While the COVID pandemic resulted in severe problems, the one benefit it had was for home businesses. The trend of work from home increased as did home based businesses.
However, that brings a different kind of issue to the work life. People somehow need a separate space for their office. Indeed, most people wouldn’t like to share their home address with their clients. This is where the concept of a virtual address is very helpful.
In the past, people would use a post box number as their mailing address. This is not a very convenient method since it necessitates visits to the post office and is very impersonal. A virtual address is the best option in the post COVID world for businesses that work from home.
What is a Virtual Address?
As the name itself suggests, a virtual address is an office address that is not real. You will not be working from the address since you work from your home. But to the whole world, you will share your virtual address as your address. For example, you can use a virtual office address in Melbourne CBD even though you’re located in a UK small city of Wolverhampton or any other parts of the world.
Whenever clients or anyone else sends mail to the virtual address, the mail is forwarded to you. You can share this address on your visiting card, letter head, website, etc. You can share this as your address for legal purpose since there would be someone to receive your mail.
Virtual addresses are provided by organizations who have a physical space with an office. They don’t rent out their location but they rent out the address. You can use the address as your own address and the provider would handle all the formalities. This is a convenient option for home based businesses who need an address.
Why Not Use a Home Address or a PO Box?
Using a virtual address costs money as you need to pay the owner of the address a small fee for using it. A PO Box could be a cheaper option. There are many reasons why it is not a good idea to use either options:
- Using a home address affects your privacy. When you share your home address as your office address, you are making a private address public. This can cause different types of problems impacting your privacy. Sharing your home address to the world is not a good idea, especially if you have children at home.
- As per local rules or the rules of apartments where you stay, it may not be allowed to use your home address as your office address. Zoning laws may not allow you to use a home address as a commercial address. This can put you in conflict with the law.
- Using a PO Box does not look professional. It sends a message to your clients that you don’t have an address and are hence using a PO Box. It also creates an impression that your business is not legitimate and hence you don’t have a real address.
- When you use a PO Box, you may have to visit the post office frequently to open the box and check your mail. This can be inconvenient.
For all these reasons, it is advisable to use a virtual address for your home business.
Benefits of Using a Virtual Address
If you want to know why you should use a virtual address, then go through the benefits listed below. These benefits explain why you should consider having a virtual address for your home-based business.
1. Ensures privacy
A virtual address ensures privacy. You are working from your home but your address displayed is at a different location. This ensures your privacy and no one will know your home address. It also ensures your home is secure without unwanted visitors dropping.
Sharing your home address is also an invitation to spam mail. You can be flooded with spam mail troubling your family. With a virtual address, no one will know where you stay ensuring your privacy.
2. Makes your business credible, legitimate, and professional
A business that does not share its address or uses a post box does not look credible. Using a PO Box is not professional in today’s competitive world. This is where using a virtual address is helpful. You get an address to use that gives credibility to your address.
Virtual addresses are located in known commercial areas. This lends a touch of credibility to your business and enhances its legitimacy. Your clients and others will not suspect that your business does not have a real address. It is a professional way of working. You have a fixed address to share with the world that would not change, which again is convenient.
3. Needed in many cases
You cannot use your home address is the local zoning laws or your apartment rules don’t allow it. When you list your business on Google or other online websites, you must provide an address. A PO Box would not be permitted.
In such cases, you need to compulsorily share an address. This is where a virtual address can be very helpful. In some cases, you may need to share your address with the government or other agencies. Here again, sharing a virtual address is convenient.
4. You can get your mail delivered
A virtual address is not a fake address. There would be an office at the stated address. They would receive your mails and promptly forward them to you. This is a convenient way of receiving mail sent to your virtual address.
5. Helps save money
You can save money by using a virtual address. If you hire a real office, then the rent would be quite high. You would have other expenses like electricity, telephone, etc. All these cost a lot of money. You can save this money by working from home and using a virtual address.
You only need to pay a small fee for using the address. Since many other people would use the same address, the address provider would charge you a lesser fee.
‘Thanks’ to the pandemic, people get to try home-based work settings. This has changes the entire work culture to a point of no return – for better or worse.
Today, many people prefer home based businesses since it is convenient, allows them more time with family, and saves rental money. A problem people face is lack of a physical office address, which can be solved by the availability of virtual addresses.
In the near future, more and more people will opt for boundless work settings – the new normal that’s partly made possible by virtual services.
Eight Types of Company Missions These Entrepreneurs Think Are Vastly Overrated
What’s one example of a common company mission that you think is overrated, and why? What should replace it?
These answers are provided by Young Entrepreneur Council (YEC), an invite-only organization comprised of the world’s most successful young entrepreneurs. YEC members represent nearly every industry, generate billions of dollars in revenue each year, and have created tens of thousands of jobs. Learn more at yec.co.
