Have you ever wondered what it’s like to own and run a business that provides you with the opportunity to live anywhere you choose? Well, I can tell you from personal experience that it’s the optimal way to enjoy managing your business while having the ability to live in a place of your choosing.
While the title of this article includes the wording, “traveling during a pandemic,” I have been running my company remotely even before the pandemic came on the scene. I did this for two reasons: first, while studying for my master’s degree at MIT School of Business, I was taught how to run a lean operation, and running a remote business is one way of achieving that goal.
The second reason is that my business model includes purchasing value-add multifamily properties in states that include Texas, Georgia, and Florida. These are landlord-friendly states with strong real estate markets, but I don’t necessarily want to live in those states. Prior to a recent relocation to Rhode Island, I was living in southern California, an area that I truly enjoyed. In both cases, I was able to run my business successfully even though I’m living thousands of miles from my properties.
Now that my company is growing, I am actually looking to open a physical office in the Providence/Boston area, and will start shifting my company from remote to an on-site company once it’s safe to go back to the office.
Examples of Successful Remote-Run Companies
I’m fortunate to have a successful operation that I run remotely, but there are many examples of companies that are thriving even though they’re run remotely. Automatic, which is the parent company of WordPress, operates the world’s most popular blog and website creation tool. The company was created using a totally virtual workplace, and many others are now doing the same.
The key to their success is using communication tools like video conferencing, instant chat, and email. They also use various social media channels to keep employees connected with the public and with each other. One of the company’s unique features is having shared virtual activities for their employees, including chair yoga, book clubs, open mic night, and others.
Other companies that have achieved huge success working remotely include product design and prototyping app developer InVision. They invest heavily in employee benefits, including health insurance, gym memberships, and a substantial travel allowance. Buffer, which develops tools that make social media management much easier, was fully remote from its inception. Part of their success is based on giving employees complete autonomy on their own projects and hours, which helps them reach their full potential.
These are just a few examples, but there are many other companies successfully operating remotely. With the communication technology that’s available today, it’s a lot easier to do.
Understanding the Purchasing Process