The COVID Effect: Why Small Business Owners Continue to Work Remotely

The COVID public health emergency in the US and many other nations is now officially over. The pandemic had numerous effects on how people lived and worked, but at least one of those changes will be around for a long time. That's because business owners who were forced to work remotely discovered they liked the idea for various reasons. Whether it's the lower operating expense or a chance to land big international clients, there are countless benefits of remote work. Small companies get a lot from the arrangement, like better productivity numbers, workers who don't job hop as much, global customer bases, personal mobility, and enhanced work-life balance. Consider the many reasons why entrepreneurs prefer to work remotely.

1. Low Expenses

There are dozens of reasons entrepreneurs prefer remote work, but the primary one is expenses. Traditional offices come with lots of wonderful conveniences, but they also cost plenty to maintain. A home-based or mobile workspace instantly eliminates several expenses. In addition to high commercial property rent, operating from a remote base means reduced utility bills, lower vehicle expenses, and no need to dress formally five days per week. The advantages apply to entrepreneurs who choose to work from home on a permanent basis or maintain office space but don't use it all the time. However, the move to full-time remote operations was one of the biggest changes that took place during the global pandemic, particularly among owners of small companies and sole proprietorships. Once merchants found creative ways to sell and meet customers online, the die was cast.

2. Good Credit Pays Off

Working from a remote location, like your home or a local coffee shop, comes with multiple advantages. Case in point: some businesses check your commercial credit before agreeing to work with you, as partners or otherwise. Having a solid financial standing is always a good thing, and remote entrepreneurs tend to have lower expenses and more capital leftover for operations and paying their debts. Owners who co-sign on loans can put financial standing in jeopardy. The kind of loan doesn't really matter. Serving as a cosigner puts you in the position of being responsible for the debt if the original borrower defaults. Likewise, even if the borrower misses a payment or two, the delinquency can show up in your credit file. If you append your signature to someone else's loan, even a child's college loan application, there could be profound implications for your ability to acquire capital funding for the business. If a son or daughter needs money to pay for college, parents can be tempted to help and serve as cosigners. Before saying yes or no to the request, educate yourself about how the process can impact your financial solidity in terms of being a business owner. That goes for any kind of loan, not just those for prospective college students.

3. Worldwide Reach

Never have independent business owners had the global reach that they currently enjoy. One of the facilitators of that phenomenon is the internet, but another is digital mobility. Entrepreneurs who aren't tied to one geographical location can make travel a part of their daily routine. When there's no need to staff, oversee, and finance a brick-and-mortar office, ambitious professionals can run a full-fledged company on the go, picking up clients and customers wherever they happen to be.

4. Personal Mobility

The idea of personal mobility is highly appealing to individuals and business owners. People want the option to do their jobs from any location they prefer. Employers enjoy the fact that happy workers tend to be more productive. That's why mobile jobs are a win-win for everyone in the post-COVID era. Employees who have full mobility and are allowed to choose their location don't do as much job hopping. Consider the case of modern accountants and lawyers, many of whom are stationed in their homes or in makeshift spaces at a client's location. A decade ago, people in all professions needed offices and dedicated spaces to do their jobs. Nowadays, entrepreneurs who own small companies have more mobility than ever before, and they don't intend to revert to the cumbersome arrangement of the recent past.

5. Work-Life Balance

One of the major issues in management is work life balance. The concept behind it is that employees, managers, and owners who aren't tied to their professions are happier than those who toil in traditional offices. Likewise, when people can earn a living from the comfort of their home or mobile workspace, they don't have to worry about daily commutes, office politics, packing lunch, or putting kids in daycare. The entire argument for maintaining a work-life balance is based on personal satisfaction. Mobile jobs instill independence, offer a sense of freedom, and free people from the need to arrive at a specific location every day at the same time. It's not surprising that, given a choice, very few working adults choose to do their jobs in the traditional non-remote way.