Business has come a long way from the local corner store. With the introduction of the internet, a great deal of opportunity has come with it. From trading shares and currencies, to running a very profitable business online, providing people all over the world with the ease of shopping from the comfort their homes.
Here are a few differences to having an online business which has come to my attention, that I’d like to share with you!!
- Lower costs to run an online business.
When you compare the cost of running a traditional business to the cost of an online business the differences are huge.
You don’t have to maintain a shop to keep it presentable for your customers, or change the shop window to entice customers to come into your store. You don’t have to pay hundreds or thousands of dollars in rent, insurance, water and electrical bills each month.
In addition, you don’t have to find a place to store your products or hire people with all the expenses that come with that like paying wages, super and WorkCover just to name a few.
- Opportunity to profit from your online business increases.
Due to the fact that you are saving so much money on costs means that any money you do put into an online business comes back quickly and so do the profits.This creates a level of peace of mind not often found in normal businesses.
I know a person who owns a very successful traditional business and he often says that he had to mortgage his house to start the business. This is pretty scary, and not many of us could afford such a risk. Online businesses are far less riskier and less likely to cause sleepless nights.
- Advertising to people who are looking for what you’re offering.
This is a huge advantage. Normal businesses usually advertise on signs, radio, TV and local newspapers. Marketing their business to as many people as possible to attract a sale, this sounds good in theory, however wouldn’t your advertising be more effective if you marketed to people who are actually looking for what you are offering? How much more likely are they to pay attention to your ad and later purchase from you?
By advertising online to people searching for what they want on Google and other similar search engines, creates the possibility of your ad being seen by these people, and your chance of getting sales will increase.
- Shopping made easier saving time for your customer.
We are all living such busy lives compared to the generations before us, we are always looking for quicker and easier ways to do our normal every day tasks. Take for example, how stores like Coles and Woollies, have modernised their service to meet this demand by providing online and home delivery options. This would not have been possible without these companies utilising the power of the internet creating the opportunity for customers to place orders online.
Fast food giants such as KFC and Macca’s who were amongst the first to change fast food via drive through service and have now jumped on the bandwagon of offering customers home delivery via an app.
- Open 24-7 for the customer.
In comparison to how shopfront businesses operate with the normal opening hours, online businesses have taken the common trading hours of 9 to 5 and completely smashed them. Creating the opportunity for people to buy what they want, when they want, from wherever they want it. This is great not just for the consumer but for the business owner as well, because the business owner can run their business with just a laptop and an internet connection.
- Selling on a global scale.
Your opportunities are endless. Marketing on a global scale which is now possible via the world-wide web, means you can reach into every household that has an internet connection. Doing away with the difficult things needed to set up an international business in other countries, dealing with the laws, rules and regulations attached to those countries.
This also means that your business could be making sales while you sleep. Making sales while the owner sleeps was not a concept taught in commerce class at school but is a very real possibility in todays world.