The world is progressing rapidly. E-Banking, E-Commerce, E-Mail, almost everything has got an “e” attached with them these days and that’s because of the internet “boom” that has occurred. Most businesses have either completely transitioned themselves to a digital world, or have at least adapted themselves to it to a certain degree.
1) Location Independent
The biggest difference between a virtual and a regular business is that a regular business consists of an office or a shop where all employees come to work, whereas a virtual business, doesn’t necessarily need an office at a workspace. And while a regular business has to hire people from the same place, a virtual workspace could be working with people around the world.
2) More Flexibility
With a workforce that isn’t located in one place, it’s quite possible that you have different time zones. While that may cause a communication gap of sorts, it allows you as well as other employees to work on their own schedule.
A virtual business has much more flexible timings than a regular business.
3) Interaction with Employees
In a virtual business, there’s almost little to no interaction with your employees face to face, which is certainly a hindrance in properly getting to know each other and developing a much friendlier (virtual) office environment.
One way of increasing the interaction though is to arrange for meetings and events at regular intervals in a certain city that either you live in or is closest to all of your employees.
You could also combine fun with business by inviting them for a trip to a beautiful city such as Nottingham to have a slight vacation from the regular mundane life, as well as get to know each other.
If you happen to be hosting the meeting in Nottingham, then you can look at the Venue Finder to get a temporary place for you and your coworkers, such as meeting rooms Nottingham.
While the actual cost/profit numbers would vary drastically depending upon the exact specifications of your business and where you are located, in general, a virtual business is much easier to set up and consists of lower initial capital.
You do not need to rent out an office space, nor do you need to cater to the many utilities and other secondary costs that come along with having an office.
While it might have been the opposite about a decade ago, these days’ people have a lot more trust with an online business rather than on-location ones. A virtual business means that the customer can thoroughly inspect your website, and trust that you are a verified business. Even if you plan on keeping your regular business, a virtual online presence greatly increases the chance of the customer trusting you as a reputed company.