Why online business is one of the best investments you can make today
The future of work requires us to diversify ourselves. Due to changes in the workplace happening at a quicker pace, contract and freelancing is on the rise, redundancies are more commonplace and staff engagement is on the slow decline. But thankfully, there are other options. The World Economic Forum states that by 2020, 50% of people will have a side gig to their normal work. Having a hybrid of work gives one the ability to ensure their cash flow is constant and the risk of having “eggs all in one basket” is diminished. As a result of the changing workplace, there is rise in people looking to venture into online businesses. This can be very appealing for many reasons. Here are some reasons to consider investing your time and money into an online platform.
Low Financial Investment (and Time)
Traditional businesses models like franchises or start up usually require six figure sums to start. That’s because of the heavy costs associated with inventory, prime real estate as well as long term leases. With online, the resources you require are a computer and internet, reducing costs dramatically. Most online businesses, if set up by someone else, provide you with a systemised platform that is automated and easy to follow, of which there will be some costs associated but still not comparable to if you had to set up a physical shop. Low overheads will allow you to maintain more consistent margins with less upfront cost, meaning you can start to become profitable, sooner.
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Scalability
Business owners usually have to work in their business in some capacity for it to continue running. Until they employ others and start to replace themselves, this can take months or years to achieve. The great advantage of online and because of the automation set up, is it becomes a much easier model to scale up (or down), allowing anyone to dictate how much time and money they are putting in and getting out. Usually too, if done well, most of it can be replicated, allowing someone else to take on the reigns without the level of training required in a traditional business.
Leverage
Similar to scalability, having an online business makes for so much opportunity to leverage. Whether it’s leveraging an existing distribution model e.g. Amazon, payment system e.g. PayPal or marketing funnel e.g. Mailchimp. There is an application for just about anything, meaning it is very easy to quickly set up a fully functioning business that runs itself (well so to speak). Making transactions, customer support, navigation of one’s business so convenient.
Flexiblity
Due to scalability and automation, online businesses can provide their owners with residual income, much like property and shares (albeit a bit more effort is required) but without the focus on returns coming in the long term. Flexibility with what time you spend on it as well as choosing your schedule means that starting an online business gives you the freedom to start and finish work whenever it suits. It can really be your lifestyle business.
Global Markets
Oh yes, this is a big one. A massive, massive market. The ability to have customers in any country, with any timezone. The beautiful thing about an online business is the ability to run without boundaries. There are no geographical boundaries and there are no specific hours of operation — an online business can produce revenue 24/7.
With a well thought-out social media plan, search-engine optimization and paid media strategies, an online business can thrive. You have access to the entire world right at your fingertips. The luxury of being able to target specific states, regions and countries gives an upper hand to online-based businesses so that marketing efforts are targets to the ideal customer. Seems to good to be true really!
If you are considering an online business or want to know where to start, email me at genevieve@impactx.global and stay connected with us on Facebook Page Future of Work for more hints and tips.
