Leverage strengths for success in virtual business

Stephen L. Rosenstein | Tips for Entrepreneurs

September 28, 2008

In this age of instant communication and Web-based business services, there's more than one way to start and build a business. If your budget and time are limited, and potential partners and co-workers are widely dispersed, a good model to consider is to operate as a "virtual business." This is where most of the business structure exists online.

The virtual business movement has transformed how millions of small, successful firms operate. Under this model, business owners outsource nearly everything - including people and partners who can be anywhere - to create their company. The technologies and Web-based services to tie it all together are becoming more sophisticated but less expensive.

But none of this eliminates the need for running your business effectively. Staying connected and working in unison is vital to virtual success.

With people interacting only electronically from remote locations and little, if any, face-to-face contact, you will need to make an extra effort to foster trust and bonding between individuals. Talk by phone, use Web conferencing and try to meet in person on occasion.

Stephen L. Rosenstein E-mail | Recent columns

Leverage the strengths that a virtual business affords, including flexibility, quick decisions, low overhead and competence by promoting the credentials of your virtual partners.

The Microsoft Small Business Center at www.microsoft.com/small business is a site that offers much of what you'll need to get started. Previously known as bCentral, it has been reinvented as a suite of small-business tools and services. Intranets.com and Hot Office.com both specialize in offering to virtual small businesses the Web space and tools to communicate and collaborate. Yahoo Small Business, http://smallbusiness.yahoo.com, and BigStep.com offer an extensive lineup of tools and services.

Stephen L. Rosenstein is co-chairman of the Greater Baltimore SCORE Chapter No. 3. Call 410-962-2233 to speak to a SCORE counselor or visit www.scorebaltimore.org. To send a question to SCORE, e-mail smallbiz@baltsun.com.