The internet has radically changed the way business is carried out. Online businesses, at least the small ones, are relatively easy to set up than the traditional brick and mortar operations.
You also do not require investing as much money, which opens up the door for wannabe entrepreneurs to try their hand at establishing online businesses to fulfill their dreams of quitting the drudgery of their jobs and becoming millionaires overnight.
According to a Forbes report as many as two-thirds of all Americans dream of quitting their jobs to start a business of their own to become independent. Some of the top attractions of establishing an online business of your very own:
Discover enduring job security
Even though there will always be some people who will say that setting up an online business is very risky due to the sheer competition one is likely to face on the world wide web, the establishment of an online business can represent the ultimate job security you could ever want.
For sure, like any business, you need to adopt a sensible approach and make the best use of technology that is available and suited to your circumstances. There is such a large variety of businesses that you can do online that there is sure to be one on which you are better equipped in terms of knowledge and expertise than others.
By exploiting your skills to meet gaps in the market demand, you can carve out a niche for you that will have customers giving you repeat business. The good thing about online businesses is that if a business failure does occur, the collateral damage is quite less compared to conventional businesses due to the investment in hard assets being negligible.
This makes it possible for online entrepreneurs to bounce back again very quickly.
Opportunity to work on your passion Access to more customers
The biggest grouse of people who are employed in a company owned by someone else is that they have to work on whatever the responsibilities they are given and have absolutely no say in selecting the projects or assignments that really interest them.
Most often, you are slogging it out in a function that may be critical and vital to the operation of the company but not necessarily something that you really enjoy or are passionate about.
Once you make up your mind to sacrifice the perceived security of the nine-to-five job, you can follow your passion by setting up an online business operating in a niche that truly interests you. It is natural that by working on something that you enjoy, it is likely that your business will achieve faster success and enduring sustainability.
The good thing about online businesses is that virtually anything and everything in the world can be monetized if you study the market properly and figure out the right strategy that will differentiate you from the competition.
Access to more customers
The most striking difference between conventional businesses and online businesses is that when you go online, you have the potential for reaching out to a worldwide audience instead of being restricted to just a small geographic area in the vicinity of your store.
While not all online businesses actively reach out to a global audience, the limitation imposed on the reach is actually more of a logistical issue rather than the product itself.
However, for services that can be delivered over the internet like content writing, legal or engineering consultancy, web design, marketing strategy design, etc. it is quite possible even for your small venture to reach out to niche audiences all over the world and cater to their requirements.
In fact, the smaller niches are invariably serviced better by small online businesses because of their limited appeal to the big ventures. It is quite possible for an online business to get most of its revenues from customers who are located thousands of miles away; for many customers receiving services like debt consolidation reviews over the web, it really does not matter where the business is physically located. You may even wish to deliberately target remote customers whose market potential is not being addressed adequately.
Achieve a better work-life balance
A conventional full-time job rarely gives you adequate time to pursue your own interests and the more senior position you are in; the nine-to-five job can envelop you so completely that you are only a nervous wreck during the weekends.
On the other hand, one of the biggest advantages of an online business is the flexibility of operations. Even though your business is open 24×7, you can choose to devote specific times to the various jobs that need to be done and make enough time for yourself and your family.
You can work from anywhere you like; you are free of the hassles of commuting to your workplace as irrespective of where you are you can attend to your business with just a laptop connected to the internet.
You can actually become a digital nomad and operate from a virtual office from any corner of the world. While none of the responsibilities of running a business go away because you are online, you are now free to set your own time and decide where you will work from.
Enjoy low entry barriers to setting up business
One of the main reasons why millions of entrepreneurs establish online businesses is that the entry costs are remarkably lower compared to setting up a brick-and-mortar business.
You do not have to pay for office or store rentals, you require far less staff, you don’t necessarily have to maintain inventory, and your physical overheads are close to nil.
Just about anyone with the power of conviction and necessary vision can set up an online business armed with just a laptop, and a phone connection. By investing in a website with an e-commerce platform, a domain name, and a hosting provider, you are ready to roll.
It has been amply demonstrated time and again that if you have the drive and the courage to set up an online business, it can be extremely lucrative provided you implement the right strategies. If you can sustain your business for the first few years, you can be sure that you can be truly independent and lead your life the way you like.
Kelly Wilson is an experienced and skilled Business Consultant and Financial advisor in the USA. She helps clients both personal and professional in long-term wealth building plans.
During her spare time, she loves to write on Business, Finance, Marketing, Social Media. She loves to share her knowledge and Experts tips with her readers.