerful stuff.

Time Doctor is a simple app that allows you to monitor how much time you spend on different activities throughout the day. This way, you’ll know exactly what you’re spending your time doing. Plus, you can see how long each task takes, so you won’t waste hours trying to figure out why certain things take longer than expected.

Meetings, Presentations, and Webinars

Webinar technology allows you to hold a live event online. With webinar software, you can broadcast a video conference over the internet. In addition to being able to see each participant, attendees are able to ask questions during the presentation. They can even join the meeting via phone or computer.

You can use webinar technology to connect with individuals across the globe. A webinar is a great way to present information to a large group of people simultaneously. For example, you could offer a free training course to teach others about a particular topic. Or you could give away product samples to interested customers.

The key benefit of webinars is that it gives you access to people who otherwise might never hear what you have to say. Many companies have used webinars to market themselves and promote their products.

Customer Support and Client Assistance

Virtual call centers are an efficient and cost-effective way to provide customer support services remotely. Companies like Zendesk offer a wide range of features designed specifically for businesses. These include tools for managing multiple clients, automated reports, and even scheduling calls based on availability.

A good virtual call center will improve your company’s productivity while reducing costs. You’ll save money on office space and equipment, and you won’t have to pay for employee salaries. Plus, it’s easier to scale than hiring full-time employees.

4. Create an Actionable Plan for Remote Hiring and Outsourcing

Employee hiring is the most common method of hiring remote workers. However, it requires a lot of planning and preparation. You must ensure that you are able to provide the necessary resources to make sure that your employees are happy and productive. If you’re looking to outsource some work, you’ll want to take this into consideration.

If you choose to hire someone full-time, you’ll want to ask yourself how much time you’ll spend managing the employee. This includes making sure that they understand what they’re doing and why, providing feedback, etc.

You’ll also want to consider whether or not your potential hires have any special requirements. For example, if you’re hiring a programmer, do they need access to certain software or hardware? Do they have any specific technical knowledge that you don’t?

Once you’ve answered those questions, you’ll want to think about the types of projects that you plan to assign to the candidate. Some companies prefer to use freelancers for smaller tasks while others prefer to hire contractors for larger ones.

Finally, you’ll want to consider the benefits to both parties. If you decide to hire a contractor, you’ll want to look at the money saved versus the amount of time spent managing the process. Also, if you choose to outsource, you’ll want to ensure that the quality of work matches the quality of work that you’d receive from a regular employee.

Remote Hiring

Hiring remote employees isn’t always easy. You might think it’s easier because you don’t have to deal with commuting issues, but you’re wrong. There are many challenges involved in hiring people remotely.

The biggest challenge is finding qualified candidates. If you’ve never hired a remote person before, you might feel like you don’t even know where to start. But here are some things to keep in mind when searching for a candidate.

• Be Prepared
  
  

You’ll probably spend hours scouring job boards for potential candidates, but make sure you’re ready for the onslaught of resumes that come your way. Before you start looking, take some time to prepare yourself for the interview process. Here are a few tips to get you started:

• Know What You Want
  
  

Before you begin your hunt for talent, figure out exactly what type of position you’re seeking. Do you just need one person or do you need several? Is this a temporary project or a long-term commitment? Once you know what you’re looking for, narrow down your list of possible candidates.

• Get Clear About Your Needs
  
  

Outline your needs and requirements. Create a list of tasks you think you could delegate to a remote worker.

Using platforms like Fiverr and DigiWorks to get connected to remote workers around the world can make the process easier. DigiWorks is a vetted marketplace that connects you to high quality talent.

Outsourcing

Businesses are increasingly outsourcing tasks to freelance workers. Why? Because it saves money and increases productivity. And hiring freelancers is easier than recruiting full-time staff.

A good way to evaluate new recruits is to give them a short assignment. This gives you insight into whether they’re suited to your company culture. You’ll also learn about their skillset and how well they work under pressure.

