Many of our readers here at The Savvy Solopreneur run online businesses, but I’m aware there are those of you just starting out who are considering ‘real life’ business options too. You’re coaches, yoga teachers or crafters, or maybe you’re exploring MLM opportunities.
Even if part of your business involves being offline, coaching, teaching or selling face-to-face, you can still benefit from considering an online business, too. An online shop to sell whatever it is you make, or a website or blog on your topic, will likely bring results quicker and cheaper. You can even coach online, using Skype and Facetime, and leverage your coaching business with membership options, online courses or group coaching programs.
There are numerous advantages that an online business has over other models. Here are a few of them.
By setting up an online business, you have almost no upfront costs. It is easy to create a website in almost no time at all, and all that you pay for is hosting. In contrast, setting up a physical business requires significant expense and possibly a loan.
With online businesses, you can make heavy use of automation and software tools to make your life a whole lot easier. You can automate social media posts, email responses, and marketing efforts. You can outsource what you can’t do to freelancers, and use online ecommerce solutions, such as WooCommerce or Shopify. You can also consider easy but potentially profitable business models that require no inventory, like dropshipping or affiliate marketing.
It’s Open 24/7
Unlike physical businesses, online outlets are open 24/7. This means that customers can purchase from your site or read your blog at all times. You can also work whenever you want, on your schedule, but your online business is never closed. You really can make money while you sleep.
The Audience is Global
With an online business, people can look at your site from anywhere in the world. More and more people are going online for purchases. This means that you have a massive audience and many ways to reach them. If you use dropshipping or affiliate marketing, or sell digital products, you don’t necessarily even have to worry about shipping.
It’s Easier to Scale
Online companies are often far easier to scale compared to physical outlets. The site capacity can be steadily increased to accommodate increased traffic. You can use paid search methods to gain traffic. And with eBooks, courses, and other digital products, you don’t have a cost per unit. You can just create something once and sell it many times.
Online businesses can grow very rapidly with the right marketing methods. With some offline business models it can take you years to break even, and much longer to make a significant income. But it is possible to earn a good income using the online model in a much shorter time frame.
Freedom and Flexibility
Online businesses are so much easier to manage as there are more options available. You can run an online business from anywhere, set your own hours and, with automation and outsourcing, take time off when you want or need to.
If you’re at the start of your journey with your business, or you want to expand what you already offer, stop by tomorrow when we’ll be taking a look at 5 of the strongest online business models to ensure success.
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