For aspiring business owners, deciding when to start your own business often comes down to money.
Unfortunately, people tend to associate starting a new business with significant overhead costs.
While that is often true, it doesn’t have to be!
Thanks to innovations in the workplace, getting your dream business off the ground just got a lot easier and a lot more profitable…all thanks to one little secret.
As I’ve already noted, a huge roadblock for many aspiring business owners is the large amount of capital it can take to rent out a workspace, purchase all the necessary equipment, and hire a staff.
But what if all those costs weren’t exactly necessary?
What if you could save SIGNFICANT money while at the same time being more productive?
While you may be thinking this all sounds too good to be true, it’s actually being practiced more and more throughout the business world and across industries.
Now certain businesses will be more equipped to work this way than others, but you’d be surprised by how far-reaching it can be.
So, what is this incredible secret tool?
The answer is surprisingly simple—remote employees.
Before you immediately write this option off because you think it won’t work for you, please take a moment to keep reading.
If you’re planning any kind of digital, technical, creative, or other such company, remote work should be a clear and obvious choice for you, since you most likely won’t have a space where customers need to physically visit.
On the other hand, if you are hoping to open a brick-and-mortar business, there are still plenty of areas where you could lean on remote work rather than additional in-person staff.
Those areas would typically include any kind of marketing or social media positions, since those can be easily done remotely while you still have as much control as you’d like.
Before we get into the nitty-gritty of the benefits of remote employees, let’s quickly talk about what remote work actually is.
All that having remote employees means is that they don’t come to a physical communal space to all work together.
Usually, remote employees will choose to work from home, or some kind of shared-working space near where they live.
The benefit of remote work for employees has always been about flexibility and a schedule that they can control.
The benefits of remote work for the employer are arguably even more expansive.
As I mentioned earlier, one of the biggest benefits of having remote workers is the decrease in costs.
Remote employees cost an average of $20,000 LESS than traditional employees.
Those savings come from reduced spending on office space and accompanying equipment, as well as the costs that go along with those things, like utilities and maintenance.
Another huge advantage to remote workers is that there is actually a marked increase in productivity.
Research shows that employees who work remotely are 22% more productive than on-site personnel.
That increase in productivity can be attributed to getting rid of any commute time, as well as the employee being able to work during the hours that THEY will be most productive.
Individuals are all different and often have different “best working conditions,” especially when it comes to time of day.
Some people are much more productive first thing of the day, whereas others don’t get chugging along until the afternoon, and some even work best late at night.
So long as your employees are handling their responsibilities, working the necessary number of hours a week, and getting all of their work done, letting them work during their peak productivity hours is only a good thing.
Another benefit of remote workers is access to a much larger talent pool.
When hiring remote employees, you’re not restricted to any geographical area.
Because of that, you’ll have access to a much larger pool of applicants and can be more selective in your hiring choices.
Particularly if you’re able to hire workers in other countries, you’ll have employees working 24/7, solving problems around the clock.
It can also be an attractive marketing move to have employees around the world, able to connect at any time of day, and possibly allow you to engage with international customers as well.
If you’re not completely sold on launching your business with remote employees, you can still take advantage of some savings and productivity-increases without diving in head-first.
Even allowing employees to work from home a couple days a week shows an increase in productivity and decrease in costs.
One report on “telework,” or working remotely, showed that companies could save $10,000 a year for every employee that worked from home just two days a week.
Savings like those can really help you take that leap to start your own business.
At the end of the day, you want to have happy and productive employees.
Giving your employees the option for a flexible schedule can secure top-notch talent at a fraction of the price.