If you ever find yourself wondering why you put up with your job or how come you never pursued your passion, starting an online business may be the best thing you can do to yourself, today.
It is never too late to chase your dreams and become an entrepreneur. Success comes in all ages, from Sam Walton starting Wal-Mart when he was 44 years old, to Moziah “Mo” Bridges hitting $150,000 in sales at just 12 years old with his company Mo’s Bows.
Starting a business is easier than ever in today’s world where the Internet dominates aspects of production, entertainment and social activity. Sure, there are good and bad things that come with starting an online business, but yet more and more people are finding themselves attracted to the idea of being in charge of their lives.
More and more businesses are moving online, and for good reason! Compared to analogue offline businesses, online presents a wealth of benefits to both small, medium and large organisations around the world. This is why we wanted to bring a short, yet important, rundown of the three most important reasons why you should start an online business.
1. Low start-up cost yet large scale
Most online businesses are built with low start-up cost. You can start for very little and grow your website, webshop, web app or mobile app over time, adjusting your online business to how your audience interacts.
According to NZIE, new technologies that can be used with online businesses reduces the amount of work you have to do, allowing you to cut down on costs. For example, adopting e-business solutions such as a responsive website, smart UI/UX, e-commerce, rich mobile app, online marketing tools …, that can reduce maintenance, repair and operation costs.
Once you are setup and ready to roll, your business is open 24/7 365 days a year, and keeps running even when you sleep. This is what distinguishes online businesses from any other, because your income is not determined by the number of hours you work, but rather the level of productivity you can produce during those hours.
This gives tremendous scaling opportunities to those productive ones. While it is hard to scale the number of hours you or your employees can work (we all have 24 hours in a day), if you create a smashing hit with your online business, there are few limits to how far you can go.
You don’t have to be present in order for a transaction to go through, you just have to be consistent with your efforts and constantly be laser-focused on creating value for your customers to grow and sustain your business. Some people thrive under this, others don’t.
If you are one of those that thrive under this, by investing your time on marketing, sales and any other activity that generates income, you will significantly reduce the number of hours you have to work in order to bring in a healthy income.
2. Location, location, location, is no longer
Not every single online business is going to automatically morph into a huge success with rapid exponential growth. Many entrepreneurs start an online business thinking customers are automatically going to find them and sales will pour in because they have a small footprint on the Internet. They think that a few tweets or Facebook posts are all it will take to snowball an online business into a virtual ATM machine.
Scaling any business is not easy, whether it is a brick-and-mortar location or an online business, but an online business has advantages. For instance, a brick-and-mortar retail store has a defined audience, typically a radius from the business location. An online business isn’t restricted by this and can market to a worldwide audience.
When you build an online business, you have access to customers in every region of the world, which also means in many cases you can work from anywhere in the world as long as you have an Internet connection and a laptop. Unlike your neighbourhood grocery store, people can buy your goods and services from anywhere. Not only does this allow you the benefits of scale as mentioned in the previous section, but it also protects you from regional economic fluctuations.
For example, if the economy in your native country were to fail, people running offline businesses would typically be much more affected by the economic downturn than online businesses working with customers around the world.
3. You own your time
In an online business you aren’t tied down to a desk or a single location. You don’t have to wake up at 7 (if you don’t want to) and quickly get ready to get to work. Finally, you don’t have to take orders from a boss. If you own a business, you don’t have to take orders from anyone other than yourself – you are your own boss.
Depending on the type of online business you choose to set up you generally have more flexibility in creating your schedule. You can choose what time of the day you want to work, how many hours you want to work and what days of the week you want to work as long as you set your business in an efficient way.
This doesn’t mean that you can simply relax all of the time, it just means that you have more choices when it comes to working hours that fits you, whether it’s working Monday – Friday or just the weekends, and whether it’s early in the morning, late at night or in the middle of the day.
You aren’t limited by an hourly wage because your income is often determined by how productive you are with your time, not the number of hours you work. Having more flexibility in your schedule means being able to spend your life focusing on other important activities outside of your business, and being able to make time for the things that truly matter (aside from your business that is).
With the ability to run an online business from anywhere, you also have the freedom to travel and choose where you want to work on any given day. That can be extremely liberating to many aspiring entrepreneurs out there.
Many entrepreneurs are drawn to online businesses because of the freedom they offer. Modern technology, laptops, tablets, business apps and VOIP communication systems are just some of the tools that allow businesses to be operated from any location. Next time you are in a coffee shop, take a look around. We guarantee someone is working on their online business or startup while connected to wifi and sipping their favorite coffee.
Not being tied to a particular location or desk from nine to five can be very empowering. Whether you want to visit your family in another country or take a trip somewhere exotic, your business will always be with you.
We are not saying it is easy to succeed in the online world. Like any brick-and-mortar business, starting out online requires a fair amount of effort and a well thought out strategy before you enjoy the fruits of your labor.
According to Statista, in 2021, over 2.14 billion people worldwide are expected to buy goods and services online, up from 1.66 billion global digital buyers in 2016, thus, with the majority of people making their purchases online from tangible products to services, it’s not hard to see why starting an online business would be a great venture.
If you are considering building an online business, don’t hesitate to contact Wiredelta today to get a strong partner to build your website, web app, mobile app, webshop or whatever solution you need for your business to server you customers online.