Don’t hire someone just because she’s cheaper. Look beyond price and consider her experience, personality traits, and attitude towards work.

Make sure your employees know what is expected of them before they start working for you.

5. Create a Power-packed Strategy for Sales and Marketing

Sales and marketing are both important functions within most businesses. They often go hand in hand because one cannot exist without the other. However, many companies fail to make sure that they are working together effectively. This is why it is essential to develop a strategy that integrates the two departments. Here are some tips on how to do just that.

Remember to

• Make Sure Your Sales Funnel Is Working
  
  

Before you start thinking about how to integrate sales and marketing, you must first make sure that your sales funnel is working correctly. You want to find out whether your customers are actually buying something or not. If they aren’t, you might consider changing up your offer or product. For example, maybe there isn’t enough variety in your products. Or perhaps your prices are too high.

• Know What Customers Want
  
  

You don’t want to waste money on advertising if no one is interested in your product. In addition, you don’t want to sell to people who aren’t looking for anything specific. So, you’ll need to know exactly what your target market wants. That way, you can design offers that meet those needs.

• Set Goals
  
  

If you’re having trouble figuring out how to integrate sales and promotion, try setting goals. By doing so, you can see exactly what you need to accomplish. Then, you can use that information to create a plan.

Figure out your Ideal Customer Profile (ICP) and Buyer Persona

Before you start planning your next marketing campaign, it’s important to know what you want to achieve. You must define your ideal customer profile (ICP). This is the group of people that you are targeting with your product or service. What do they look like? How old are they? Where do they live? Who are they? Why do they buy from you? What problems does your product solve for them?

You must also identify your buyer persona. A buyer persona is a fictional character based on real customers. They represent different segments within your target market. For example, there could be one buyer persona for small businesses, another for mid-sized companies, and still others for large enterprises.

Once you have defined your ICP and buyer persona, you can begin to formulate your buyer’s journey. Your buyer’s journey is a roadmap that helps you understand how potential buyers move through your sales funnel. As a rule of thumb, every stage of the funnel represents a distinct set of challenges that your prospects face along the way to becoming a paying customer.

Identify your Marketing Avenues and Channels

The most successful companies are those that understand how to leverage every channel possible to maximize sales. Whether you’re selling B2C products or B2B solutions, there are multiple ways to market your product or service. In fact, according to HubSpot research, over 80% of consumers use social media platforms like Facebook, Twitter, Instagram, YouTube and Snapchat to learn about brands, while nearly half (49%) of marketers say email is still one of their favorite digital marketing tools.

In addition to traditional advertising methods such as print ads, TV commercials, radio spots, billboards, etc., it’s important to consider other marketing avenues including:

1. Email – This is probably the most popular form of communication today. If you want to reach customers, prospects, and leads, you must have an active email list. You can start building your list by offering something free in exchange for people providing contact information. For example, you could offer a guidebook, whitepaper, webinar, eBook, checklist, cheat sheet, or another type of useful resource in exchange for someone signing up for your newsletter.

2. Blogging – If you don’t already have a blog, you should think about creating one. A well-written blog makes readers feel valued and appreciated. And if you write regularly, it’ll keep your brand relevant. Plus, blogs rank highly in search engines, so they can help attract visitors to your site.

3. Video – Video marketing is quickly becoming one of the best ways to connect with customers on a personal level because of its ability to engage viewers easily, improve conversion rates, and turn browsers into buyers. Companies like Facebook, Youtube, Vimeo, Dailymotion, and Wistia are great places to upload videos and grow your following.

4. Mobile – With consumers constantly accessing content via mobile devices, having a responsive design is critical. Make sure your website looks good on smartphones, tablets, laptops, desktops, and even TVs.

5. Content Marketing – Creating high quality content is a vital part of online marketing. But writing alone isn’t enough; you have to distribute that content across platforms and formats. To do this effectively, you need to focus on producing great content that attracts attention and gets shared.