1. Statements That Mention Being the ‘Best’
The missions that correspond to being the “best” are generic and overrated. Being the best there is at what you do is the pinnacle of success. If you get there, what’s next? Businesses don’t grow when they pursue excellence. They grow by making mistakes, learning from experiences and doing better next time. So, seeking continuous improvement can be a good replacement.
2. Missions That Aren’t Measurable
Generally speaking, any mission statement that isn’t measurable can cause problems for your business. If you can’t track your progress, your statement is nothing more than words on paper (or a screen). People are more willing to get behind mission statements that focus on tangible long-term goals or aspirations.
3. Statements That Could Apply to Any Company
Many mission statements contain generic terms that could apply to almost anyone. A common example is “We provide the highest quality service,” which is an admirable goal but doesn’t really tell you anything about what they stand for or how they deliver it. Terms such as “integrity,” “excellence” and “industry leaders” are similar. It’s better to pinpoint something more specific that you deliver.
4. Phrases About Pursuing Excellence
“We pursue excellence” is generic and overrated — not to mention, the definition of achieving excellence may vary from one person to another. What will be the metric for achieving excellence? No one knows, as not everyone in your company is on the same page. So, replacing this mission with measurable indicators like sign-ups, conversions and other growth metrics would be a good idea.
5. Missions That Mention ‘Social Impact’
Many companies use the phrase “social impact” in their mission statement, but the impact is rarely evident. For example, a clothing store may mention that it is committed to helping women in poverty, but it will still charge the same amount for its T-shirts. Instead of writing a mission statement, a company should inform customers about how they are helping the world.
6. Missions That Call for Perfection
Nothing is perfect! I’d rather see a mission that pushes others to embrace imperfection and to strive harder to be better every day, knowing that there is such a thing as a bad day. The best thing we can do is to stop aiming for perfection and just be better than yesterday.
7. Statements That Don’t Mention Your Industry or Purpose
I think mission statements that don’t directly mention your industry or what your business does can do more harm than good. Failure to mention these details makes your message seem more like a fluff piece than an actual long-term goal for your brand. Instead, brand leaders should focus specifically on how their company will help the industry evolve.
8. Missions That Lack Connection
Companies should be able to use their mission statement to connect with their target audience. However, I have seen a lot of companies create mission statements that are too broad and generic. For example, “Helping businesses grow” is far too generic and does not connect with anyone. However, if it was “Helping small businesses grow with our marketing services,” it would connect better.
Want to Start a Business? Read This First for a Reality Check!
Are you going to start a business and looking for some ideas and tips? Well, you are reading the right blog post, as I will tell you what you might not want to hear, but at the same time, I will give you some reasons why you want to start a business you love – with the right mindset.
I’ve heard some cynical comments about entrepreneurs and entrepreneurship; one comment says that entrepreneurs are, well, becoming one because they simply can’t get a real job. Another one says that entrepreneurs are a group of people who use their parents and/or everyone else’s money to start a business and have fun with it without thinking of returning any of it.
Some say that entrepreneurship is easy – just get a product people want and sell it for a profit. Right. Some say that entrepreneurship is overrated – you won’t make more than a decent paid job. Right.
It’s sad, really… those naysayer just don’t realise that entrepreneurs and small business are two of the most prominent factors that make the economy moving. Just ask the mentors and experts about what a community could do if small business is not supported by the Government: Crippled. Then the butterfly effect kicks in, and eventually the whole economy of a nation is brought down just because investors, entrepreneurs and business owners are not well-supported.
Yet successful entrepreneurs thrive despite all the unfavourable policies, the naysayer’s boos and jeers, and the non-supportive friends and family, who laugh at their ideas of starting a business out of their garage.
If you are considering entrepreneurship, are you ready for such pressure? You will somehow face people who question your decision jumping into the entrepreneurship bandwagon. The worse part is, those who doubt you often your closest ones – your spouse, your parents, your friends…
Are you ready?
Startups are not for the faint-hearted
We can’t deny the fact that many startups are bound to fail. Well, did you know why many startups fail? There are thousands of reasons, but one of the reasons that I think as the main cause of startup failures is false hopes.
If you are thinking of running a business as traveling all over the world at will, riding a limo sipping champagne, or doing whatever you like in your pajamas or swimming suit – I apologise, but I need to pop your balloon.
Stop dreaming. Start looking into the reality. Entrepreneurship is not easy and if you don’t have what it takes to get a business launched and navigate your vessel through the storm, you’d better get a job.
Entrepreneurship requires to be able to juggle and decide on many things: Balancing your work-life; deciding from many strategic options; choosing between a list of suppliers; and so on. Initially, you need to be able to wear many “hats” – bookkeeping/administrative, marketing, development, production, procurement, and so on.
