What are the main benefits of starting an online business?
Why should you consider owning and starting an online business in the first place?
Should you choose an online business or stick to the more familiar traditional brick and mortar business?
These are the kind of questions most people are likely to ask when they are starting out.
Choosing the right online business is essential depending on your circumstances and what suits you best.
Take time to investigate what you really want to do and what you hope your home-based business will bring to your life.
However, for the purpose of this blog, we will be focusing mainly on the online business as it offers more benefits and it is much quicker to start with, plus the learning curve could be shortened with the right training.
Now let us evaluate the benefits of starting an online business.
Depending on the business model you choose, you can start up with minimum costs.
As times goes by, your costs are likely to increase a bit as you grow.
- Investing in your business knowledge
- Introducing additional tools for business growth and development
- Advertising & marketing
- Outsourcing some of your business activities to freelancers to help move your business forward when you require an extra hand at a reasonably modest fee.
For sure, the business overheads of an online business are much lower than your typical traditional brick and mortar business.
Your office building is wherever you choose to work, could be at your local cafe, bedroom, at a hotel or a lovely beach somewhere exotic.
An example of an ideal model which requires fewer costs to start up with is affiliate marketing, where you will be promoting other people’s products and services.
This could provide you with a good start on how to make money online.
It is highly recommended creating your own website.
Firstly because it is an asset that you fully own and control.
Secondly, because your site/blog is basically your home base, allowing you to build your brand and create additional revenue streams from it.
Such as promoting your products, services, affiliate offers, sponsored content or displaying Ads.
You will have full control of what things you want to promote from different companies.
Run your internet business from anywhere in the world 24/7.
All you need is a laptop and internet connection.
Your office could be your bedroom or a sandy beach somewhere on a beautiful island in Africa.
It is ideal if you are travelling and simply want to make money whilst enjoying your self.
This is where the idea of having location freedom come to materialize as you are not limited to, from where you can work by time or location.
You are basically a free agent, responsible for your own fate.
#3: Greater Earning Potential
There is no limit on how much money you can make online.
It all depends on your effort and the type of business model you choose.
The more time you dedicate to your business the more chances you have of increasing and diversifying your income.
You can choose from a range of profitable business models to monetize your blog or website and increase your earning potential.
So long as you are willing to learn and try new stuff, you will be able to make money.
Opportunity to experiment with trial and error before investing too much of your time and money.
It may be that you want to test things out before you fully immerse yourself in the business.
It is better to have an idea earlier on in the process whether you want to continue with the business model you have selected or abandon it altogether and try something completely different.
For a few months, I was able to experiment with a number of drop shipping businesses.
The first involved selling women fashion clothes, the second was based on trending products, and the third related to promoting baby accessories.
They could all have been profitable had I committed to them and were allowed to mature to some degree.
I knew early on, it wasn’t something I was very keen on or interested in to pursue it any longer than necessary.
You can always create businesses whose main role is to generate income even though you have no interest or passion with them.
This is not necessarily a bad thing especially at the beginning when you are desperately trying to generate revenue quickly to keep you going.
The phrase ‘money sites‘ come to my mind!
It is entirely up to you, also don’t forget that you can always have more than one business model. Start with one, make a success of it and create more.
I personally like to pursue things that:
- Solve a problem or satisfy a need
- Serve and contribute to the lives and success of others
- Require minimum work/costs to operate and manage
- As well as those that bring me joy and satisfaction throughout my creative process
I was able to halt all the three businesses quickly because I had no inventory to look after as the suppliers took care on this side of things.
It would have been a completely different story if these were brick and mortar businesses, or worst still a business which required me to buy the stock as well as handling and managing my own inventory.
With online business, you can experiment, validate the model/niche/market and fail/learn fast then pivot to something else entirely different.
The flexibility is always there for you.
#5: Automation & Outsourcing
Your online business can be some-what automated.
It all depends if you want to be hands-on, don’t mind delegating some business activities to other people by outsourcing their services or use tools to do the automation for you.
If for example, you are running an e-commerce business such as Amazon not as an affiliate but rather you are selling your own private label products via Amazon platform, you can opt-in for FBA which stands for fulfilled by Amazon.
They will take care of everything for you including customer service, returns, refunds, packaging and delivery of products to your customers.
There are many tools and resources you can use to automate your business tasks or get some else to do them on your behalf for a reasonable fee.
It is not uncommon nowadays to see many entrepreneurs who are short for time hiring virtual assistants to help them increase productivity and skyrocket their business to unthinkable success.
Typical outsourcing tasks for a blogger could be, getting their online content researched, created and promoted to social media channels.
This can save tons of valuable time for the entrepreneur or blogger which enables them to focus on major tasks of scaling and taking their business to another level.
The ability to network with other online entrepreneurs in your industry and learn from each other is made easier.
You don’t have to be in the same city or country.
All can be done online.
Hanging out with like-minded people can be beneficial for you and your business, where you can learn from each other, share strategies, tactics, and ideas to help grow your business.
The more authentic, trustworthy and engaging you are with your audience you are more likely to do well and be able to sell your services and products to them as they identify and connect with you.
People like to follow and emulate influencers whom they can relate to and understand their issues.
If you are able to build authority for your self and the business you are promoting, you will, without a doubt be able to attract a big following who are hungry and ready to hear what you have to say and offer.
#8: Large Following
Provided you are able to master digital marketing skills and connect with your audience, you can reach numerous people worldwide than if you were to run your small business offline.
Fortunately for us, we live in a time where with correct digital marketing strategies and tactics, an entrepreneur who knows what they are doing can easily build a gigantic fan base.
As a result of which he or she will be able to promote their business effectively and efficiently within a short period of time.
#9: Building a Community
You will have the ability to build a community around your service, product or personal/company’s brand.
You will be able to serve and provide effective support to your tribe where you get to learn and hear first hand the type of issues affecting your audience.
This will help form a better relationship and trust between you and the people you are serving.
You will also get to humanized your brand where your audience will be able to see that you a real person who truly cares for their concerns and issues.
#10: Building Great Assets
You are building future assets.
Once matured and successful, your online business can be flipped by selling it to a higher bidder, if this is the route you desire to take where you can pocket a handsome return for your hard work.
The skill-set you will be acquiring in your journey as an online entrepreneur will without a doubt allow you to create invaluable assets for yourself.
Your expertise and knowledge could open many opportunities for you such as being able to:
- Create other successful online/offline ventures
- Become a paid key-note speaker where you get invited to share insights, knowledge, inspiration and expertise on your chosen field
- Publish books
- Become a serial entrepreneur/investor
- Start a non-profit/initiatives dedicated to serving humanity and contributing towards making a positive impact in the world
- Create a lasting legacy for yourself and loved ones
- Travel the world and gain new experiences
Take Home Message
It is my hope that the 10 benefits of starting an online business listed above, will help you decide and confirm if an internet business is a viable option for you or not.
Granted, there is a bit of a learning curve to contend with, then again even the traditional business model, will also equally require you to learn new skills you are not familiar with.
You are hopefully an entrepreneur in the making, so do not be afraid to take risks.
Be willing to try and explore new territories you have not tried before.
You will never know what you can achieve unless you try.
The online entrepreneurship bug is addictive, once you start, you will never want to stop.
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I love to hear what you think of these 10 benefits of starting an online business. Do you have more to share with us?
Please leave me a comment below.
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