Top 5 Advantages of Starting Your Business OnlineSeptember 9, 2020
Starting a business is risky. It’s the reason why everyone does not have one. It can require thousands of dollars of investment just to get off the ground. 9 out of 10 of all new businesses fail in the first year. Before any gain is created, things like merchandise inventory, incorporation, advertising, workers, accounting, insurance, licenses, commercial space, etc. need to be covered.
Enter the internet…
The digital world has taken away a lot of the risk of starting the business of your dreams. There continue to be start-up expenses involved in the beginning but they’re not anywhere near as large as starting a brick-and-mortar business. License and incorporation fees will have to be paid online or offline however the majority of the other expenses can be avoided in the early phases by starting with your online presence.
If it could be sold at a store it can be purchased online and shipped to the customer’s home. At the very least it’ll add an extra revenue stream for the business. There are loads of advantages of starting a business online but here are my top five.
- There’s not an immediate need for full-time in-house employees.
Why is online business indeed powerful is its scalability; significance you do just a bit of work to get a greater result. With automation tools, you may have a lot of your tedious data entry tasks done without you even considering it. With PayPal, you can take payments online via your website without you even knowing a charge card was entered.
If you are selling digital products that are to be downloaded then there is no need for pre-ordered inventory or business area, thereby eliminating the cost of the rent.
For if you truly need the guidance of a real human, sites like oDesk.com and Elance.com make it feasible for you to outsource work to people on a for hire, monthly, or even a full-time foundation.
Things like insurance and security are Necessary for online as well as online but procuring intellectual property saved online in the cloud is a lot less expensive than doing the Exact Same for the product in a store that is susceptible to theft or fire
- You’ve got the freedom to travel.
There’s not any requirement for a physical place in most cases so there is no need to stay in one place. If you have to pack up and move your company to another state where there’s more chance, it can be as straightforward as packing up your laptop and accessories and leaving. With a physical brick-and-mortar business, it would be a little more difficult to relocate. You will most likely be constrained to whatever lease arrangement you might have in place.
As you probably know, business and taxation laws vary from state to state. Having your operation online provides you the freedom to choose where you want your business to be incorporated. You may have to get some kind of address based in the country but it doesn’t need a real shop. There are a few states who’s laws work best for the traveling internet entrepreneur. *I’m not an accountant or a business attorney so please consult with one before getting started. *The entire world has access to what you’ve got to offer.
You aren’t limited to your immediate geographical place. You are not limited to ANY geographical place for that issue. Offering your products and services online opens your business offering to the edges of the earth. The internet does not sleep and you will find countless people online looking for answers to their issues, while YOU are sleeping.
- You are at the hands of a growing online market.
The internet definitely is not going anywhere anytime soon as more and more people are gaining access to an internet link or a wise phone every second. E-commerce is following the same trend as more and more people are getting to be comfortable making purchases online and from their mobile devices. From a customer’s standpoint, making purchases from the comfort of your own home can save a great deal of time, and for certain goods, shame or humiliation.
- You can inexpensively test your marketplace.
Not every brilliant idea translates into a consumable service or product. And as you know, the failure rate of new businesses is extremely high. Another advantage of starting a business online is the ability to gauge interest without actually having the item easily available for sale. 1 instance of this that I’ve seen a lot is a trailer or beta page using a prototype of a product by which people can register to be the first to know if the item is made available. This is sometimes achieved with a food product, a clothing line, a program, pretty much anything. It is a great way to gauge interest before you go all-in with the last product.
You don’t need $10,000 to start a business…
There are dozens and dozens of approaches to make money online and honestly, who can manage NOT to open up shop to the billions of people on the internet. There are still a lot of conventional brick and mortar businesses that aren’t supplying their products and services online, constraining themselves by business hours and management of on-premise staff.
All you will need is a website, a product or service, and consistent potential buyer visitors to that site. No permits, no town council meetings, no weather limits, and based on where you live, no off-duty police officer.