Starting a business without proper planning and a clear roadmap might be a trap. Not having a clear course of action, knowing if there is a need for your market, or not having enough cash reserves; can lead to bankruptcy and financial disaster.

You often hear about the entrepreneurial millionaires traveling the world in their personal jets, the fancy clothes, expensive homes and the ski trips to glitzy resorts. Unfortunately, you don’t hear about the hundreds if not thousands of entrepreneurs that did not make it and lost everything in the process.

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You are not alone. According to the Small Business Administration, only 44% of new businesses last more than 4 years. In addition, 60% of businesses are either losing money or breaking even. Many of these entrepreneurs have fallen into this trap for the following 7 reasons:

1. They start a business without enough cash reserves
2. They don’t do proper market research
3. They don’t have a clear niche market and try to be everything to everyone
4. They don’t provide outstanding customer service
5. They get too caught up in they daily tasks and fail to delegate
6. They fail to implement systems
7. They hire the wrong people

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If you find yourself in this situation, you can make immediate changes to turn things around.

In this new economy, the answer is going virtual. The reason is because we are now connecting everything to everything. If you don’t take your company virtual, and continue the old way of doing business, you may as well close shop.

The reason virtual businesses are here to stay is because the internet has impacted the way we do business forever:

1. The cost of running a virtual business is low. This will reduce your costs, allow you to preserve cash reserves, increase profits and leave enough cash so you can invest in things that will bring more revenues into your business
2. You can narrow; service and dominate a niche market at a pace, professionalism and profits unheard of before the raise of the internet. Remember, in this new economy, “the riches is in the niches”
3. You can do business globally almost instantaneously. Nothing, absolutely nothing has leveled the playing field as the internet has. You can hire the best of the best, anywhere in the planet. You are no longer constrained to just hiring employees in your local market
4. With a click of a mouse, you can now be competing with the largest corporations on the planet and thrive. If your business is not virtual; you have just taken yourself out of the competition
5. At little to no cost, you can provide the most outstanding customer service, available 24/7 and in a multitude of channels. Chat, support desk, mail, web, email, phone, fax to name a few
6. You can have sophisticated systems that in most cases can cost you zero, zilch, nothing, nada. You don’t even need to be a programmer or a geek to get them going
7. Most importantly, by setting up a virtual business, you can now work ON your business, not IN your business…the dream of becoming the next millionaire may not be too far after all

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As you can see, with a virtual business, all you need is a computer and internet access to get you going. Anyone can start a virtual business in minutes. You don’t need major start up capital. You don’t need investors. You don’t need to risk months or years trying to break even. You don’t even have to gamble your savings. You can implement sophisticated systems. You can hire the most qualified personnel from anywhere in the world. Most importantly, a virtual business allows you the free time to have a personal life too!

Visit Virtual Business Dashboard to get the “20 Insider Secrets for Starting Your Own Virtual Business on a Shoestring” and a video of “The Best Business to Start in This New Economy”

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