In a study conducted by Harris Interface, it was found out that over 81 percent of businesses have an online presence. The entrepreneurs are constantly figuring out new areas and platforms that help them run their business in an effective and efficient manner. One such newfound way that is being increasingly adopted by entrepreneurs is an online business.
Though the idea of an online business has existed for quite a long period of time, in recent times it has been receiving a lot of attention because of the advantages it has to offer to small business owners and entrepreneurs. With the increasing popularity of online businesses, we are going to talk about the four reasons to start an online business if you have new business ideas.
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Higher Growth Potential
Most of us have this common misconception that once you launch your online business, customers would automatically flock in and make purchases. However, that is not always the case. There requires a lot of effort into scaling up a business but here’s where an online business gets an advantage over any traditional business setup. When compared to a traditional business, online businesses have no restrictions and could be marketed to the world easily. This advantage that online businesses possess ensures that they have higher growth potential. Hence, investing in an online business could help you grow your business and help you receive the best possible returns.
Higher Sense of Freedom
Several entrepreneurs are being increasingly attracted to the idea of an online business because of the level of freedom it offers to business owners. Since online selling and e-commerce businesses make use of technology such as laptops, tablets and other communication devices, they do not require individuals to work from a physical location. They could easily operate their online business sitting in any corner of the world while offering their products and services to consumers across the globe. The freedom that online businesses offer has empowered several small business owners to push their brand online and start selling their products from the comfort of their homes. This freedom helps entrepreneurs to evenly distribute their time amongst their priorities and even helps boost their work productivity.
Lesser Overhead Costs
Amidst the pandemic and global lockdowns, several individuals resorted to starting an online business that pays from their residence. Starting an online business could help you to eliminate a higher percentage of costs as compared to traditional businesses. When you have an online business, you no longer have to spend money on your retail space or use it for stocking up your inventory. When you have your online store, you could set up agreements with your vendors and reduce any financial risks that are likely to occur in the future. When you cut down even a percentage as small as 5 percent of your costs that are involved in setting up your online store, you could easily increase your profits by 50 percent.
Another advantage of having an online store also helps you to sell your products to customers at higher margins.
Increased Market Access
The last and the most important benefit of having an online business is that you get the benefit of running your business every day throughout the week without any interruptions. There are no time constraints or limitations with respect to the location or operation hours; this simply means that you could generate revenue 24/7, even when you are asleep. With the right social media strategy, a good SEO and paid promotion strategy could help in boosting the presence of your online store. With an online store, you could get access to global markets with just a few clicks. Hence, having an online business or an online presence for your brand would definitely give you a competitive advantage over other businesses.
Now that we have highlighted the reasons why online business is the best investment you could ever make, it’s time for you to decide. You could start investing in your online business today, and sell your products and services to individuals across the globe. To know more on how to start your online store, visit bikayi website and launch your online store within 90 seconds. Start, sell and grow your business with Bikayi today!
FAQ on Online Business
1. You are capable to sell around the globe at your finger tips.
2. You can do business for 24×7 like ecommerce websites.
3. Attract customers with email and WhatsApp marketing practices.
4. Able to provide promotional discounts to your customers.
5. You can earn more by spending very less cost.
The main reason behind starting or shifting your offline business to online business is cost benefit. As you don’t have to spend more time and money on every customer, with automation you can sell your products to lakhs of people at one time and earn more without maintaining a single inventory.
1. Find a problem which majority of people are facing.
2. Think how you can be the best solver than your competitors.
3. Frame your business plan
4. Set up your website
5. Make it registered