You may be wondering why start an online business in the first place. Why not go with a brick-and-mortar one instead?
Because starting an online business has several advantages.
Here are the three main ones:
1. It is fairly inexpensive to start.
A lot want to start a business but are deterred by the investment required to get it off the ground. You have to pay for a lease, purchase inventory and budget for employee salaries. What if you invest all that money in your business but it doesn’t work out? This can ruin you financially.
However, with an online business, all you need is:
- Computer. You probably already have one.
- Domain name
- Website developer: We can help
In other words — it’s feasible to launch an online business with a few thousand Pula as a starting capital.
Of course, the more starting money you have, the more online business ideas you can pursue.
But the point is that you don’t need to risk your life’s savings to become a (successful) online entrepreneur.
2. Major potential and growth.
When you have a brick-and-mortar business, you have to deal with the limitations of the “real world.”
Renting in prime locations is expensive, there may not be enough foot traffic some days and the local crowd just doesn’t need stuff all the time.
But guess what? When you run an online business, none of these limitations apply. You can sell to anyone, no matter where they live.
And with each passing year, your pool of potential customers expands because more people are getting comfortable with the idea of online shopping. By 2023, ecommerce will account for 22% of global retail sales.
On top, the global Internet population is growing too. For example, between 2009 and 2020, the number of Internet users in Africa alone has grown by 480 million people.
The number of Internet users in Asia went from 764.4 million to 2.5 billion, which means that an additional 1.76 billion people started using the Internet.
More people online — more potential exposure for your online brand. Especially, if you don’t mind taking your online business across the border.
3. Can run 24/7.
Another advantage online businesses have over brick-and-mortar businesses is that they can stay open 24/7 (even through lockdowns and other disruptions).
Once your online business website is online — you are always “on” to make a sale. Shoppers can order from you at any time.
Since you don’t need to be physically present to make a sale, your business can generate revenue with less day-to-day involvement.