During the COVID-19 pandemic, everything including working, shopping, customer care, supply chain and healthcare has undergone a substantial transformation. The use of technology to improve operations and deliver products and services has changed the way we do things. No one truly knows what the future holds but a report from MCKensy advised that this new way of doing things is likely going to be sustained, and the use of technology will continue to accelerate.
If the use of technology continues to increase, the number of digital buyers will keep rising every year. This trend unlocks great opportunities for everyone to start an online business. Whether you are a stay-at-home parent or a student seeking some pocket money or a full-time worker seeking to increase your revenue streams or become your own boss, an online business is for you.
Before we dive in, let’s define online business
Online business also called digital business is the process of selling goods or services on the internet. An online business is one that leverages digital tools such as websites, social media, marketplace, apps, and emails to promote and/or propose its products to prospective customers
Few people see the point in starting an online business because the think that it’s too much hassle or impossible. Read on to discover the 7 reasons why you should start your online business.
1. The 1st reason why you should start an online business is that the growth of digital commerce is accelerating.
A report from Pymnts.com indicated that 88% of consumers conduct research online before making any purchase. This means that the first place where people now look for products or services is on the internet. With this high percentage of the world population online, there is a huge opportunity for anyone with time and some creativity to make money online.
Additionally, a survey of digital commerce conducted by Deloitte in 2021, found that approximately 22 million South African consumers shopped online in 2020. This number is expected to grow by 44% to 32 million users by 2024. With the number of South African shoppers growing, the earning potential from an online business is high.
There has never been a better time in history to start an online business. Moreover, running an online business is easy, flexible, and cheap. It is the most cost-effective way to launch a business because it does not require high capital investment.
2. The second reason why you should start an online business is that setting up an online business is relatively easy
With the right knowledge, you can launch a functioning online business in much less time than you think. While basic business principles still apply, a completely new online business can be launched in less than a month. So if you are clear about a specific need you would like to fill for society, you could have a great online business up and running in no time. There are many free tools, platforms and social media that allow you to easily create a website, advertise and sell your product or service online. There are also several free analytical tools that make it easier to manage and monitor online businesses. The best way to learn is by doing so once you have built the muscle to operate, you can improve your business along the way.
3. The third reason why you should start an online business is that you can do business from anywhere
The Internet offers the opportunity to do business from anywhere instead of being confined to a physical location. The Internet offers an unlimited reach, it essentially opens your business to a plethora of new markets and potential customers from all corners of the world.
Additionally, the Internet never sleeps therefore doing business online enables you to sell your products online 24 hours a day and seven days a week.
4. The fourth reason why you should start an online business is that you launch your online business with minimal start-up costs
Anyone can launch an online business from the comfort of a living room. You do not need a brick and motor establishment or large inventories to start an online business. An online business offers an easier entry point to business. There’s no physical space to scope out, rent to pay, employees to pay, or permits to obtain. This eliminates the large upfront capital required for overheads and other expenses associated with physical space, material supplies, and storage.
Therefore, you can quickly launch your online business with minimal start-up costs. You can leverage digital tools such as websites, social media, and/or the marketplace to immediately start your business online with minimal or no cost. And the best thing is that digital tools are cheaper to maintain as compared to brick-and-mortar offices or stores.
5. The fifth reason why you should start an online business is that it is less risky
There is never a guarantee that a business will succeed and the same applies to an online business. No matter how good your idea is there is still a potential for failure. Research suggests that 21.5% of small businesses fail in the first year. However, getting an online business off the ground required a minimal start-up cost so your risk is also minimized. So if you fail, you will not lose a fortune. You will just learn from your failure and try something else quickly.
6. The sixth reason why you should start an online business is because it offers greater flexibility
Starting an online business requires a lot of hard work in the beginning. A substantial amount of work is required to step up and put every together. However, once the business is set up and well-functioning, it provides ample freedom. You can run and manage your online business anywhere in the world. You can own an online business and still have your 9 to 5 Job. You spend your day at your normal job or at school while people are browsing and buying your products online or scheduling appointments through your website. With all the automation that a digital business offers, you can attain customers’ queries or ship customers’ orders later when you are free. An online business really offers a lot of flexibility in your life and enables you to do the thing that things what you love whenever you want.
7. The seventh reason why you should start an online business is because it enables you to multiply and diversify your income
The best part always come down to money. Yes, an online business can be very lucrative depending on the niche you choose. Ali Garland, advised that he earns anywhere from $300 to $600 per month online doing affiliate marketing. Digital reported that Max Hayden a young 16-year-old student makes roughly $110,000 with an e-commerce reselling business. And if you live in Africa, these thousand dollars can represent a huge amount of money.
Top takeaways
- In 2022, building an online business is more accessible than it’s ever been. If you are tech-savvy, already have a solution, and do a little bit of research, you’ll have your own company up and running in no time. You can start your online business in almost anything. The possibilities are endless. If you have ever thought about a solution to a problem or found a solution for a problem in your own life, then you already have an idea and an online business could be the right move for you. And the great thing is that when you own an online business, your office is located wherever you open your laptop. Yes, you have all the flexibility to live your life.
- The growth of online businesses, especially eCommerce is set to accelerate. Moreover, life is unpredictable, so starting an online business is a great way to multiply your income or protect yourself from an unprecedented financial crisis. An online business will enable you to earn extra income and stop living paycheck to paycheck. It can help you to pay off your debts quicker and achieve your financial freedom goal in the shortest time you thought was possible. If you provide a product or service that is on-demand, you can really make a lot of money from an online business.
- The digital world offers vast income opportunities for the poor, jobless, stay-at-home parents, students, full time workers and entrepreneurs. It is great strategy for low-paid full time workers to multiply their income streams. So if you want to multiply your income or dream to clock out of your nine-to-five job and become your own boss, the endless online business opportunities are open for you.
So now, you might be saying, “Wow! An online business sounds amazing and is viable! I would love to start mine! But how do I make that happen?” Well, read the next blog posts to uncover the fundamentals and the tools you need to start your online business right now.