December 05, 2020

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4 Important reasons you should start an online business Featured

Throughout the course of history there has never been an easier or better time to start your own business then there is today. With the growth of technology, it’s crucial that you have an effective Internet marketing plan in place. Internet marketing is so important because your customers are online. Considering that over 4.2 billion people are on the Internet, it’s a great opportunity for you to reach leads that are looking for your business. There are billions of people online just waiting to find your company. People use the Internet to find all types of information. They’re constantly conducting searches to find relevant information about businesses, products, and services. By investing in Internet marketing, you’re helping your company reach those interested leads.

Weather you’re rich or poor you now have the ability to share your skills and connect with people all over the world. And for those looking to build an online business it can be extremely inexpensive and very easy to get started.

In fact there are many wonderful benefits to starting your own online business from earning additional income and gaining more freedom to helping others achieve their own personal goals; however in order to keep things simple and to the point I will only go over 4 of the many wonderful benefits you can experience by starting and owning your own online business.

 

The following are four reasons why online businesses are the best investment entrepreneurs can make.

1. Offers incredible scalability

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 and some 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.

Once a successful marketing and advertising strategy is identified an online business can simply open up its target and increase budget to grow very fast.

 

 

2. Provides limitless freedom

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 Starbucks take a look around -- I 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. Some entrepreneurs don’t know how to balance the freedom and fail miserably, while others use the freedom as motivation to work even harder. Don’t mistake freedom for time to slack off. True entrepreneurs respect the freedom and understand that the hard work is well worth the ability to spend more time with their families and partake in activities that most miss out on because they are part of the nine to five grind.

 

3. Low overhead and high margins

An online business will often allow you to eliminate some of the huge costs associated with an offline business. Not only can you eliminate things such as pricey office or retail space and long-term lease commitments, but you can also eliminate having to tie up your money in stocking inventory. A drop-shipping agreement with the manufacturer or a manufacture-to-order arrangement can greatly reduce your financial-risk and will allow you to maintain more consistent margins with less upfront cost.

Imagine if you had a business that sold hats and you carried five variations: red, blue, green, yellow and orange. In a physical brick-and-mortar location you would need to keep all of the variations in stock because you don’t know what hat the people walking through your door are coming to buy. If the yellow hats don’t sell you are forced to discount them and take a loss. Selling the same hats via drop-shipping would mean you won’t be left holding unsold merchandise that you have already paid for.

 

 

4. Access to a worldwide market

The beautiful thing about an online business is the ability to run it 24/7 without boundaries. There are no geographical boundaries and there are no specific hours of operation -- an online business can produce revenue around the clock, even while you sleep.

With a well thought-out social media plan, search-engine optimization and paid media strategies, an online business can thrive. You have access to the entire world right at your fingertips. The luxury of being able to target specific states, regions and countries gives an upper hand to online-based businesses.

Have you previously invested in an online business or are you considering it in the future? Share your thoughts with us in the comment section below.

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Last modified on Friday, 30 October 2020 08:56

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