When thinking about startups, I’d like to add my two cents and argue that running a young company remotely is a very real and attractive option for many an entrepreneur. Not only because the technological tools exist to share and collaborate on documents, communicate in real time (even face-to-face) and meet those all important deadlines, but also because there are practical advantages to running a startup remotely.
By remote startup I’d like to work with the definition of ‘location independent’, not necessarily just ‘working from home’. Lets have a look at seven reasons why you should run your startup remotely.
Lower Startup Costs
A bit of a no brainer but an important practical advantage. Lower starter capital requirements and initial overheads are a dream scenario for any young company. Besides legal and registration fees, saving on office rental and running costs means you are free to hit the ground running at a minimum expense to yourself.
This means you can use those extra funds to develop your product or service and enter the market quicker. You can lower the barriers to entry earlier, thus making you more competitive. The cherry on top is that there is less need to seek out Angel or Seed investment, liberating yourself from potential equity-traps and bad decisions.
Extend your Reach
Not having a localised office gives you the freedom to travel, and to employ people across the globe. If you don’t have time or money to attend conferences yourself you’re more likely to have someone employed who will be nearby to attend on your startup’s behalf at a cheaper cost to you.
Having people employed, and a presence across the globe, gives a diversification to the well you can tap into to solve problems as well as expose your product or service to more markets giving you more research to work from.