Running a virtual corporation takes an entirely different skill set and frame of mind than working at a physical location.
The popular conception of people who work from home, or telecommute, is a rather skewed one: when you think of working from home, you're likely picturing a leisurely individual clad in pajamas and bunny slippers, lounging poolside with a laptop and a cool drink.
This erroneous image of a glamorous freedom from responsibility, all while earning more money than you could possibly spend, has become the impetus for many disgruntled office employees and homemakers to fuel the growth of work-at-home scams.
The reality of operating a virtual corporation is much less dazzling.
Ask anyone who runs a business from home, and they'll paint a more accurate picture of long hours, endless responsibilities, and struggles with clients that would never occur in the regular business world.
The VC business model is not the easiest form to tackle.
However, make no mistake: it is the most rewarding, and eventually, the most fun. And it does get easier.
By arming yourself with the facts about running a virtual corporation before you begin one, you can turn a potential disaster into the best and most satisfying career you will ever have—and someday you will find yourself in the lounge chair by the pool, with a laptop and a cool drink, while everyone is asking you how you did it.
We'll start by discussing the aforementioned character traits you need to be a successful virtual corporation.
Passion: Does this one come as a surprise? Passion may not seem like a difficult trait to come by, but it's one of the most important for anyone working from home. You are going to be spending a lot of time thinking about your business, developing your business, working on your business, and convincing potential customers to give you business. That makes your passion for what you're doing an essential element of your skill set for two important reasons. One is that you will live and breathe your product or service. The other is that when you believe in what you're doing (or selling), that passion will shine through in your work, and your customers will feel confident in dealing with you.
Motivation: Are you driven to work for yourself? The reasons behind the decision to work from home in a virtual setting are as varied as the people who do it. For many, it is the freedom of creativity and the challenge of making all the decisions themselves that drives them away from an office setting. Some are simply tired of lining other people's pockets with the fruits of their labor. Thousands of parents make the move to virtual corporations in order to spend more time with their families. Still another great reason to work from home is the expense you will save on gas, travel time, professional attire, and takeout lunches. Whatever your reasons for choosing to start or transition to a virtual corporation, make sure the motivation behind them is powerful enough to keep you working when the going gets tough.
HELPFUL HINT: Determine your motivations for running a virtual corporation right from the start: "I want to be here for my family," or "I'm sick of dazzling clients left and right just to make my boss look good," or "If gas prices rise one more time, I'll have to start riding a bike to work." Then commemorate those motivations in physical form: make a poster, use the marquee setting on your computer's screensaver, or write it with a marker on a coffee mug. Keep your driving force on display at your home office desk and glance at it every once in a while—like after you've just argued with a client over why he should pay the invoice you sent him thirty days ago, or while you're up at two in the morning trying to put the finishing touches on a proposal. It will remind you why you're doing this, and what your rewards are.
Determination: If you're the type of person who gives up easily, running a virtual corporation will be challenging at best. The good news is, determination is something you can develop. You may find that otherwise well-meaning friends and family members have difficulty understanding that even though you're home, you're working; and no, you can't run to the grocery store or dog-sit for them, nor can you enjoy a leisurely chat over coffee in the middle of the afternoon. Determination to make your virtual corporation successful will help you learn to say "no" to requests that would seem reasonable, if only you weren't working. Start out by informing everyone you know (especially those who are potential interruptions) that you are starting a business from home, and briefly explain what your job will entail.
Self-discipline: As someone who will report only to yourself, you must keep in mind that the work will not get done unless you do it. You'll also have to deal with the temptation of distraction, especially in a virtual setting where the internet provides all kinds of lovely sidetracks that are just a click away. Most people don't naturally possess the amount of self-discipline necessary to run a virtual home-based business—but this skill is also something that can be developed. It's a case of practice makes perfect: the more often you remind yourself that you're sitting in front of the computer to work, the more natural the process will become.
HELPFUL HINT #1: Set a schedule for yourself and stick to it. Because you are working for yourself, you have the ability to create a flexible schedule that fits around the rest of your life. Perhaps you are able to devote the hours of 9 to 5 for work. Or, if you're following the virtual model in order to spend time with your family, you may choose to work while the kids are at school, and then put in a few more hours at the end of the day, after they've gone to bed. You can give yourself weekends off, or schedule additional hours on the weekends in order to have more free time during the week. Whatever schedule you set for yourself, the only important thing is to make sure you follow it as strictly as possible so you're not scrambling to get things done.
HELPFUL HINT #2: If you're able, have two separate computers: one for work, and one for leisure. One of the most difficult challenges in running a virtual corporation is setting boundaries between work and personal time; more often than not, beginners blend everything together and end up feeling like every waking moment is spent working. Having separate computers helps you distinguish work from leisure in your mind, and allows you to maintain your professional side while still finding time to unwind. Do not install instant messenger programs, chat room applets or computer games on your workstation computer; save those for private time.
Personal responsibility: For everything that goes right—or wrong—in your virtual corporation, you will be the one solely responsible for it. Those who work from home must keep in mind that when problems come up, they are responsible for solving them in the most professional manner possible. On the flip side, however, you get to take every scrap of credit for jobs well done. The pride and satisfaction you can take in running a virtual corporation is unmatched.
