The Benefits of Having a Location-Independent Business
Remote and location independent international businesses started to rise in the late 2010s. In fact, Walter Analytics as a company and a team is also a remotely operated business. We do believe in this approach and got many questions from clients and partners on how do we manage our business without maintaining a physical office. In this week’s topic, we will explain the benefits of a location independent business, how to run a location independent business and what are the most useful tools for a manager to run the business remotely.
Access to the Internation Pool
The number one benefit wouldn’t be the costs as you might imagine but the access to international pools of talents and new businesses. When you don’t have a physical office or headquarters, you won’t be tied to a single location or market. With a location independent business operating online, you have the access to a wider pool of talent and businesses. You can hire practically anywhere in the world, and that gives you a cutting edge advantage over your competition. Finding talent in a city is hard if you are not in one of the major hub business points but hiring from online anywhere you have access to anyone. Finding new business at your town is also challenging, and eventually, if you are successful enough, you’ll run out of new business options. With a location independent business, the world is your market.
Cutting the Costs
This should be the second most significant benefit and cannot be neglected, but it is far not the most important. But it is true, without a physical office, you will have much power on your revenue. Severe overhead costs can be reduced and with location independence you can also harness the power of international corporate laws and tax jurisdictions. While you will spend a lot on new tools to manage your business, you don’t need to worry about costs for new vending machines.
Location independent businesses don’t have a physical office and fixed staff mostly. Though there are some key members of your team, everything is flexible and aligned with your revenue. With this flexibility, you will gain a serious quick market advantage; you can adjust your business while on the go anytime.
This week we will show you how to run your business remotely. Please join our weekly Q&A where we answer all of your questions.