Set an Analytics System in Place

A good sales and marketing strategy requires having a clear understanding of how much time and money it takes to generate leads, convert those leads into customers, and close deals. A solid sales and marketing strategy includes setting KPIs (key performance indicators), measuring progress against those KPIs, and tracking conversion rates. You can do this manually, or use a system like Google Analytics to automate some of the process.

Google Analytics is one of the most popular tools used to track sales and marketing efforts. It allows marketers to see where visitors are coming from, what keywords they searched for, and what actions they take once they arrive on your site. This information helps you understand what works well and what needs improvement.

Setting up an analytics system is easy. First, make sure you have a web server running. Then, install the Google Analytics code onto your website, either through your CMS or directly on your HTML file. Finally, configure the settings in Google Analytics to work best for your organization.

Review your Sales Process

Virtual selling is different from traditional face-to-face selling. In virtual selling, you don’t meet prospects one-on-one; rather, you connect with them online via email, phone calls, webinars, etc. You can use video conferencing tools like Zoom to conduct meetings.

The key difference between virtual selling and traditional selling is that virtual sellers do not meet prospective buyers face-to-face. They communicate with potential clients through emails, phone calls, live webinars, and other forms of digital communication.

In addition to communicating with potential clients, virtual sellers must make sure that they thoroughly review their sales processes. This includes documenting every stage of the sales cycle, including lead generation, qualification, proposal development, presentation, closing, post-sale support, and customer retention.

If you’ve been selling for a while, chances are good that you already know most of the stages involved in a typical sales process. However, even if you haven’t sold anything in quite some time, reviewing your sales process is still essential. Why? Because it helps ensure that you’re following best practices and that you’re doing everything possible to maximize your sales efforts.

6. Draft a Structure for Virtual Team Training and Virtual Employee Management

Virtual team collaboration is becoming increasingly popular among companies looking to save money and increase efficiency. However, it’s important to note that virtual teams are different from real ones. While there are many similarities, there are some key differences that you must consider when planning for success. For example, virtual teams tend to have fewer members, less face-to-face communication, and less physical space. These factors make it difficult to train employees and manage performance.

To ensure that employees are able to work together effectively, you must plan ahead. This includes creating a structure for virtual team training, and virtual employee management. You can use these structures to help employees better understand how to interact with each other remotely. By doing so, you can avoid problems such as miscommunication, misunderstandings, and poor performance.

Team building initiatives help improve employee engagement and lead to happier employees.

Organize Team Tasks Frequently

Virtual teams are becoming increasingly common in today’s workplace. These groups typically consist of people located across different offices, states, countries, and even continents. This type of distributed team structure brings many challenges, including effective communication and coordination.

Communication is one of the most important aspects of virtual teamwork because it allows members to collaborate effectively. But how do you ensure that everyone knows what’s happening? How do you make sure that tasks are assigned correctly and completed efficiently? And how do you avoid wasting time and resources?

The answer lies in organizing workflows frequently. By doing this, you can easily see where things stand and quickly identify bottlenecks in your process. You can also use this information to plan ahead and prevent problems from occurring.

To organize your workflow, consider creating a project board. A project board is simply a list of projects organized into categories. For example, you might group your projects into the following categories:

•  Projects underway
• Projects being worked on now
• Projects due soon

7. Create a System for Analysis and Improvement

The most important part of digital marketing is analyzing what works and what doesn’t work. This requires having a clear understanding of how people interact with your brand online, and what you’re doing wrong. You must analyze everything about your site – from traffic sources to conversion rates. Once you’ve analyzed your data, you’ll want to set up systems for improvement. These are things like A/B testing, split tests, and multivariate testing.

You can use analytics software such as Google Analytics to help you track visitors, conversions, and revenue. If you don’t already have one, you might consider starting with a free trial version of GA. Then, once you understand how it works, you can upgrade to a paid plan.