What to Consider When Planning to Start a Remote Business

7 Essential Aspects to Consider If You Plan on Starting a Fully Remote Business

If remote working has been a matter of preference from companies until now, this isn’t the case anymore. With the coronavirus pandemic, many businesses were forced to find an alternative to keep their operations running under these unprecedented circumstances. The only method possible was to shift it to a fully remote approach. For many companies, this was a more significant challenge, while for others, this was a change that turned out to be advantageous in terms of productivity. For this reason, there are businesses now that have remained operating this way, or combining working from home with working from a physical space, an office.

As restrictions due to the coronavirus pandemic are starting to ease, entrepreneurs who are considering starting a business are looking into making it fully remote. According to a study earlier this year conducted by Growmotely, as many as 74% of professionals expect to be working from home, becoming the standard. 

Given this percentage, there is no denying that some businesses will be operating on this paradigm. So, if you plan on starting a fully remote company, here are the aspects you should take into consideration to ensure its success:

1. Learn the Guidelines and Policies That Apply

The fact that your business operations are taking place entirely in the virtual environment makes business guidelines and policies different from when you are working in an office. For this reason, before you start the necessary steps to opening a remote business, you must do your research concerning legal aspects and the required policies you need to follow. For instance, matters such as how contracts are devised for remote businesses and how you will be paying your employees are specific to this approach, and it is vital you are aware of these differences.  

2. Get Workers’ Comp Insurance

As a location-independent business, every aspect and activity within your business is taking place remotely. However, even if there is no physical place, like an office, getting worker’s compensation insurance is still necessary. Experts from Compensation Calculator UK point out that “if an employee suffers from a personal injury while at work, they are entitled to claim compensation for it. The amount of compensation you get is dependent on the severity of the injury and needed treatment.” Therefore, a remote business must consider getting worker’s comp, given that remote or telecommuting employees should be financially covered in case of personal injury.

3. Prioritize Open Communication

This aspect is of the utmost importance. Without proper, open communication, saying that a business will encounter numerous obstacles is an understatement. Prioritizing effective communication is crucial for a business, regardless of its approach, is based in an office or working remotely. Having said that, the latter requires a more rigorous communication plan. This also means that any meetings should be comprehensive to capture the necessary things that need to be discussed. 

Plus, it is vital you follow a framework to optimize time and make sure you cover as much as possible during the time allocated. For longer meetings, this needs to be communicated ahead of time, so all your employees can organize their time around it. When your business operates on the remote paradigm, making sure vital information reaches everyone is crucial. 

4. Assign Roles Effectively

Delegating and assigning roles is not an easy task. When doing this, it is vital you consider everyone’s strengths and assign tasks that make them nurture their potential, challenge them, and give them the opportunity to improve. When your business is location-independent, you should ensure that all your employees can fulfill their tasks. An effective way to accomplish this is by making sure the role is given to the right person.

5. Set Precise Tasks and Goals

Once you have assigned tasks accurately, all your employees should be able to fulfill them without encountering any issues related to management. This means that any task or company goal is clearly defined, and everyone understands them. Apart from the fact that employees who share company goals are more inclined to remain working for the business longer – which is highly important when you operate remotely – they also need to know their responsibilities and tasks well. 

When your employees are confident about their roles’ requirements and responsibilities, it will benefit both them and the business. This happens because they are working effectively to drive the business forward while growing professionally on a personal level. Sharing the same values is an incentive.

6. Devise Proper Talent Recruitment Strategies 

Remote businesses encounter both a challenge and an advantage when it comes to their recruitment. The fact that you can hire a candidate from anywhere in the world means that you have better opportunities at finding someone ideal. However, at the same time, this makes the recruiting process more time-consuming and challenging. This being said, when you devise your business’ talent recruitment strategies, it is crucial you consider taking the proper time to interview candidates and clearly define the company values and goals. Plus, it is also essential you create a safe and open-minded environment where everyone feels comfortable discussing any issues. So, communicating this during recruiting is highly necessary.

7. Ensure You Have Proper Equipment and (Online) Tools

There is no denying that remote businesses can generate good results. When properly run, and the right equipment and tools are used, these companies can have better employee performance than the traditional ones, which operate in a physical environment. This isn’t surprising, given that 80% of employees have stated that their productivity increases when working remotely. To accomplish high productivity as a remote business, it is crucial to ensure everyone has access to the necessary online tools, such as Outlook 365, for instance. 

Depending on your business needs, these tools can be from communication to productivity or special programs, like the ones needed for content editing. What’s more, you might need to provide proper equipment, such as laptops, if you want your employees to be working from a device that is not their personal one. These are expenses to be considered and included in your business plan, as they are vital for the seamless running of your remote business.

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