You need to be open-minded and be prepared for open-ended outcome of your decisions; you need to be ready for any circumstances requiring you to re-focus and re-strategise in the middle of your plan.
And those perks you are having while working for a boss, you don’t have them when you are an entrepreneur: Paid leave, managed retirement planning, and so on. You are literally on your own, supporting yourself with your own resources.
Whether you are a solopreneur or the owner of multi-business ventures employing thousands of staffs while running yours while having fun doing so (like what Sir Branson is doing,) “hard work,” “perseverance” and “delayed gratification” are three of the main “keywords” defining all what entrepreneurs are doing.
Indeed, entrepreneurs are hard worker and passionate about their business. What keep them going is their passion for what they do and their love for everything entrepreneurship, starting up and business ownership.
If startup is so difficult, why people are doing it?
Yes, this question is asked by many who are interested in entrepreneurship. This question might be your question.
It’s a fair question: With all the hurdles you need to take on if you are plunging yourself into entrepreneurship, why bother starting up?
There are many answers, but if you asked me, my answer would be this: I love this game.
I love the search of business ideas. I love the many sleepless nights working on my business to see it grows steadily. I love the possibility for me to create something useful for the community – while giving me the lifestyle and financial independent I want for my family. I love the ups and downs of running a business – sure, failing sucks, but I can learn a great deal from it personally and professionally.
I wouldn’t trade what I am doing right now (work at home, surrounded by the people I love) with any high-paying jobs requiring me to work 12 hours a day or more; I love the freedom money can’t buy. I love a business that is built around my lifestyle, not the other way around.
Of course, I don’t love ALL aspects of my business: I don’t fancy the back office operations – bookkeeping, administrative and so on – but you can always hire someone competent to do those for you 🙂
Indeed, entrepreneurship is one of the most risky careers of all. Well, if you want safety and security, just get a job. But if you love the unknowns and embrace risks, entrepreneurship is a path worth walking; it’s rewarding in every sense – financially and emotionally.
So, now you know some facts about entrepreneurship. I do hope you can start a business with the right mindset; I also hope you start your journey with humility; being passionate without arrogance; taking calculated risks, not gambling; eagerness to help others when you have finally reached the top; acknowledging the fact that without God and those people around you – friends, family, fellow entrepreneurs, mentors, investors, etc. – you won’t go far.
Dream big. Start small. Just do it, seriously!
Measuring the Health of Your Personal Finances
Measuring the health of your personal finances can be as simple as evaluating four simple parts about your personal finances including the way that your money is spent and the methods that you are employing to prepare yourself for the future. Use these aspects to take an evaluation of your personal finance situations and begin to learn the techniques required to up the health of your personal finances.
How Much do you Owe?
It is important to determine how much money that you owe in debts. The importance of the total number is sometimes surpassed by the interest rates and terms at which the debt has been accumulated. Are you facing a cycle of debt living paycheck to paycheck and using additional sources of credit to repay outstanding debts? It is important to take a plan to get out of the cycle of debt; if you have found yourself becoming overwhelmed.
Establishing a solid repayment plan that includes fifteen percent of the income, every single month to the debts in the order of most expensive to least expensive is techniques that all debtors should take into account.
Are You Living Paycheck to Paycheck?
Are you unable to find room within the budget to establish a savings account and find all of your money being spent before it reaches your pocketbook? If so, than you are more than likely one of the thousands of consumers that are living paycheck to paycheck – and this is an unhealthy indicator of your finances.
Attack your debt with a solid plan and find ways to increase your income to establish a savings account to increase the health of your finances. Use strict budgeting skills for at least one month to establish a little wiggle room in the personal financial situation and get out of the trap of living paycheck to paycheck.
Are You Spending More than You Earn?
Living outside or above your means can often be an indicator that sometime in the future the finances will be in jeopardy. When a consumer spends more than they make, this money must come from somewhere. Many people use credit to cover the shortfalls in income, which can lead to drastic mistakes being made in the finances and debt being accumulated faster than the consumer realizes. One day, many consumers wake up and realize that they are shocked to living within their means as they have run out of credit.
Go over your finances and create a budget that allows you to spend less than you earn to increase your financial health.
Have you Established a Savings Account?
An emergency fund or savings account is an essential part of the health of your finances as it in part determines the security of your future.
A savings account should be established with at least ten percent of the income every single month, which should be deposited into a high interest savings account. This money can provide an alternative to credit card use and earn money rather than charging the consumer money through the use of expensive credit cards.
Experts recommend that individuals and families have three to six months of expenses saved within the emergency fund to become truly financially healthy. Does this inspire to you start saving?
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