Increasingly more customers are using the Internet to find local businesses. Approximately 71 percent of them buy products online. Over 61 percent use online banking, while 65 percent spend their time on social networks. Internet users rely on search engines to find information they need. Starting an online business can be a rewarding experience. Despite the bad economy, average growth of ecommerce is about 25 percent per year. The most difficult part of starting an Internet business is making the decision to actually take that very first step.
Reasons to Start an Online Business
The Internet has become the main source of information for prospective buyers. Anyone can start an online business with minimum investment. Small business owners only need an email address to communicate with their customers and suppliers. The World Wide Web has created a new economy. Your online store could be only a click away from your prospects.
Starting an online business and setting up a website requires minimal start-up costs. All you need is a domain name and hosting space. If you only sell digital products or services, you will save tens of thousands of dollars a year. There is no need to have your own office or buy expensive equipment. A computer connected to the Internet is all it takes to start your own business. Here are the main benefits of having an online business:
• Minimum investment
• Low operating costs
• Global access 24/7/365
• Faster product delivery
• Superior customer service
• More customers
• Improved efficiency and productivity
• More efficient communication
• Improved speed of response
• Save time and money
Operating an online business is quite easy. Many online companies, including Amazon and eBay, provide the tools you need to get started right away. Your physical location is not important since you conduct your business online.
Costs of Starting an Online Business
One of the biggest challenges to running an online business is competition with the millions of other websites offering similar products. The fierce competition can be overwhelming. Sometimes it can be difficult to motivate yourself to work. There are many distractions that will constantly draw your attention, including social media, online magazines and instant messaging.
Another drawback is that you will spend a lot of time dealing with spam emails and sales people offering all kinds of services. Additionally, you have to establish a powerful brand and attract enough customers to keep your business alive. Until you start making money, you must cover all expenses from your own pocket.
The benefits of starting an online business outweigh the risks. As long as you are focused, you won’t lose sight of your goal. Take your business online now, before the marketing costs become too expensive!
Image credit: Ambro