One major benefit to online business is the fact that your business is now everywhere, as opposed to being confined to a physical location. You’re now worldwide, essentially, opening yourself up to a plethora of new markets and potential customers. For example, say your business is a regional winery that tourists frequent while on vacation. Taking your business online allows wine lovers and past visitors to order your products no matter where they live.
According to a 2011 report in Research and Markets, revenue from online shopping is projected to reach 443 billion dollars by 2015 — and one of the main reasons for this is the convenience and ease of shopping over the Internet rather than spending time and travel expenses, not to mention dealing with crowds, at the department store. By taking your business online, you’re giving the customer what they want – an easier, faster way to purchase your products.
Low Up-Front Costs
It’s inexpensive to start an online business, especially if you’re a new business and debating whether or not to go strictly online or invest in a physical location as well. Online businesses aren’t subject to landlords, rental and lease fees and the utility costs that come with a physical location. What’s more is that staffing an online business is also less expensive compared to staffing a physical one. All that’s needed to start an online business is a secure website, some basic business software and access to the Internet, all of which can be provided by a third-party.
The Internet isn’t a 9 AM to 5 PM office job, but a 24/7 entity, meaning that as an online business, you can strike that balance between your work life and your personal life. This allows for a greater flexibility between you and your workers. In addition, you can access your business from anywhere in the world. By starting an online business, you can work where you want and when you want, just as long as there’s Internet access.