What is Online Business? Online business in simple terms is business operations that take place on the internet. Whenever a business set up a website to sell their goods, customers will be buying them through the use of the internet.
If you ever find yourself wondering why you put up with your job or how come you never pursued your passion, starting an internet and online business may be the best thing you can do to yourself, today.
It is never too late to chase your dreams and become an entrepreneur. Success comes in all ages, from Sam Walton starting Wal-Mart when he was 44 years old, to Moziah “Mo” Bridges hitting $150,000 in sales at just 12 years old with his company Mo’s Bows.
Starting a business is easier than ever in today’s world where the Internet dominates aspects of production, entertainment and social activity. Sure, there are good and bad things that come with starting an online business, but yet more and more people are finding themselves attracted to the idea of being in charge of their lives.
1. Low start-up cost yet large scale
Most online businesses are built with low start-up costs. You can start for very little and grow your webshop, website, web app or mobile app over time, adjusting your online business to how your audience interacts.
According to NZIE, new technologies that can be used with online businesses reduces the amount of work you have to do, allowing you to cut down on costs. For example, adopting e-business solutions such as a responsive website, smart UI/UX, e-commerce, rich mobile app, online marketing tools …, that can reduce maintenance, repair and operation costs.
Once you are setup and ready to roll, your business is open 24/7 365 days a year and keeps running even when you sleep. This is what distinguishes online businesses from any other, because your income is not determined by the number of hours you work, but rather the level of productivity you can produce during those hours.
This gives tremendous scaling opportunities to those productive ones. While it is hard to scale the number of hours you or your employees can work (we all have 24 hours in a day), if you create a smashing hit with your online business, there are few limits to how far you can go.
You don’t have to be present in order for a transaction to go through, you just have to be consistent with your efforts and constantly be laser-focused on creating value for your customers to grow and sustain your business. Some people thrive under this, others don’t.
If you are one of those that thrive under this, by investing your time in marketing, sales and any other activity that generates income, you will significantly reduce the number of hours you have to work in order to bring in a healthy income.
2. Provides limitless freedom
Many entrepreneurs are drawn to online businesses because of the freedom they offer. Modern technology, laptops, tablets, business apps and VOIP communication systems are just some of the tools that allow businesses to be operated from any location. Next time you are in a Starbucks take a look around — I guarantee someone is working on their online business or startup while connected to wifi and sipping their favorite coffee.
Not being tied to a particular location or desk from nine to five can be very empowering. Some entrepreneurs don’t know how to balance freedom and fail miserably, while others use freedom as motivation to work even harder. Don’t mistake freedom for time to slack off. True entrepreneurs respect freedom and understand that the hard work is well worth the ability to spend more time with their families and partake in activities that most miss out on because they are part of the nine to five grind.
3. You have the freedom of choosing your location
In an online business, you aren’t tied down to a desk or a single location.
As long as you have an internet connection and a laptop you can run your business from anywhere in the world.
You have the freedom to travel and choose where you want to work on any given day and that’s extremely liberating.
Whether you want to visit your family in another state or take a trip somewhere exotic your business will always be with you.
For most online businesses, especially blogs there’s little to no commute time necessary, which saves you a lot of wasted time, energy and fuel.
The additional time that you gain from not having to commute and the freedom you get from working where you choose means you can be much more productive and have more freedom to set up a schedule that is much more efficient and flexible.
4. Access to a worldwide market
The beautiful thing about an online business is the ability to run it 24/7 without boundaries. There are no geographical boundaries and there are no specific hours of operation — an online business can produce revenue around the clock, even while you sleep.
With a well-thought-out social media plan, search engine optimization and paid media strategies, an online business can thrive. You have access to the entire world right at your fingertips. The luxury of being able to target specific states, regions and countries gives an upper hand to online-based businesses.
Have you previously invested in an online business or are you considering it in the future? Share your thoughts with us in the comment section below.
5. Customer Data
An important part of every business process is to collect customer data. Online businesses allow you to gather customer data and behavior. That too is under minimum effort. Using this information, the business could take the necessary steps to enhance the visitor experience. For example, if it is an e-commerce site, the business can analyze what product the customers are most interested in, from which country the most sales come from and what is the most preferred payment method.
Related: How to make an eCommerce website