Being an entrepreneur means you’re constantly exploring new, potentially lucrative business opportunities. Some entrepreneurs come up with and look for ideas all on their own and some work on refining ideas other pitch to them.
Nevertheless, the majority of these business ideas end up turning into logistical and financial nightmares, mostly due to costly overhead, low margins, and painfully slow scalability.
Online businesses, on the other hand, don’t experience the same set of hurdles traditional ventures face and as such, are much more easily manageable even when started at a very young age.
The intrinsic freedom
Digital nomadism is one of the most appealing aspects of working online.
Many entrepreneurs have found themselves drawn towards online work simply due to the fact that they can get the work done without being tied to an office desk, or any particular location for that matter, from nine to five.
Modern tools such as laptops and smartphones, business apps, productivity tools and VOIP systems have made it possible for entrepreneurs and businesses to operate from any location and create a perfect balance between the freedom the roam the world and the desire to achieve business success.
Worldwide market access
One of the most useful aspects of running an online business is the ability to have it run around the clock without any physical boundaries.
You can literally be asleep while your business is attracting new customers and handling orders from different corners of the earth.
You can target individual states, countries, world regions or have a location-independent audience who shares the same beliefs, characteristics, and interests.
All you need to do is make sure your targeting is on point and devise an appealing advertising plan, complete with paid advertising, social media marketing, and search engine optimization.
High margins and a low overhead
Offline businesses usually suffer from high overhead costs and low-profit margins, making it very difficult to develop and maintain a successful business.
You have to worry about a costly office or even retail space, short- and long-term lease commitments, maintenance, and utility expenses, stocking the inventory, you name it.
The online business allows entrepreneurs and small to medium-sized business owners to make a deal with the manufacturers and rely on drop-shipping and manufacture-to-order agreements as means of reducing financial risks while maintaining consistent profit margins.
As successful as they may be, not every online business is capable of rapid success through exponential growth.
At the same time, just because you’ve started an online business doesn’t mean that customers are automatically going to flock to your company and shower it with their hard-earned cash. Business scaling is never easy, but it is more manageable when you’re dealing with an online business which is not defined by a physical location and a limited customer pool.
Whether you’re going to continue to build your company or invest somewhere else and save up for a well-deserved, 5-star luxury retirement, an online business offers a diverse set of choices that physical businesses rarely can.
Platforms such as ChattyPeople and Manychat have taken advantage of the recent chatbot boom by creating services that help make sense of the complexities and clear up the confusion associated with developing a chatbot. Box subscriptions have taken over the world and companies such as CrateJoy and Dollar Shave Club have shown us how a take an age-old concept and adapt it to a more modern marketplace. Sydney-based company, Institchu has filled in the need for high-quality tailored suits by opening an online outlet and now have showrooms in Brisbane, Melbourne, and Sydney.
From an entrepreneurial standpoint, the online world offers countless business opportunities. You can work with ad management, search engine optimization, vacation rentals, webinars or even become a life-coach and help people turn their lives around. Once you consider that more than half of the entire globe now has internet access, it becomes clear why starting an online business in 2018 is probably one of the most rational and potentially successful ideas you can come up with.
***This was a Guest Post written by Claire Adams***
Claire is a personal and professional development expert who believes that positive attitude is one of the keys to success.
You can find her online writing and giving tips about lifestyle and development as a regular contributor to High Style Life.