4 Components Of A Virtual Business

Everyone talks of the ideal lifestyle. Being able to work when you want, where you want. And being able to travel when you want, where you want.

But how many people actually live that lifestyle? Sad to say, not very many. Most people are still living with a JOB, having to work 50 weeks out of the year to be able to afford all the "toys" in life.

Saying you want the ideal lifestyle, and actually living it are two different things.

In the early 1990's, I fell into a virtual business totally by accident. I had a local photography studio that catered to many different types of customers, all within a 10-mile radius of my business.

Then I discovered the Internet.

In those three years, I came to discover key components to owning a virtual business. And what I discovered could have an incredible impact on the way many people do business today. It's not about making small changes to your current business plan. It's about completely overhauling the way you do business, and creating a wealth of opportunities for your future.

I define a virtual business by 4 key components.

Component #1

A virtual business owner depends on technology. The owner or founder relies heavily on technology, and is always updating existing technology, and looking for new ideas.

When you're ready to take your business beyond your local neighborhood, technology will get you there faster, more efficiently than any other method. The Internet is instant.

Have you ever sent an email to someone half way around the world? One night I was sitting at my desk working on a project that was due the next morning. As I checked my email for incoming information, I opened up an email from a potential customer in Ireland. She had a quick question that was easy for me to answer. Because she had sent her email only minutes before, I quickly responded, and sent her an email to answer her questions. Within a few minutes, her order came through my system.

Isn't that amazing? Even a few short years ago that transaction would have been impossible. Technology has opened up so many doors for potential sales - and potential new customers. But the key is to accept technology, and continually learn what is available to you. Then use it wisely.

Component #2

A virtual business owner does not base her marketing plan on local market qualifications. Instead, she defines her perfect client in as much detail as possible, and scours the world for people meeting her qualifications.

No longer is it acceptable to define your customer in a broad sense. Using the phrase "anyone within a 10 mile radius of my office" to define your ideal customer will result in zero business in today's world.

Instead, focus on the exact details of your customer.

A woman, 28-45 years of age, pregnant with her first child, or having recently given birth to her first child within the past 6 months. She has a minimum of a college education, takes on average two family vacations per year, and spends 2 hours a day searching for information online.

The more detailed you become when defining your customer, the easier it is to reach them. And if you can define your perfect local customer, you can ensure you will find that same customer in many different cities around the world.

Component #3

A virtual business owner happily runs her office from anywhere in the world. With the advances in wireless technology and the power of a cellular phone, a virtual office can be set up anywhere.

I have to admit this is the one component that makes me glad to be a virtual business owner above all others.

Some people may hate the idea of bringing their businesses along with them on vacation. When they take their 2 weeks of vacation every year, they leave the world behind - including their business.

I, however, love the idea of traveling with my business. Because I bring my office with me, I can travel anytime I like. One week a month. Several months in the summer. Whenever I desire. Yes, I may technically be working all year long. But working a couple of hours in the morning, and touring a new location the rest of the day is the kind of life most people only dream about.

It's really about what you want to do with your life.

Component #4

A virtual business relies on little or no staff. Instead, functions are outsourced, based on need, to other small business owners.

I've had employees. They are difficult. They rely on you during every office hour for guidance on what to do next. They rely on you for the weekly paycheck. They rely on you for benefits. It's difficult.

Many people will argue with me that employees allow you more freedom within your business. That's true. You can't do everything yourself AND have a life too. Yet there are other ways of having a successful business without the headaches of employees.

A virtual business can be operated from anywhere. Yet if you're tied down with employees, it makes it difficult to leave the business for extensive lengths of time.

Instead, I've chosen to work with other small business owners that can provide me with services I need to run my business more efficiently. Because I "hire" other small business owners, I "hire" extremely motivated people. Entrepreneurs are always more focused then employees. I get the precise service I'm looking for. I pay for it. I get exactly what I need. And I move on. What could be better than that!