Personal Finance Sep 10, 2015 06:27 AM EDT

5 Common Pit Holes to Avoid in Launching a Virtual Company

By Staff Writer

The internet has become a very important tool for a business to succeed. However with the traditional mindset still anchored on most startup company owners, succeeding in the virtual world is close to impossible.

Macy's, a very popular American retail store, has recently announced that it will shut down 40 physical branches to move to e-commerce. One's business shouldn't necessarily be as big as Macy's to decide that the internet is the next frontier. Regardless of the size of the products or services offered, a virtual company can multiply its potential to succeed, or fail depending on how it is managed.  

More and more companies are investing on hooking their businesses in the virtual world these days and one can say that the ideas are truly out of proportions. For instance, a Florida-based man named Archie Weber launched a company that helps startup companies decide if they needed a website or not by giving them a virtual tour. It's become successful. Weber's one of the three Googlelicensed virtual tour experts in his State. His business may have been successful because of Google but Google surely uses a formula to make business with a man who lives a coast away. 

There are common pit holes that should be avoided when launching a virtual company.

First, don't let the team members just work whenever they feel like working. This will adversely affect productivity, stall deadlines, and ruin the quality of work. It is better to let the team set their own hours, but under certain parameters. 

Not creating a standard operating procedure is a mistake. Develop a concrete SOP for every process in the company.

Refraining from sticking to a specific company culture is also a huge mistake. The team members will not have a sense of connection with the business. This is why, even without a physical office, creating a company culture is still crucial. 

It is also very important to choose the right CRM or software to run the company. This will help in operation expansions in the long run.

Finally, one must make sure to have a hiring process that can help determine whether the person employed can work remotely. The person hired should have enough discipline and equipment to work remotely.

Avoid these pit holes; continue to be passionate about the company launched online and success is at hand.

Copyright ©

Real Time Analytics