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Why Having a Virtual Business Is Beneficial

Updated: Aug 9, 2023

The world of business has undergone a massive transformation over the last decade, thanks to the internet and advancements in technology. One of the most significant changes has been the rise of virtual businesses. A virtual business is one that operates entirely online, with no physical presence in the real world. While this model might seem counterintuitive to some, there are several benefits to having a virtual business. In this article, we'll explore these benefits and back them up with some statistics.

First and foremost, virtual businesses are incredibly cost-effective. With no need for physical space, the expenses associated with rent, utilities, and other overhead costs are eliminated. Additionally, there are no transportation costs, as employees can work remotely from anywhere in the world. According to a survey conducted by Owl Labs, companies that allow remote work save an average of $22,000 per year per employee. Virtual businesses also allow for a much more diverse workforce. Without geographical constraints, businesses can hire employees from anywhere in the world.

This means that companies can tap into a much larger pool of talent, increasing the chances of finding the best fit for each role. According to a study by Upwork, 59% of hiring managers agree that remote work allows them to find the best talent available.

Another significant benefit of virtual businesses is increased flexibility. Without the need to maintain strict operating hours, employees can work on their own schedule, leading to increased job satisfaction and a better work-life balance. In fact, a survey by FlexJobs found that 65% of respondents said they are more productive when working from home, and 85% said that working remotely would positively impact their work-life balance.

Virtual businesses also have the potential to be more environmentally friendly. By eliminating the need for a physical office space, companies can reduce their carbon footprint significantly. According to a study by Global Workplace Analytics, if the U.S. workforce shifted to remote work half the time, it would have the environmental impact of taking the entire New York State workforce off the road.

Finally, virtual businesses are often more resilient in times of crisis. During the COVID-19 pandemic, businesses with a physical presence were forced to close their doors, leading to significant losses. Virtual businesses, on the other hand, were able to continue operating as usual. In fact, a study by Mercer found that 94% of employers reported that their remote work policy was successful during the pandemic. As 2020 has showed us, virtual businesses offer a wide range of benefits, including cost savings, access to a diverse workforce, increased flexibility, environmental friendliness, and resilience in times of crisis. With the world becoming more connected than ever before, the virtual business model is becoming increasingly popular and is sure to continue growing in the years to come.

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