Many entrepreneurs have great business ideas but do not have experience in running an Online business management. While you may be able to start your own business, there will come a time when you will have a hard time managing the operations on your own. If you want to grow your startup into a small business, you need to move into CEO position and hire an online business manager.
What is running an online business?
The concept of an online business manager is relatively new, but it has already taken off. This person provides support for your business virtually, takes over part of the operations and manages workflow tasks and identifying problems that occur online. This gives you an opportunity to lead your company, grow your business, and make the decisions that will shape its future, much better.
In terms of the hierarchy, the online business manager is directly below you - the employer - and above all other members of the team of workers.
What does an online business manager do?
In a traditional business, you have an office manager. Online business managers have the same responsibilities, with the difference that they do everything online. This includes:
- Online project management
Supervising projects from beginning to end via the Internet.
- Product launch on the Internet
Planning and assisting with the launch itself and organizing post-launch activities.
- operations
Streamline activities in your business to improve quality and productivity.
- metric tracking
Looking at KPIs and advising you based on the metrics.
- Online team management
Keep your team organized and on track.
- project planning
Some online business managers also offer business strategy support, such as brand development or building your customer base.
What is the salary of a business manager online?
How much you pay for an OBM depends on the individual's experience and qualifications. A number of institutes offer training to become a certified online business manager. To get certified, professionals usually need to complete real projects for clients to a high standard.
You usually pay an OBM service agent rather than an hourly payment - which is different from most other hypothetical positions. You'll buy a package for a set number of hours for a month and then work with an online business manager to determine how those hours will be allocated. The good thing about this system is that it gives companies with a wide range of budgets an opportunity to work with OBM.
At a minimum, online business managers charge the equivalent of $10 an hour, although the average rate is $29 an hour, while the most expensive OBMs charge as much as $55. Moreover, many work on the basis of incentives. This means that you pay more if your business does well because of the work that OBM does for you.
What are the basics of business management for organizing and leading projects via the Internet.
1- Legal issues
Online business management involves keeping up with the legal concerns of the business community. Legally structuring a business, such as forming a corporation or LLC, protects business owners from the lawsuits and liabilities inherent in the corporate world. Once the business structure is established, additional legal concerns can affect how the business operates. Business managers must observe labor and discrimination laws, as well as laws relating to compliance issues related to hiring and managing employees. The Small Business Administration recommends that business owners learn about legal issues that can affect their business and gain an understanding of legal issues that do not require an attorney.
2- Personnel management
An important part of running a business online is managing employees on the Internet. Business managers are often responsible for hiring, hiring, training, and termination of workers. Personnel management involves creating work schedules, delegating tasks, and managing conflict in the workplace. Managers must possess the skills to influence employees appropriately so that they develop into successful additions to the company.
What are the main problems associated with sole proprietorship?
Successful business management includes an understanding of organizational behavior and organizational structure. Effective managers demonstrate leadership characteristics, experience, and comprehensive knowledge of the business community. Familiarity with the basics of running a business is essential to the growth and expansion of the company as well as the long-term success of the organization.
3- Decision making
Running a successful business requires the ability to make good decisions. Business owners face many choices every day. Online managers must decide how to effectively discipline employees, when to delegate tasks, and what strategies are best for achieving company goals. Applying effective decision-making skills can help a company run more efficiently.
4 - Marketing a business on the Internet
Marketing is an important aspect of (non-internet business planning). Conducting market research regarding customer demographics, pricing and advertising strategies allows managers and owners to set realistic goals for the company and predict the return on the company's investments. Marketing strategies help (online business) owners to analyze their competition as well as identify the wants and needs of their customers.
5- Business Finance
Business owners are responsible for managing most of the financial aspects of their businesses. Handling an organization's finances can be overwhelming for business owners who lack the experience to do it properly. Business managers not only have to consider the tax implications of financial decisions, but also the consequences of borrowing capital or using personal credit to cover business expenses. There are many resources available for managing business finances, but not all of them are suitable for every type of business.
What are the best online business management courses 2022?
- Penn State University Global Campus, Bachelor of Science in Business Administration
Penn State is a reputable and world-renowned university that offers an outstanding 100% online degree program Bachelor of Business Administration. This program is nationally recognized as one of the Best Online Programs in the United States. They also offer a lot of majors, including: accounting, entrepreneurship, financial services, health services, management and marketing, or you can create your own individual study plan. Penn State also offers online programs for the Associate of Science in Business Administration, as well as the Master of Business Administration degree.
- University of Florida, Bachelor of Business Administration Online
The University of Florida offers Bachelor of Science and Bachelor of Arts in Business Administration degrees. The BS is ideal if you want a solid foundation in business disciplines, and prefer to learn about the technical and practical aspects of business. The Bachelor's degree is interdisciplinary in nature, allowing students to gain a foundation in business principles and then pair it with a major of your choice, from anthropology to sports management.
- University of the People, Bachelor of Science in Business Administration
The University of the People offers three high-quality business degrees: Associate, Bachelor of Science, and Master of Business Administration — and no matter which one you choose, they are all tuition-free. The only costs students have to pay are the application fee and assessment fee for each completed course. If you cannot afford this nominal fee, scholarships are available to help you cover the costs. The mission of the university is to provide affordable, tuition-free education to all.
- University of Turku, Bachelor of Business Administration, International Business Administration
The University of Turku, based in Finland, offers an International Online Business Program, which is ideal for anyone who dreams of doing business around the world. The Bachelor of Business Administration program specifically focuses on how to become knowledgeable and competent in the international business environment.
