These days, not every business is run and operated from a brick-and-mortar building. In fact, your ecommerce business can be established and managed from virtually anywhere – including your home office. Having a team of freelancers who work from all over the world can be just as productive as hiring employees in an office with cubicles. Wherever your workers are located, organization, good management and communication are keys to success for any company. The following guide provides some tips and resources to help your virtual company mesh perfectly with your freelancers.

Initial Organization and Administration

Setting up your company is one of your first steps. Forming as a limited liability company, or LLC, can save you on paperwork, protect your personal assets, and give you more flexibility and tax advantages. S corp Ohio structures are also a popular choice for new entrepreneurs, particularly with those who want lower self-employment taxes and the option of claiming deductions on their business losses.

You can start an LLC in Ohio on your own rather than paying an attorney's fees. If you are not comfortable doing this, consider a formation service that’s affordable and has expertise in the process. Since S corps involve more paperwork than LLCs to get up and running, it’s a good idea to use a service to help you form this entity. Other initial administrative tasks for your startup are establishing an accounting system and marketing plan and hiring high-quality workers.

Xero notes that an accountant can guide you to the best software for your specific needs as well as assist with debt management, business strategy and deciding what positions to hire to increase your revenue. You can start your online marketing campaign or hire a professional to ensure regular, high-quality postings on a variety of platforms that target your audience. Branding is crucial to your success, so if your talent is not in social media or if you cannot dedicate the time to consistent messaging, consider finding a freelance marketer.

When it comes to running an ecommerce business, there are a lot of legal considerations to keep in mind. From complying with online privacy laws to ensuring that your products are safe and fit for purpose, there are a range of legal issues that you need to be aware of. Failure to comply with the law can lead to hefty fines, and in some cases, criminal prosecution. This is why it is so important to seek out professional legal help when setting up and running an ecommerce business. 

Hiring Your Freelancers

When looking for your workforce, there are various searchable online job boards that showcase freelancers in specific fields. Experienced freelancers will typically have many reviews so look for feedback from past clients and try to read between the lines. Beware of low bidding on projects you offer—often these freelancers aren’t reliable and may leave midway through an assignment. You’ll also want to consider how a candidate fits into your business’s culture.

Virtual Management

Communication between co-workers can be effective in a virtual environment when you have the proper software. Utilizing Slack or Skype video conferencing allows face-to-face interactions and is also beneficial for social time to maintain camaraderie. Keeping staff satisfied increases production, so don't hesitate to engage in employee recognition, rewards, contests or online happy hour. Statistics cited by TeamStage show that employees are 17% more productive when they are engaged in their company and 12% more productive when they are happy in their workspace.

Thanks to various software tools, you can easily manage a team of online freelancers and oversee your successful virtual business. Communicating with your staff can be as simple as if you were in an office setting. Regardless of where your independent contractors live, take care of them. Pay fairly and consistently and offer recognition and rewards. Your talent pool is wide open, and with proper management, so is your business growth.

As a small business owner, it is important to be aware of the financial and operational weaknesses that exist within your business. If left unchecked, these weaknesses can cause significant damage to the long-term viability of your business. Therefore, it's essential that you take steps to address any issues and improve upon them as soon as possible.  We have put together this list of tips for rooting out weak spots and strengthening your business.

Conduct a SWOT Analysis

The first step in addressing any financial or operational problems is conducting a SWOT analysis. This stands for Strength, Weakness, Opportunity, and Threats. Doing so will allow you to identify any areas of weakness in your business and come up with ways to improve them. The key here is to be honest with yourself and assess what needs improvement.

Improve Accounting Practices

One major area of weakness that many small businesses have is their accounting practices. Having a good accountant on board who can help you stay organized with your finances can save you from numerous headaches down the line. Additionally, investing in accounting software can help streamline your financial processes and make things easier for everyone involved.

Improve Efficiency

Another way that small businesses can address any weaknesses is by improving efficiency within their operations. This could include streamlining processes, automating tasks where possible, and looking for new ways to reduce costs while still maintaining quality standards wherever necessary. Take a look online at popular efficiency tools that will help you stay on track.

Do Continual Market Research

It’s also important to do continual market research to stay ahead of any potential industry threats or changes in customer demand/trends that could affect your bottom line negatively if not addressed early on in the process. This includes keeping an eye on competitors as well as industry trends so that you’re always prepared for whatever comes next. Take a look at social media, as those platforms are perfect for keeping up with your competitors.

Follow Up on Delinquent Accounts

Finally, don’t forget about following up on delinquent accounts. Late payments are one of the biggest pain points for small businesses, so make sure you keep track of who owes what and implement procedures such as automated payment reminders to ensure that payments are made on time each month or quarter (depending on how often they are due). Having this system in place will help ensure cash flow stays steady throughout the year, which is essential for running a successful enterprise over time.

Keep Your Documents Neat and Secure With PDF Tools

Having all your documents organized with PDF tools helps ensure easy access when needed while also protecting sensitive information from falling into the wrong hands, as PDF files are encrypted. This makes it easier to maintain compliance with regulations while also staying organized, which helps minimize stress levels around tax season. You can even use a tool to help you split a PDF, which comes in handy when you have a large file that needs to be broken down.

Invest In BPM Tools

Investing in BPM tools allows businesses to create checklists for everything from onboarding new employees to tracking expenses/invoices. These tools help create structure when there isn’t any by providing transparency across different departments, making it easier to identify areas where improvements need to be made before they become bigger issues down the road. Read reviews of BPM tools, as there are several available to choose from.

Running a successful small business can be challenging and even overwhelming due to the sheer number of things you need to keep up with, but the good news is, you don't have to do it alone. By taking steps to root out problems and utilize things like BPM and PDF tools, you'll be strengthening your company for the future. Just be sure to read reviews before implementing any new resources to ensure they're a good fit.