There has never been a better time to move business operations online, it has been claimed.
Writing for Business 2 Community, Leiden Johnson said increased competition for web-based services means low prices for web hosting, cloud applications, and online storage.
As such, it is possible for entrepreneurs to run businesses very affordably online – and ensure they make bigger profits.
“By migrating most of your business process online, you effectively hedge costs and reduce your exposure,” Mr Johnson stated.
“For one, you’re no longer limited to expensive office lease and monthly bills. You also get more options when it comes to the individuals you employ.”
Businesses can set up a virtual office – offering access to a registered address and mailbox at a desirable city centre location.
They can also choose to use administration and telephone answering services if appropriate, or hire meeting rooms at this location.
Mr Johnson explained that when companies go virtual, it gives them much more agility and flexibility.
“Luckily, you’re no longer bound by geography,” he noted.
“This means you can hire from anywhere in the world. Aside from your original employees, you can also scout for freelancers over the internet.”
Mr Johnson explained that business leaders can take advantage of a wide range of management tools which enable them to keep track of their staff.
They can keep in touch using email, online collaboration tools, while sharing files and documents using cloud-based applications, he said.