Planning Your Virtual Business

Virtual businesses usually don’t have any physical storefront that customers can visit, and they may also allow employees to work digitally from home. Therefore, it’s not surprising that virtual retailing is the most common form of virtual business. The earliest examples of consumer-facing e-commerce might be traced back to CompuServe’s Electronic Mall, which was unveiled in 1984. One of the easiest costs for many companies to cut is the overhead that comes with retail space.

Her work has appeared online at Bill Savings, Money Smart Life and Mortgage Loan. Because you are virtual, many will think you are not a real business and that you will not be around in the long-term. Be honest with your clients and potential customers, sharing your vision and goals for the business. Offer references from satisfied customers and educate new customers about your standards for excellence and the processes your business employ to achieve success.

A virtual enterprise is a network of independent companies—suppliers, customers, competitors, linked by information technology to share skills, costs, and access to each other’s markets. Such organizations are usually formed on the basis of a cooperative agreement with little or no hierarchy or vertical integration. This flexible structure minimizes the impact of the agreement on the participants’ individual organizations and facilitates adding new participants with new skills and resources. Such arrangements are usually temporary and dissolve once a common goal is achieved.

While the shift to virtual in the retail industry has been among the most noticeable trends of the digital era, many other industries are making the same leap. In general, the more work that’s done on a computer, the easier that business can shift to a virtual business, so the IT sector has embraced many aspects of virtual business. Here are the basics of virtual business, some examples of industries that are particularly well-suited to go virtual, and the pros and cons of making the switch.

In fact, there’s a team of people behind almost every successful person I’ve met in my many years doing business. In this lesson, students will be introduced to creating an online presence. The lesson focuses on the aspects of business that needs to be considered before taking it online. In this lesson, students will learn about e-marketing to select target markets and compare and contrast e-marketing techniques to traditional marketing techniques. This lesson will show how to research pricing and billing practices for a virtual business and then appropriately set fees. A virtual business is one that moves a significant portion of its business online.