How Location Independence is Changing Business Operations
For decades, most businesses operated in a conventional “office”, adapting the 9-5 setup. For you to be able to work as a businessman or an employee, you are expected to be physically present in your office.
However, times have changed. Businesses today not only can operate in multiple locations at the same time, it can also work without needing a physical store or office. With the advent of technology, you can have a fully-operational store and have buyers and customers do business with you without even going to an “office” or retail stores, or even meet you personally. Today, almost everyone is just an e-mail away.
This may sound silly, but businesses today have the opportunity to be what we call “Location Independent”
Location independence simply means being able to work and operate a business without depending and confining to a specific location. This is not limited to freelancers alone – you can run your business whether you’re in Sydney, Melbourne, or even in Costa Rica! Still not convinced? Let’s take a look at how Location Independence is changing business operations in today’s world.
Virtual Offices Replacing Traditional Offices
We’re accustomed to having an office dedicated to our business where we expect our employees to report, where we work on our own tasks, and where we meet with clients. That entails expenses for leasing, payment of utilities, renting of equipment, etc.
Today, you can start and run your business anywhere with a good internet connection, a laptop, and a couple of employees working remotely, without needing to pay for office spaces. Digital nomads, as some call them, uses the internet as their office, making their location irrelevant.
Outsourcing Made Easier
In a traditional setting, we hire employees to help run our business. This means business owners screens applicants, provide training and provide a basic salary and benefits. That can be a lot of work for starting businesses. Luckily, you don’t have to go through that. You can hire talents from all over the world by harnessing the power of the internet. From web developers, content writers, to virtual assistants, your options are almost endless! Few benefits of doing this include access to more talents, reduced hiring process, and limited liability.
You don’t have to hire a full-time employee then worry about monthly salary and benefits – you pay them per hour or per project and that’s it.
Effective Use of Geoarbitrage
Geoarbitrage, as popularised by Tim Ferriss in his book 4-hour Work Week, is a concept wherein you take advantage of differences in market rates and currencies of different countries. For example, you can do business with Australians paying Australian dollars, have a virtual team working for you getting paid in rupees, while you work using your laptop while renting a studio apartment in Thailand, paying in Thai Baht.
This means, your operation expenses from paying your employees, sourcing your products, and other expenses would be lower while maintaining (or increasing) your product and service rates which give you a bigger profit margin. At the same time, since you can run your business from a country with a lower cost of living, your money can go a long way.
The Rise of Co-Working Spaces
As mentioned earlier, virtual offices are replacing traditional office set-up. However, from time to time, we might seek an “office environment” where people around us are working as well instead of working from your home office or a beach in Brazil. Thus, the rise of co-working spaces.
Co-working spaces are office spaces that are open for everyone. Pay monthly or a daily fee and you’ll be able to work in their offices with comfortable tables and chairs, usually with free coffee, and of course, fast internet connection.
While this can save you a significant amount of money, the main benefit of co-working spaces is the opportunity to meet and collaborate with other entrepreneurs and like-minded individuals. The connection you can build here can translate to more business opportunities in the future or additional clients for your existing product or service.
Cloud Technology Advantage
Cloud technology made it possible for people, individuals or businesses, to send files to someone from another country and have it filled up, and send it back within seconds. The ability to do this through cloud technology makes it easier for business owners to send and review invoices, update a database, and retrieve archived data anytime and anywhere, making it possible to run their business regardless of the location.
In today’s world, you don’t need to be confined to one office space to run and grow your business. With the benefits technology has brought us, your office can be anywhere you are at the moment.
Contact us to find more ways to be location-independent and be free from the conventional way of doing business!
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