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July 14, 2015

Why Bootstrapped Startups Should Build Virtual Teams

Virtual teams

You have a bootstrapped startup, which consists of you and your cofounder. You both have an abundance of ideas and passion, but are low on funds. Hiring additional team members will help you secure funding much sooner, but you can’t afford having full-time employees sitting in an equipped office. What to do?

We recommend you consider whether a virtual team would work for you.

Don’t let barriers intimidate you. As long as you and your team members consistently stay on the same page, initiatives will run smoothly.

But what is a virtual team? That refers to a team of people who work remotely from different locations, and sometimes at different times. This method has proven to be a hit with companies of all sizes, mostly because of the many benefits that come out of it.

For starters, there’s flexibility. Part-time contractors can step in and help as needed, which allows employers to quickly expand or step back as needed based on the product timelines.

One of the biggest perks to building virtual teams is the fact that many companies wouldn’t have to worry about the cost of maintaining office space for large groups of people. This means they can save additional funds by hiring people from parts of the world that have a lower cost of living, which means less pay out-of-pocket. On that note, there is a greater access to talent thanks to the worldwide talent pool when you go virtual.

Watch the vid below to learn about how to manage virtual teams for your bootstrapped startup. It includes some great tips and tricks!