6 Reasons Why Now Is the Best Time to Start Your Online Business
With new and upcoming SMEs (small and medium-sized enterprises) popping up everywhere these days (and we’re pretty sure you’ve seen them on your social media feeds), it has never been more apparent that now is the best time to start an online business.
Gone were the days when owning a business was reserved for the rich and the old, with trust funds large enough to risk a venture, or enough money saved up to even try. It’s no longer a dream that’s exclusive to the wealthy. People of all ages and backgrounds are now dipping their fingers into the honeypot, thanks to the internet and ever-evolving technologies that allow entrepreneurs to start businesses from the comfort of their homes, and without the need for large amounts of capital either.
As a testament to the growing ecommerce industry, Statista reports that more than 2 billion people have bought goods and services online in 2020 — that’s more than a quarter of the world’s population.
And while the pandemic has been a major factor that has contributed to the overall increase in new businesses online (with many people being pushed to find other sources of income after losing their jobs), it was not the only reason for this growth. While it may have hastened the shift, there was never a doubt that more and more businesses would go down the digital route sooner or later.
The sign of the times
Throughout recent years, more and more aspects of our lives have begun to shift online. And while people may still go out to restaurants and bars to socialize, and schools and offices to work, all of these experiences have been enriched by the internet.
Don’t know where to eat, socialize, or have fun? There are dozens of apps that can be downloaded to your phone, each with hundreds of suggestions catered to your specific wants and needs, all within seconds. Not able to find the information you need at your local library? Type in a few keywords into a search engine and you’ll have all the data you need on any topic, from black holes in space to obscure indie music in the 50s. Need to update a coworker about important work details that are better explained with colorful graphics? The internet’s got your back with all the available graphics tools that will make your life easier and your hair less white.
Going online is no longer just the future. It’s the present, and it’s integrated with almost every part of our daily lives. And with the dawn of cheap smartphones and various data plans to fit every budget, the number of people with access to the internet continues to grow. With the internet being so widely available, people have come to enjoy, discover, and embrace all the possibilities and knowledge found online.
The best time to start an online business
With the internet so ripe with opportunities, it would almost be a crime for any entrepreneur to not take advantage of them. Consumers are now, more than ever, aware of the benefits offered by ecommerce; convenience, safety, accessibility, and inclusivity, just to name a few. Ecommerce is truly changing how consumers behave when it comes down to shopping. More and more people are going online and any business that wants to be successful should be there too.
1. It’s cheap, easy, and convenient
Starting an online business is cheap, easy, and very convenient. Compared to traditional brick-and-mortar stores, barriers to entry are relatively low for any aspiring entrepreneur. As long as you have access to the internet, you can start your online business according to your budget and needs. If you can only buy and sell 10 products right now, you can absolutely do that. Then once you’ve sold your original batch, buy another 10 and repeat to make a profit. There’s also no need to hire additional staff until your business has grown to the point where you can comfortably pay for one (if you even need one that is!). Given the number of tools and platforms available on the internet, tasks such as inventory management, marketing, and logistics can all be handled by a single person with a computer. And by starting your business online, there’s no pressure to cash out your life savings either, giving you more freedom to explore, experiment, fail, and succeed.
“… you can start your online business according to your budget and needs.”
The no.1 ecommerce platform in South Korea, Cafe24, offers a free online platform with integrated business and analytics tools for online sellers and entrepreneurs. With all the best innovative technology the internet has to offer, Cafe24 can help you manage and optimize your online business. All you need to do is sign up for an account and you’re ready to go! You can also set up your own website without having to pay any registration fees or hosting fees. This way, you can get your business up and running, and start earning quickly.
“The no.1 ecommerce platform in South Korea, Cafe24, offers a free online platform with integrated business and analytics tools for online sellers and entrepreneurs.”
2. The world is your marketplace
Traditionally, one of the first things to consider when starting a business is its location. A business’s location will affect many other factors that determine its success including the type of market it will target, the distance between the store and suppliers, logistics, leasing fees, and more. Much like how you wouldn’t go selling high-end jewelry in a low-income neighborhood where people are just trying to get by, you wouldn’t expect a cheap taco stand to do well trying to attract customers in an affluent community that prefers 5-star hotels and Michelin-starred restaurants. Putting up a store that is miles away from warehouses can add to transportation costs and may even affect the quality of products if they are perishables. Leasing fees will also depend on the store’s location and the nearby foot traffic. All these factors can make it extremely daunting when choosing a location, especially for first-timers.
However, finding the right location is something you won’t have to worry about when taking your business online. With the internet, you can reach millions of people without them having to step into a physical store. By posting your products and services on your website and online marketplaces, and advertising on social media, webpages, and through email, you can easily make your presence known and make your sales.
“Finding the right location is something you won’t have to worry about when taking your business online.”
This also means that you won’t be constrained by the type of products you want to sell as you normally would with a physical establishment. Having an online store is like having a store in practically every part of the world, especially when your online store is on a global ecommerce platform like Cafe24. You can reach customers across the globe, resulting in limitless possibilities when it comes to sales. Somewhere out there, there will be someone who is interested in your products and you can sell to them. Sell what you love, whether it be clothes, tech, knowledge, services, food, or beverages, you name it.
And of course, as an added bonus, you can save thousands of dollars on rent, utilities, and other payments needed to maintain a physical store.
3. Be your own boss
When you have your own business, you can be your own boss — you don’t have to work for or listen to anyone but yourself. You get to dictate your own work schedule as well as your own workspace. Want a quick getaway during the workweek? Go for it! As long as there’s an internet connection, you won’t be missing anything that happens on your online store. Work with soft sand under your feet and the sound of crashing waves in your ears. There’s no one to stop you from spending your time the way you want. This also means more quality time with the people you care about. Attend your child’s recital or visit your mother for her birthday. With an online business, you’ll be able to maximize your time the way you want and have a better work-life balance.
