Before internet became a reality, brick and mortar kind of businesses were the order of the day. In fact, at the time, it was almost impossible to comprehend that there would come a time when businesses would entirely be run on an online platform. The technological advancements in the past two decades has however changed the ball game altogether. Doing business online is now the new frontier and the in thing. The fact that the internet has brought about a wave of change in everything under the sun lends credence to the new crop of internet entrepreneurs who run their businesses solely online.
Ever wondered why entrepreneurs in their droves continue to set up their businesses online? Has it ever crossed your mind why it is that entrepreneurs love the online business world and are increasingly moving away from the brick and mortar kind of businesses? If yes, here are a few reasons to mull over.
Setting up an online business is cost effective
Unlike the brick and mortar kind of business, online business requires low set up costs which many entrepreneurs find attractive. You don’t need to look for business premises, warehouses, or pay for property rent as is the case with conventional businesses. All you need to do is create a website or web application and buy a hosting for it and you are good to venture into the online business world.
Ability to reach global audience
There is no denying that approximately 3 billion people of the world’s population are connected to the internet. This makes running an online business such a lucrative aspect as you are able to reach a huge audience of customers with the right online marketing strategy. With an online business, you are not limited to a specific geographical location as is the case with any brick and mortar kind of business. Your business is not affected by time zones as there are always customers who are awake at any single time. This is in contrast to a conventional physical business that is affected by time zones.
You don’t need to be a computer expert
Some people are turned off by the prospect of starting an online business simply because they believe that they must be fully conversant with the technical aspect of a computer. That is not the case. You simply need to have basic skills to get started and you are good to go. Think of it as knowing how to use a phone. You don’t need to actually have knowledge of the technical aspects of a phone or how it generally works. So long as you can send emails, use search engines for searching you are good to go.
You can make money any time even when you are asleep
Online entrepreneurs concur that online business is such a liberating thing. Your business is open 24 hours and you make money even when you are asleep. With automated messages and payment systems in place, you can wake up in the morning only to find out you made money. With payment systems and automated sales messages, you don’t need a person to be sitting on a computer around the clock.
Diversification is easy and hassle free
The beauty about having an online business is that moving to new markets is hassle free. If you are successful in your line of business, you can for instance venture into affiliate marketing and start making additional money selling or promoting products of other companies.
In light of the above, being a successful online entrepreneur is all about having a concrete business plan, being passionate, believing in yourself and hijacking opportunities as they present themselves.