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Starting a Business

Should You Start Your Business Online?


Starting a business is the dream of many, but wouldn’t it be even better if you didn’t have to dress in a suit and tie or commute every day? Online businesses offer a level of freedom that is practically unheard of in other business niches. You can make your own hours, set your own vacation days, and let your website sell for you 24 hours a day, 7 days a week, 365 days a year. You can work from the comfort of your own home – in your pajamas if you’d like! It doesn’t matter if you have blue hair or if you’re tattooed from head to toe. You can also work online if you’re in a wheelchair or have some other type of disability. There are many benefits for starting an online enterprise, but it’s not always the right choice for every type of business or every type of person. Read on to learn more about the ups and downs of online work.

 

Reasons To Start An Online Business

There are numerous reasons people decide to start an online business they work from home. For instance…

  1. You can amass more retirement money to live comfortably.
  2. You’ve lost your job and need to find a way to make ends meet.
  3. You are looking for residual income that can fund your child’s college tuition.
  4. You want to eventually quit your job to do something you love.
  5. You want to be there with your kids all day and avoid daycare.
  6. You would like to afford extra luxuries like vacations or a new car.
  7. You have been diagnosed with an illness that has caused added expenses or the inability to work.
  8. You want a way out of the debt spiral by accessing new cash streams.
  9. You are tired of the stress of commuting to work and having your schedule dictated.
  10. You want to quickly get a business off the ground using very little startup cash.

 

Pros & Cons of Brick & Mortar Stores

On one hand, physical locations create a sense of credibility and trust. They appeal to people who just prefer to do business “the good old-fashioned way” and people who have a disdain for modern technology. Some people just genuinely enjoy having that social, person-to-person, tactile experience of shopping. They want to touch the clothes, sample the brownies, and smell the perfume before they buy. Brick and mortar stores also attract foot traffic and walk-in business that you might not otherwise get if it weren’t for your great location. On the downside, it is much more expensive to run a physical shop when you factor in leasing, upkeep, insurance, signage and equipment.   

 

Pros & Cons of Online Business

Ease of entry is the #1 reason people choose to start their businesses online. There are some businesses you can start for under $100 online, with ongoing monthly expenses not exceeding $100, when internet service, electricity and web hosting are factored in. Other home-based retail shops with more elaborately designed websites set up for e-commerce may cost $20,000 to $30,000 to get off the ground, but that is still a small pittance compared to what it takes to finance a store out in the real world. It’s also much easier and less expensive to solicit new customers just by using basic search engine optimization and online marketing techniques. On the downside, many people are seduced by the promise of “get-rich-quick” schemes that end poorly. It’s easy to become distracted when there is no set schedule and so many ways to be entertained online. People who succeed in online businesses have to be strategic thinkers and very hard-working.   

 

Types of Businesses Particularly Well-Suited For Online Enterprise

Some businesses are better than others for an online enterprise. INC Magazine recommends starting a consulting business from home as a great way to put your professional experience and expertise to good use. Anything clothing-related can be started at home, whether it’s knitting scarves or creating custom t-shirt designs. If you have a passion and a penchant for writing, you can start a niche journalism website, online magazine or niche blog. Content-based sales sites and affiliate marketing opportunities where you sell someone else’s goods are really taking off as easy quick-entry businesses to draw in residual income too.   

 

 

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Related Articles:
YoungEntrepreneur: The Top 10 Reasons To Start An Online Business
INC: 11 Businesses You Can Start In Your Pajamas
BlogTrepreneur: Online Vs Offline Businesses – Pros and Cons


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