Business Studies - How Can A Virtual Office Help My Home-Based Business?

Business Studies Online

This article is intended for the professional who operates out of their home or for the home-based business owner. The convenience and economy of working from home is nice, however, as the business grows the need for an office located in a “business location” will increase. However, you currently cannot afford nor need all the services of an executive suite or serviced office. A virtual office is an excellent alternative which can save up to 78% of the cost of traditional office services.

Perhaps you’ve experienced the following scenarios:

“Where is your office?”

During your initial sales meeting, you’ve convinced your prospect that you understand their needs and you look forward to providing a solid proposal of your solution to their problem. They like your personal professionalism and your team appears as competent as the competition. Then they look down at your business card and ask “where is your office”? Suddenly you are on the defensive, only as big as your 8’ X 10’ home office. You can’t afford nor need to invest in office space, but what can you do? A virtual office is an excellent way to present a bigger company presence. Suddenly you are as large as a multi-story office building located in the prestige business districts of your city.

“We don’t do business with home-based companies.”

You are able to deliver the goods or services the large Fortune 100 company needs but they don’t do business with a “home-based” company. How can you arrange for your phone and mail to be serviced with an address within the “business district”? A virtual office is an excellent way to present a prestige address for your home-based business.

“Let’s hold the meeting at your office!”

You must host a team collaboration or presentation meeting. Any gathering with more than 3 or 4 people in attendance typically requires the meeting to be moved out of the “office room” and into the kitchen or living room. Such a casual environment takes away from the professionalism of the message you are delivering. A virtual office facility will provide quality meeting room facilities at an economical fee when compared to hotel conference room rates.

The availability and use of white boards or audio-visual equipment to support the meeting activity might be limiting at your home office. Parking might be difficult to accommodate. You will need to provide restroom and possibly beverage or food service which means time and effort to prepare. Wouldn’t want your boss or prospect to see the “dirty laundry”! A quality virtual office facility can provide the equipment and facilities needed for most any meeting or presentation, often these are provided at no additional cost with the meeting room fee.

What is a Virtual office?

A Virtual office is a service provided by many full serviced or executive suite providers. Typically, they will offer Virtual office services with options so that you purchase just the services you need to enhance your business. Examples of these packages are:

1. Virtual Office Address Only - Includes the use of a prestigious business address, receiving mail, handling and receiving shipments, signing for mail when authorized.

2. Full Virtual Office with Live Answering - Includes all features of the package above plus live personalized telephone answering, including voicemail box with remote access.

3. Full Virtual Office with Live Answering and Conference Room Time - Includes all features of the package above plus conference room time.

Additional services should include mail forwarding to an outside address or call forwarding to an outside line (home office or mobile phone).

A quick checklist of the features/benefits you should expect to find with a quality Virtual office provider would include:

- A prestigious address
- Upscale contemporary reception area
- Fully-equipped conference rooms and common areas
- Access to an association network to support your out of town activities
- Professional receptionist to greet clients
- Full administrative and secretarial support services
- Kitchens with complimentary beverage service and vending machines.

If you like the economy and convenience of working out of your home but have encountered the need to present a professional, business “storefront” you now know there is an alternative to the traditional business office or executive suite lease options.  The Virtual office from an Executive Suite provider is that alternative.

Additionally, if you find an increasing need to host meeting or presentations and want to provide a more professional option outside your home or the neighborhood Starbucks and a more personal option than a hotel, you now know there is a solution. The Virtual office from an Executive Suite provider is that solution.

Business Studies Online

Business Development - How And When To Start A Home Based Business

Business Studies

Starting a home based business is much the same as starting a traditional business.  It will require intelligence, courage, market research, product development, marketing, advertising, sales, planning, time, energy, commitment, perseverance, and lots of patience.  You are not going to get rich overnight regardless of what you hear or read.  The opportunities are there but so is the competition.  You will need to work full time at developing and implementing the strategies necessary for success.   

Before you begin you should have a goal in mind.  Why are you starting this business?  What is your business objective, and how are you going to accomplish it?   Who is going to manage the business?   How much time and money are you going to devote to the business?   Where in your home are you going to set up your business?  When is the best time for you to conduct your business in your home?   Most people dislike having to get up in the morning at set times to go to work. Well, having a home base business may give you some flexibility as to a starting time for work, and eliminate the commute, but you are still going to work some long hours initially to get your business up and going.  Of course, you will not have a boss to supervise your work and hold you accountable.  So you are going to have to practice some self control and avoid all of the distractions that take you away from your business.  A home based business is still a business, and it will call for self discipline, perseverance, patience, and commitment on your part to make it work. 

You have several approaches that you can take to make money in your home based business.  You can choose to create your own affiliate program or join several established affiliate programs.  The difference being that you will be marketing your own products and services versus helping someone else sell theirs.  The time, money, and possibly labor involved in developing your own product is going to weigh heavy in which way you go in setting up your home based business.  Also keep in mind the competition that exists worldwide.   

Affiliate programs are not the only way to make money in a home based business.  You can use your professional skills and work as an independent contractor and do freelance work.  The internet also hosts a very active labor market, so if you are a specialist in some field, you probably won't find it too difficult to find a job. Full time positions over the internet are rare.  Many sites act as middlemen for getting contractors and freelance service providers together and very few charge a fee.  If you feel out of depth in starting your own business, using your professional skills might be a better option for you.  

Creating a successful home based business will require intelligence, resourcefulness, and hard work. If you are the type of person who gives up easily, you should not bother; you will be wasting your time. But if you have entrepreneurial instincts and are an individual who likes to rise up to the challenge, someone courageous enough to take charge of your own life, then by all means, give it a shot! You never know what you can do unless you try.  Good Luck!

Business Studies

Business Journal - How A Home Business May Protect You From The Housing Bubble

Business Development

Not everyone agrees there is a housing bubble which will have an impact on the entire economy, but how about one that has an impact on you? If your home was devalued, even temporarily, do you have the cash flow to sustain your credit or allow you to sell your home without getting into debt? In the US today, many people live in homes which have positioned them in a loosing financial situation. How can a home business improve your financial position and protect you from the potential effects of a housing bubble?

First, many people have W-2 income as their only source of income. While a job is certainly a great way to trade your time for a consistent flow of money, it also provides you with the fewest tax advantages which means you end up paying more to Uncle Sam than those who also run a home business on the side. For example, many CPAs and tax planning specialists can show you how to deduct part of your home expenses, your cell phone bill and even costs to maintain and operate your vehicle, legally, if you are able to document that you actively work on your home business each day. This can turn expenses you are already paying for, into tax deductions. That’s money in your pocket! Money saved can be reinvested into growing your business or applied to paying off your mortgage more quickly.

Protect yourself and protect your hard earned home equity by improving your cash flow and avoid running close to the edge of the value of your home compared to the debt owed in your mortgage and any home equity loans. Be sure you consult with a tax professional and a CPA to properly plan the tax benefits you can receive from having a home business. Apply those savings to building your savings and also to paying down your mortgage as quickly as possible. The more equity to have in your home, the more insulated you are from possible effects of the housing bubble and also from the effects of personal and professional emergencies.

Business Development