10 Advantages Of An Online Business
The internet has revolutionized the way we do business. It has created opportunities that were previously unexplored, and has created new businesses. As an unfortunate consequence, it has also led to the death of other businesses too.
Nonetheless, the fact that the internet has now reached some of the most remote areas around the world, there are now numerous benefits that you can take advantage of by running an online business.
This article will explore some of these benefits. Here are 10 that we think are the most advantageous;
1. Starting an online business is cheaper than a brick and mortar business
When opening an offline business, you need to consider the physical location of the business, furniture and fittings and décor, among other necessities.
This inevitably means that starting out with a more traditional offline business very expensive, especially if you are working on a shoestring budget.
In complete contrast however, starting a business online can be very cheap.
Starting your own online business certainly has plenty of appeal if you want to save on investment costs. You don’t have to have a fixed location when operating your business, you can literally run a business from anywhere, or open a store on social media, and start earning the same day.
If online auctions are your thing, there are plenty of auctions and online marketplaces where you can sell your products for free, or at least very cheaply.
As your business develops, you can buy domains and other business tools as you move on. This makes it easy and less demanding on your pocket to get started.
2. Customers can access your business any time of the day and night, all year round
Offline businesses are affected by working hours and holidays. This limits the period when customers can find you on the premises, which can make you lose some opportunities.
Fortunately for an online business, you can be available any time of the day or night. If you run a business via a website for example, your website is open to business during public holidays, and virtually any other times that a physical premises is likely to be closed.
Customers can buy or inquire about your products at any time, and right from their homes. That gives you more opportunities to earn more from increased sales.
3. Cheap marketing of the products
The internet has revolutionized how you can reach new markets. There are several free and cheap platforms where you can get customers for your products.
You can promote the products on social media; do search engine optimisation, and post in appropriate forums for free.
In addition, you can go for paid advertising on search engines and social media, which is cheaper than the traditional marketing methods such as mass media, billboards and use of brochures.
4. Reach beyond geographical borders
Online business transcends beyond the country borders. You can sell, or promote products, to clients in other countries and continents from home.
It is a great solution to a diminishing local market, or high competition.
There are now tools that enable customers speaking in other languages to get the message in their languages. Therefore, you are not limited to your language when it comes to selling.
5. Ease of communicating and responding to your clients’ concerns
The internet offers you the convenience of responding to customer questions and concerns promptly and cheaply.
You can also communicate to dozens of your customers at the same time. Social media, Wechat, and apps such as Skype, make it easy to communicate with your clients.
You can even start a business from a platform like this one, and speak to other business professionals any time of day or night.
Modern technology allows online business owners to talk to clients like they would in a face to face meeting, but you don’t need to waste time travelling to where the clients are based geographically.
This helps you provide the best service to you clients without incurring high costs.
In a brick and mortar store, you are required to be on the premises all the time for your clients to find you and do business with you.
However, with online businesses, you can do business from any corner of the world. This flexibility allows you to accomplish much more as you do the business and kill the monotony of staying at one point for long.
Creating an online business can also be done in a very flexible way too, you can create a business like this one in your spare time
7. Cut on the carbon footprint
Travelling to meet your clients, and vice versa, carries with it the unfortunate consequence of polluting the environment through the use of fuel.
In addition, given that you are more likely to write things down on paper with an offline business, means that you are leading to more trees being cut to produce more paper, which of course is not good for the environment.
8. Easier to track your performance
It is possible to track your performance on offline business, but not in the same way that you can with an online business.
Fortunately, with an online business, you have accurate stats of each of the actions you, and others do online.
For example, you can monitor literally every movement your visitors make on your website with Google Analytics.
These stats are recorded in real time. Therefore, you can tell the status of your marketing efforts at any given time. This is vital for decision making and pinpointing the strategies that work, and those that don’t.
Learn how to create and maximise a website for profit HERE
9. More Networking Opportunities
In a conventional business, in order to make your business work, you must on occasion attend industry events for you to network with other entrepreneurs in the same field.
The online business owner has a clear advantage as the internet opens up new networking opportunities far and wide.
There are numerous online forums and private groups on social media where professionals in a given business meet and discuss issues that are affecting their businesses.
In these groups, you can get lots of free advice, new markets and new insights on running your business than any physical networking event.
10. Ease of managing financial transactions across the world
It is easy to manage your money when working on an online business.
Services like Payoneer and PayPal and online bank transfer make it easier for customers
to pay from any part of the world in their currency, and have you receive the cash in real time.
In contrast, the international offline business involves a lot of procedures to get you paid and costs much more.
There are numerous opportunities to sell services of physical products online, no matter what you are selling. In addition, it is easy to add an online business over an existing offline business and reap these benefits.