As of 2021, millions of people work from home and companies are transforming brick-and-mortar stores into remote businesses with a home-based workforce. Almost any business can be remote, as you can see in the list of 15 remote business ideas published by Under30CEO.
If you’ve been thinking about starting a business, you could build a traditional company. However, here’s why you’ll be more successful if you create a remote business.
- You’ll have creative control over your business
If you’ve ever been a supervisor, you know how frustrating it can be having no control over business decisions. Even when it’s not your responsibility, it’s hard to ignore situations where your ideas could help the company.
Running your own remote business will give you full control over your business. You’ll probably need to consult with others for help, but you’ll make the final call.
- You’ll have more control over your income
Nothing beats being in control of your income. You can work when you want to earn money, and take days off when you need to rest. You won’t be tied to a schedule you didn’t create.
Running any kind of business will require intense commitment and hard work, but you can set your hours as you see fit. For instance, if you only want to work four days per week, that can be part of how you operate.
- Supply chains are breaking down
When you start a remote business, you can offer a product or service that isn’t affected by the current supply chain breakdown. If you work for an employer, you’ll be at the whim of their supply chain issues.
Between expensive shipping containers, cargo ships anchored in the sea waiting for permission to dock, and the Evergiven getting stuck in the Suez Canal, it’s been a crazy year for the shipping industry.
The COVID-19 pandemic has caused massive supply chain disruptions throughout 2021. Key manufacturers have been reporting empty warehouses and they don’t know when, or if, their stock will be replenished.
Running a remote business puts you in charge of what you sell. If your supply chain is disrupted, you can find other products or transition over to a new business. If you’re selling services or digital goods, you can bypass the supply chain disruptions completely.
- Remote businesses are highly profitable
Since remote businesses don’t have the usual expenses associated with running a business, they tend to be more profitable from the start. For example, you won’t have to pay for office space, electricity and internet in the office, furniture, equipment, and office supplies. You won’t even have to buy laptops and software when you hire contractors.
Businesses with remote employees experience 25% less turnover, which saves companies a ton of money. Remote businesses are still on the hook for generating sales, but the extreme reduction of expenses creates a profitable advantage.
The flexibility of running a remote business makes them even more profitable. For instance, you can run your business from anywhere in the world as long as you have an internet connection. This freedom makes it possible to meet with clients anywhere without having to cover positions, take a day out from the office, or ditch staff meetings.
Remote work tends to generate higher income for all, whether it’s a business or employee. For instance, remote workers generate an average of $4,000 more per year than employees.
- You can set your own schedule
Most people would agree that being in charge of your schedule makes any job better. When you work for someone else, you have to request days off and sometimes you can’t even get a decent schedule. Just when you start getting regular hours, you’re forced back into random hours that messes with your sleep.
When you work for yourself running a remote business, you’ll set your schedule. You’ll never have to rely on someone else to take a day off or tell you what hours to work.
- You can hire contractors instead of employees
Most remote businesses hire contractors rather than employees. This provides tax benefits, as you won’t need to pay half of their Social Security or Medicare taxes. You also won’t need to provide healthcare benefits or buy workers’ compensation insurance.
Hiring contractors is not just a great way to save money. Good remote contractors are self-directed and 35-40% more effective than regular employees. When you find the right team, you’ll get results that will make you proud.
Start creating your remote business today
Now is the best time to build a remote business. Start brainstorming ideas and then choose a business. However, don’t be too picky. Jump in quick by forming an LLC or getting your DBA. If you wait too long, you might not take action.