- The Wharton School of the University of Pennsylvania, Majoring in Business Foundations
The University of Pennsylvania, operated by Coursera, offers a 5-course Business Foundations major plus a capstone project that will enable students to develop basic literacy in the language of business. Eventually, you will receive a certificate that can show potential future employers that you received a business education from an Ivy League university. (Without incurring the debt that comes with going to an Ivy League school! This is the very business expert for you.)
- University of California, Business Administration Certificate
UCI's Department of Continuing Education offers a fully online Business Administration Certificate program that provides students with the tools to become a successful manager in the public or private sector. You will gain knowledge and skills in finance, human resources, marketing, leadership, management, communications, and business analysis.
- University of British Columbia, Business Enterprise Certificate
The University of British Columbia in Canada offers a business basics course that you can complete in just two months. You will come to the big picture perspective of business, armed with the terms, concepts, and frameworks needed to succeed in the business world. If you wish to continue your education after completing this one-on-one course, you may enroll in UBC's MicroMasters Program in Business Fundamentals.
- Macquarie University Global Online MBA Program
Macquarie University based in Sydney, Australia, has a prestigious global MBA program uniquely designed for the future of work. Students will become a master in strategizing, leading, analyzing, influencing, adapting, and solving problems in the business world. Students also have access to world-renowned faculty and industry leaders, through highly engaging and interactive learning activities. They even offer local meetups in select countries so you can actually meet your peers in person if you wish.
- IE Business School, Global Online MBA Program
IE Business School's Global MBA has been ranked the world's online MBA program by the UK-based organization QS, based on graduate employability, institutional reputation, academic experience, level of diversity and faculty profile. The IE Global MBA combines online and face-to-face modules in Madrid, San Francisco, Miami, Israel and Shanghai, as well as interactive video conferences and discussion forums.
- Carnegie Mellon University, Tipper School of Business Online MBA
Carnegie Mellon University is one of the most respected universities in the world. They offer a part-time online MBA program that combines online learning, technology and weekends held on campus several times a year, in order to provide their online students with valuable networking opportunities with professors, faculty, peers, and alumni.
Differences Between an Online Business Manager vs a Virtual Assistant
Online Business Manager Is Not The Same As Virtual Assistant In fact, many online business managers start out as virtual assistants and move on to become OBMs. Others have a background in project management or previously worked as personal assistants.
Although both OBMs and VAs run by default and perform tasks you lack the time or experience to do your own, the similarities here end.
- Management vs Administration
As we have seen, online business managers are primarily concerned with the operations aspect of your business. In contrast, the general virtual assistant performs administrative tasks, such as scheduling, travel arrangements, and correspondence.
However, keep in mind that a generic virtual assistant is only one type of virtual assistant. There are also specialized virtual assistants who can support you with tasks ranging from customer service to pay-per-click advertising.
- Need for Guidance
Virtual assistants expect you to provide them with specific tasks. They may also want guidance on how you want these tasks to be completed, which is great if you have a certain way of doing things and don't want to change.
Online business managers do not need guidance. They just need to know how your business operates and then they can take over the administrative side for you. OBM will also find and solve problems you don't know about.
- Number of Clients
Since online business managers tend to have a base rate of at least 20 hours per month, they are restricted to working with a few clients at a time. In turn, it is up to you to decide how many hours you want a virtual assistant. Some may require regular working hours, but there will still be an element of flexibility. If you need a virtual assistant to work only a few hours a week — or even just a few hours a month — VA will have time to work with many other clients.
As a result, OBMs tend to be more committed to their customers than VAs. It is likely that they will be available when you need them, while it is unlikely that a virtual assistant will be able to provide support on demand.
- An Average
We've already seen OBM rates. How does this compare to the cost of hiring a virtual assistant?
Again, it depends.
If you outsource your VA program from abroad, you may be able to pay as little as $3 an hour, although you'll likely only be able to find an inexperienced VA for that price. For a North American virtual assistant, expect to pay at least $15 an hour. The rate rises according to the complexity of the tasks, reaching $75 - although few charge more than $60.
When you consider the fact that OBMs tend to require at least 20 hours per month, this means that virtual assistants can cost significantly less than online business managers.
- Tasks vs. Goals
Virtual assistants work with the goal of completing specific tasks, while an online business manager needs to do whatever it takes to reach your goals. If your virtual assistants are struggling with any aspect of the task, they will ask you for further clarification or support. However, online business managers need to solve any challenges they face on their own.
- The Deadlines
Usually, you will tell your virtual assistants when you need a certain work completed. Although VAs work at the hours they choose (at least to some extent) and fit the tasks into their schedule as they see fit, they have no control over the workflow afterwards. Despite this, online business managers set their own priorities. They decide what work they need to do to achieve their goals.
So how do you know whether you need a virtual assistant or online business manager? And how do you even tell the difference?
Let's talk about five important differences to help you decide if you need a virtual assistant or an online business manager.
- Focus
Online business manager is similar to virtual operations manager. A virtual assistant comes for each task that focuses on completing the task by a specific deadline. Online Business Manager focuses on the entire system surrounding the project. Your online business manager will focus on the big picture. They will deal with the big "why and how" questions as they examine what needs to be done. On the other hand, a virtual assistant usually focuses heavily on each task.
- Need help with strategic business awareness?
- Would a task-oriented delegate be better for making your business run more smoothly?
- Are you willing to provide detailed instructions and be a manager or are you more focused on staying out of the weeds?
- Approach
- Responsibility
- Investment
- Expertise
Do you feel that there are not enough hours in the day?
Do you spend a lot of time communicating with team members?
Do you want help running your business?
Do you want to keep control?
Are you familiar with the latest technology?
What can you afford?
