In recent years, the amount of people shopping online has skyrocketed as its an easy and convenient way of getting your shopping done.
However, from a business’s point of view, you may be wondering if it is worth your time and effort to actually start up a whole new business or move your entire business online. Well that decision is left up to you, but here are 10 benefits of an online business that just might help you answer that million dollar question.
1)Low Startup Cost
Usually, in business, there are multiple costs involved in starting a business, beginning with paying monthly rent for a physical building, then of course the supplies and equipment, salaries and wages, software, hardware, and the list goes on.
With such a long list of expenses, what money are you taking home ? (especially in the first couple months)
That’s where an online business differs.
If you think about it, you don’t even have half of the costs mentioned earlier because their is no physical building involved and when starting out, you will most likely be the only person involved in the running of the business so their are no salaries and wages to pay.
Your basic startup costs involve the following :
- A domain name
- A web hosting service
While the start up costs are very minimal, it may be a little tricky to navigate your way around your website and fully understand how to leverage your site to gain web traffic and generate an income. For this, I recommend that you take an online course that teaches you all of this.
In my opinion, the best course out their is run by a company called Wealthy Affiliate, where they firstly give you a free domain name and also use one of the best web hosts on the market, BUT that’s not all, the co owner, Kyle, offers 2 different courses that teach you step by step how to create, set up and run your website.
2)Better client service through greater flexibility
How many times did you rush to a store after work only to find that they had just closed?
Now think about it from the businesses point of view, How many potential customers would you have lost if you were closed when customers tried to access your store?
The thing with an online business is that its open 24/7 all year round !
What this does in terms of client attention is huge. Clients can access your website to read content/make a purchase at any time of the day or night and they can contact you via email if they ever need help or have a few questions to ask…..all from the comfort of their homes, no rush.
You see, people prefer to do things on their own terms, but that isn’t always possible nowadays due to the fast paced lives that we live, so by running and online business, you allow your customer to visit your website while they are relaxing on their couch, in their home, at whatever time they decide to go online, allowing them to visit your website on their terms which makes them feel comfortable and more likely to make the purchase.
3)Reaching a Global Audience
With a physical business, you are limited to reaching the customers in your specific area, and if your product is very sought after, then some people will have to travel long distances to reach you, which is a great deal of time and money spent on their path.
However, with an online business, you can cater for people from all over the world, ultimately increasing your target market and very likely, the amount of sales you will make.
4)Leveraging Social Media
Fair enough, you can advertise you physical business on social media, but the flaw is that the customer will have to actually get off their couch, get dressed and actually come to your store and buy the product.
With an online business, you can advertise your product on social media and with just one click/tap, customers can be on your site and ready to make the purchase. And as mentioned earlier, they can do it on their terms, which increases the potential of them actually making the purchase.
5)Tailor Your Marketing Approach
when operating an online business,
You have access to track and see where you are gaining most of your web traffic from and what type of ads are getting the best response. Also, you have the ability to see the type of people that click on your ads and buy your product. This allows you to ‘tailor’ you approach of advertising to target that specific group of people.
Tailoring your ads is one of the best advantages of operating a business online because once you know exactly who wants to see your ad, what type of ad they want to see and where they want to see it, you can target them specifically and potentially skyrocket web traffic to your website and in turn have the potential to drastically increase your sales.
This is unlike a physical business where tracking your targeted customer is very difficult because you have to physically track which ad each and every person is responding too…..which is extremely cumbersome and in my opinion, almost impossible as your physical business grows.
6)Let Your Customers Do the Selling
How though, aren’t they the one’s doing the buying?
You see, when a customer purchases a product from you and is happy with the product, you can leave a section on your website for them to write testimonials and comments talking about how the product has benefited their lives.
When a customer visits your website and sees that other people have already bought the product and are happy with it, they will automatically be more inclined to buy the product.
This however is not as easy to achieve with a physical business because people will share comments via word of mouth. This method takes long to work and chances of the verbal comment going global is very low.
7)Lower Marketing Costs
Instead of paying thousands of dollars to advertise your physical business on some massive billboard alongside the highway, you can pay much less to advertise on social media and other advertising networks and potentially even reach a broader audience than the billboard.
The great thing is that after some time, when you have developed a large enough following on the social platforms, your advertising costs drop even more because now you are using your own accounts to promote your product.
Pretty amazing right?
8)More Measurable than A Physical Business…
Coming back to tracking and analytics, you can use platforms such as Google Analytics to track aspects on your website such as the amount of orders that are processed through your site, the average cart total, cart abandonment rate and the percentage of total revenue your website has achieved.
The above is vital a because again, you can ‘tailor’ your approach to certain aspects of your site to meet the requirements of your customers and in turn, generating more revenue.
9)Less Time Intensive Than A Physical Business
once your site is up and running, you will not need to attend to it in the same manner as you would have to attend to a physical business. This is simply because systems are automated online and people can choose and pay for the product without anyone physically assisting them or taking cash.
This gives you time to grow and perfect other aspects of your online business. Maybe even consider selling other products for more streams of income?
10)Go Online, Go Green
By starting a business online, you are ultimately reducing the amount of pollution that you produce. Just think about it, by going online, you are creating a paperless business.
That’s one way of “doing your part to save the earth” right?
A Final Word From Affilination…
If you take a step back to notice the current global trends and customer behavior….you will find that the amount of customers purchasing online is only rising and is probably not going to stop anytime soon due to the fast pace lives that we live.
That’s one of the main reasons I would recommend starting an online business.
Although the advantages of online businesses are great, it does take time and effort to start and get running.As the old saying goes,Rome wasn’t built in a day…
Also, when starting out, the amount of different courses that are available to help you learn how to trade online is insane, and good number of them don’t actually work, or the instructor is advertising the course for beginners but pitching it for experienced marketers.
That’s why I recommend the same course that I took when starting out.
The course is literally pitched at people that know very little to almost nothing about online marketing but can be valued by all levels of online marketers and is run by the co-owner of Wealthy Affiliate, Kyle.
Before you spend a dime on the course, first try it out for 7 days for absolutely FREE before making a conscious decision to go ahead.
To find out more about Wealthy Affiliate, check out the review that I did of them here.
Don’t wait for customers to come to you, take your business to them….
As always, if you have any questions or queries, you can simply scroll down, type your comment/question in the text box and I will get back to you ASAP.