Back in the day, only the privileged few could start their own businesses. But today anyone can start and scale an online business, regardless of their professional background or past entrepreneurial experience.
Why You Should Start an Online Business
1. It is fairly inexpensive to start.
In a brick-and-mortar store, you have to pay for a lease, purchase inventory, and budget for employee salaries.
However, with an online business, all you need is:
Computer. You probably already have one.
Domain name. You can get one for less than $14/year.
Website: Monthly plans start from $199/mo.
In other words — it’s feasible to launch an online business with $250 as a starting capital.
Of course, the more starting money you have, the more online business ideas you can pursue.
But the point is that you don’t need to risk your life’s savings to become a (successful) online entrepreneur.
2. Can run 24/7.
Another advantage online businesses have over brick-and-mortar businesses is that they can stay open 24/7 (even through lockdowns and other disruptions).
Once your online business website is online — you are always “on” to make a sale. Shoppers can order from you at any time.
Since you don’t need to be physically present to make a sale, your business can generate revenue with less day-to-day involvement.
3. Major potential and growth.
In a brick-and-mortar business, you have to deal with the limitations of the “real world.” because you only have the ability to serve your surroundings
If you decided to open multiple shops in different areas to get rid of the limitation to serve Renting in prime locations is expensive, there may not be enough foot traffic some days and the local crowd just doesn’t need stuff all the time.
But guess what? When you run an online business, none of these limitations apply. You can sell to anyone, no matter where they live.
And with each passing year, your pool of potential customers expands because more people are getting comfortable with the idea of online shopping. By 2023, eCommerce will account for 22% of global retail sales.
On top, the global Internet population is growing too. For example, between 2009 and 2020, the number of Internet users in North America alone has grown by 73.3 million people.
But that’s nothing compared with the regions that are still developing!
The number of Internet users in Asia went from 764.4 million to 2.5 billion, which means that an additional 1.76 billion people started using the Internet.