Not everyone is fascinated by the idea of getting into a typical job where it is mandatory to follow certain protocols and timings. If you want to work at your convenience and have a desire to earn huge amounts of money faster, becoming an entrepreneur is what you should do. Now, there are many types of businesses that you can get into. If you want to be on the safe side and avail yourself of multiple benefits at once, starting an online business makes complete sense. Once you analyze the numerous advantages of online business, you will not want to do business in the traditional way!
Listed below are 5 major benefits of doing business online:
You get immense scalability – When you start a business online, the scalability you get is amazing. You can begin as an owner of a small venture targeting regional customers. With time, your customer base can expand significantly and so can the product range. Scaling up a business online is easier than doing it the regular way. You can sell your products online to a customer residing far from your location. You may even tie-up with large eCommerced marketplaces like Browntape and eWorldtrade.
You do not remain bound to a location – when you set up a typical brick and mortar store, relocating it can be a costly proposition. The same can be said about expanding an existing store. On the contrary, when you do business online, you are not bound to any location. All you need is a web access device, internet connectivity, and suitable business apps. It is quite commonplace to see small-time entrepreneurs working online at public wifi hotspots. You can run the business from your home and operate it when you are away from home as well. This location independence is a big reason behind the popularity and growth of online ventures.
The investment and running cost is low – compared to typical businesses, running an online business requires less amount of money. This is applicable both for starting and running costs. You do not necessarily have to hire an office space to run an online venture. You can use your laptop or desktop and an internet connection to run the venture. For sure, you can tie up with third-party vendors for logistics, website maintenance, etc. However, these costs are way lower compared to the running cost of typical businesses.
You can target a wider range of customers – When you open a typical shop, a limited number of customers can visit your shop. The geographical limitation is there. Even if your business becomes popular, you will find it hard to reach out to customers in remote places using VoIP, unless you open more shops or branches. When you run an online business, there is almost no geographical limitation. You can choose to sell the products in regions of your choice. You can sell in different parts of the country after tying up with logistics vendors and online marketplaces. Based on your monetary situation, you can choose to sell overseas too. Now, if you are finding it hard to get connected to a specific group of people, you can always sign up for some custom membership sites and it will help you spread your message fast.
No time boundary – A big benefit of running an online venture is you do not have to adhere to specific timing. There is no compulsion to wake up early and jostle your way through crowded public transport, what happens in typical jobs. You can run an online business as per your convenience – most of the time. There are entrepreneurs who run such online ventures part-time. So, you get plenty of time for socializing with friends, relaxing or spending time after your hobbies, etc.
Some other benefits of running an online business you may consider are:
Less friction and dependence on others – When you run a business online, the scope of friction and hassles reduce. You can operate single-handed or hire a few employees, based on your monetary situation and business type. Compared to typical ventures, you have to deal with fewer people when you run an online business. This means there are fewer scopes of friction. You can tie up with third-party vendors after signing agreements which ensures reduced conflict. Implementing enterprise contract management systems can further streamline these partnerships, ensuring efficient handling of agreements and compliance across all online business operations.
Fewer woes about calamities – Regular businesses running out of physical shops have to cope with external factors like weather hazards. Severe storms, heavy rain, and snowfall can affect or interrupt their operations, from time to time. The Covid 19 pandemic also brought many of the regular businesses to a halt, unexpectedly. They had to switch to an online model to sustain, as it is. When you operate a business online, it is nearly immune from these external hazards.
Cost-cutting – The online business owners are able to cut down on many types of expenses that their traditional rivals can’t. For example, you need not invest in additional phone lines for running an online venture. You can resort to the new VoIP apps and take a stable internet connection. You can do without recruiting many employees. In fact, you can hire employees on a contract or those who can work from their home. So, you do not have to bear the cost of setting up office infrastructure.
Freedom from office politics – If you are wary of the petty office politics and the culture of unfair partiality prevalent in typical jobs, it is time you start an online venture. When you are an entrepreneur managing your own online venture, you are not answerable to a higher authority. You do not have to think about mid-tier senior employees interfering with your work either. You are the master of your online business and you can work and grow at your own pace. There is no interference from others.
Resources and tips in abundance – If you are starting a new online business and do not have much idea, there is hardly anything to worry about. You can get useful resources on the web itself. There are social media groups and professional networking platforms where you can join for free. You can get insight on starting such a venture and growing fast from those platforms- without spending. From blogs to videos, podcasts, and webinars –the resources for budding online entrepreneurs are abundant.
Andrej Fedek is the creator and the one-person owner of two blogs: InterCool Studio and CareersMomentum. As an experienced marketer, he is driven by turning leads into customers with White Hat SEO techniques. Besides being a boss, he is a real team player with a great sense of equality.