Virtual entrepreneurs operate in a different business mindset
Virtual businesses are as much about mindset and lifestyle as they are about business -- probably more so.
The notion isn't new -- Drake Resource Group Inc. has been virtual for all of its 13 years, for example -- and the terminology isn't just 21st century jargon for an entrepreneur with a laptop and a desk in the spare bedroom. With the world literally at their fingertips, virtual entrepreneurs approach business differently.
"I have the luxury to work with clients just about anywhere from just about anywhere. I don't have to keep 9-to-5 hours," says Jason Burton. "As long as I can get online, I can do the job."
Sometimes the job is done in the wee hours. Kathy Graham, who runs HQ Search Inc., a financial executive search firm, from her home in Sugar Grove, often is on her computer at 3 a.m. That's partly because she's awake with energy and ideas, and partly because her contacts are worldwide.
"You think globally because you can go where the people are," Graham says. "There are only two cities I call during the (conventional) workday: Chicago and London."
In addition to HQ Search, Graham has four other virtual businesses: HQ Services, basically a research company; HQ Scripts, where Graham's financial writings include a kids' book on economics and a career book for adults; HQ Financial News, a newsletter; and HQ Seminars, which offers face-to-face and Web programs.
HQ, by the way, is a shortening of Highest Quality; Graham's businesses are not part of Regus Group's HQ shared offices company.
Graham doesn't work alone, but her staff is as virtual as her businesses. In fact, at most virtual businesses the term "staff" means independent contractors who work -- virtually, of course -- for other businesses as well.
That's the situation for Susan Drake, president of Drake Resource Group, a Hawthorn Woods company that designs customized learning programs for Fortune 1000 companies. Drake's "staff" includes six regulars and "60 others we place on projects" as needed.
Software keeps everyone organized and in touch. Communication works at Drake because "We all share the same Internet-based software," Drake says.
Internet communication is the key for Burton as well. A Chicagoan who has been an independent tech consultant for small businesses for 10 years, Burton has clients and support staff around the world.
"Some of the people I work with I've never even heard their voices," Burton says. "There's a fantastic graphic designer in Australia I've never spoken to."
When he needs help, "There are lots of good online forums I use," Burton says. "Lots of techs get online."
In spite of the fact that their businesses operate in a mostly different sphere, the owners of virtual businesses face many of the same management issues that owners of conventional businesses face. That's next week's column.
© 2008, 121 Marketing Resources Inc.