“You get to dictate your own work schedule as well as your own workspace.”
The perks of having an online business do not stop there. By being your own boss, you take the reins in every part of the business. As the saying goes “If you want it done right, do it yourself.” Do what you want to do, the way you know best. Your success will depend on your own strategies and decisions. Sure, you’ll have no one else to blame when things go wrong, but when things do go right, the success will taste so much sweeter.
Being an online entrepreneur will push you to greater heights, with bigger growth and higher earning potential. As long as you work hard and play the right cards, you can continue learning on the job and earn more than you would normally in an ordinary office job.
“Being an online entrepreneur will push you to greater heights, with bigger growth and higher earning potential.”
And with Cafe24’s management tools, you’ll have no problem manning the helm. By clicking on Products on your admin page, you’ll be able to add products, view your product list, manage product categories, and change your website’s layout as you like. By clicking on Orders, you’ll be able to check all orders made on your website, manage shipping, and view modified orders. Click on Reports to access data on your daily, weekly, and monthly sales to find out which products are performing well and which need more attention. These are just some of the ways Cafe24 supports new and growing businesses. Being your own boss has never been so easy.
4. Scale up your business
Every small business wants to go big. But not all are equipped with the right tools or resources to do so. Marketability and profitability are also issues that a business owner will have to deal with. However, with an online business set up on a global platform, these issues can be easily addressed, allowing small businesses to quickly scale up their operations. With advanced management tools, in-depth analytics, and an extended market reach, there is a greater possibility for even more sales to be made. After all, if people in your locale aren’t interested in your product, perhaps someone else in another neighborhood, city, or country is. You can practically target any market or demographic you want, make your sales, and gradually increase your product offerings, thanks to the internet.
“With advanced management tools, in-depth analytics, and an extended market reach, there is a greater possibility for even more sales to be made.”
And it doesn’t hurt when an online business can run 24/7 even without hiring overnight staff. Your website works for you throughout the day and night. Customers can order at their own convenience, whether it be during their lunch break or even in bed after a tiring day. People are more likely to shop at your online store compared to a physical brick-and-mortar that they need to rush to after work. Moreover, customers from different time zones are able to browse your products even as you sleep. You can sleep soundly knowing the fact that somewhere in the world, someone’s shopping on your online store.
Cafe24 also has the added benefit of an effortless omnichannel retail experience, which means users are able to sell their products and services on multiple websites and marketplaces like Facebook and Instagram all at the same time just by syncing their Cafe24 website inventory.
(Note: Availability of Channels may vary depending on country or region)
5. Access innovative business tools
If you haven’t taken note yet, going online means having access to all the innovative business and analytics tools available on the web.
As a result, you’ll be able to gather important customer data like consumer behavior, demographics (age, gender, location), and website activity, and use them to customize your website further for a better customer shopping experience. As any experienced entrepreneur would know, understanding one’s target market is the key to successful marketing and upselling. When you have access to consumer data, you’re able to adjust your strategies and processes to better serve your customers, encourage purchases, and gain their loyalty.
Cafe24 offers free reports and data analyses based on your website’s performance including the number of orders and sales made. You can also access additional apps that will provide important consumer insights and apply them to your website. One such app is the Purchasing Pattern Display which allows you to show products that customers may be interested in based on their previous activity on your website, thus triggering a stronger impulse to make purchases and expediting the purchase journey. It also lets returning customers know that you’re paying attention and ready to give what they need. SERA, on the other hand, is able to identify the number of orders, page views, conversion rates, revenue-per-click (RPC), consumer buying behavior, and so on, allowing you to create effective promotions and strategies based on objective data. More often than not, the efficiency provided by these online tools cannot be replicated as easily in physical stores and are less prone to human error.
“…the efficiency provided by these online tools cannot be replicated as easily in physical stores and are less prone to human error.”
And it doesn’t stop there. Online tools can also offer customers more options and allow them to connect to different shipping couriers, choose various payment methods, and select the most convenient payment gateways.
Online tools and analytics give clarity to consumer behavior at every step of the purchase journey. An online entrepreneur can use these tools to shape the customer experience, from the moment a consumer becomes aware and gains interest in the products and/or services provided, up to the point their desire increases and peaks to a purchase action. In short, online business tools allow online entrepreneurs to adjust, adapt, and thrive depending on the general and specific market trends.
6. Going online will future-proof your business.
Online is the present and future of business, and there’s no way around it. This has become more evident as the pandemic settles in for the long run, fast-tracking the integration of ecommerce technologies into our everyday lives and making us more receptive to ecommerce businesses. This awareness cannot be taken back and it will only grow in the coming years as more and more people become willing to buy from online sellers and retailers.
“Online is the present and future of business…”
With Statista projecting 5.4 trillion US dollars in global e-retail revenue in 2022, there is no doubt that the global market is more than ready for more ecommerce.
Is it worth it?
Starting a business, whether offline or online, big or small, will inevitably come with a certain amount of risk. As such, it’s very important that you carefully consider what kind of business you are willing to take that risk for and what platform it will take off from. This is why starting an online business with Cafe24 is so highly recommended because it allows you to undertake your venture with the least amount of risk and with the highest amount of possible returns. Its global ecommerce platform offers free registration and website hosting with multiple business and analytic tools geared with the latest technology to help you shape your customers’ shopping experience, manage your business, and realize your goals.
