10 Reasons Why Having An Online Business Is A Great Decision

byHraybal

1.2K followers

5 years ago

Wealthy Affiliate members of course already know that having an online business in 2020 is the way to go. However, I thought I would write quite a thorough blog post to remind you of 10 reason why owning an online business is a smart decision.

1. Starting a business is cheaper online than a brick and mortar business

When you open an offline business, you will need to consider the physical location of the business, rent, furniture and fittings and décor among other things. This can make your investment very expensive, especially if you are working on a shoestring budget.

Starting an online business however is comparably is very cheap. Consider for example all the investment needed in a The more traditional brick and mortar business to the $0.83 per day, all in cost, to run your business here at Wealthy Affiliate.

2. Customers can access your business any time of the day and night all the year round

Normal business hours are affected by working hours and holidays.

This limits the period when customers can find you on the premises which make you lose some opportunities.

Fortunately for an online business, your website/business is available any time of the day or night, during public holidays and any other events that may cause a physical premises to close.

Customers can buy or inquire about your products at any time right from their homes. That gives you more opportunities to earn much more.

3. Cheap marketing of the products

You can promote the products the products you are promoting with search engine optimization, on social media, and post in appropriate forums for free.

In addition, you can go for paid advertising on search engines and social media, which is cheaper than the traditional marketing methods such as mass media, billboards and use of brochures.

4. Reach beyond the geographical borders

Online businesses go beyond country borders. You can sell/promote to people in other countries and continents from home.

It is a great solution to a diminishing local market or high competition. There are now new tools that enable customers speaking in other languages to get the message in their languages. Therefore, you are not limited to your language when it comes to selling across borders or continents.

5. Easy communication with clients or potential customers.

There is no need for costly and time consuming face to face interaction. Just think of how easy communication is with your business being located at Wealthy Affiliate.

You can do all your communication relating to your business either on the WA platform, via comments on your website to potential customers, or via email enquiries to your site. All these methods are completely free of charge, so you simply don’t incur any additional prohibitive costs.

6. Flexibility

In a brick and mortar store you will need to be on the premises all the time for your clients to find you and do business with you.

However, for an online business you can do business from any corner of the world. This flexibility allows you to accomplish much more as you do the business and kill the monotony of staying at one point for long.

7. Cut out the carbon footprint

Traveling to meet your clients and vice versa pollutes the environment through the use of fuel.

With an online business, you don’t have customers coming to you, or you to them. This helps lower the business’s carbon footprint, and keep the environment green, and clean.

8. Easy to track your performance

With an online business, it is much easier to get accurate stats of each of the actions you do. These stats are recorded in real time. (Think Google Analytics) Therefore, you can tell the status of your business and marketing efforts at any given time.

This is vital for decision making and pinpointing problems that might crop up at any point on the way.

9. Many networking opportunities

In a conventional business you have to attend industry events for you to meet with other entrepreneurs in the same field, and you are often limited to business owners within your locality.

The internet opens up new networking opportunities far and wide (including of course on the WA platform) There are also numerous online forums and private groups on social media where professionals in a given niche meet and discuss issues that are touching their businesses.

In these groups, you can get lots of free advice, new markets and new insights on running your business than any physical networking event.

10. Ease of managing financial transactions across the world

It is really easy to manage your money when working on an online business. Services like Payoneer and PayPal and online bank transfer make it easier for either yourself or your customers to pay from any part of the world in their currency and have you receive the cash in real time,