The Reasons Why You Should Start Online Business Today
Yes, it is possible. With an internet connection, a PC, and a brilliant idea, you can startup and expose your business to potentially millions of customers and generate enough monthly passive income to retire and live comfortably.
Now, let’s get one thing clear….even though you may have a killer idea for an online business does not mean that someone else does not have the same idea AND is in the process of getting it online, too. You have to figure that into your equation as there is a very good chance of this happening. Even so, your goal is to differentiate yourself or your business in a way that attracts potential customers to you. Your competitor(s) may have the same passion as you. They may offer a similar product or service. So, how you separate yourself from your competitors (along with your determination to succeed) will go a long way in determining the longevity of your business.
Before I started offering Windows Repair CDs and USBs on eBay and Amazon, I knew that I would have some stiff competition. Other sellers where offering a similar product at nearly the same price AND with free shipping. Plus, most were Powersellers, too. Ugh, now that’s a tough market to crack. But, I figured that if I offered 30-day post sale along with a 30-day return policy and provide outstanding service fulfillment, that would give me an edge. And it certainly did. I’ll give you the rest of the story in a later post.
Affordable startup cost
No need to pay premium prices or make long-term commitments for rental space. Those costs are offset by webhosting, web design, web marketing, and SEO cost. Of course, the costs are not equal as it will be more cost effective to take the online route. Plus, as oppose to renting a local space which exposes your business to local customers, taking your business online could expose it to the world. “Could” is the main world as much of your online success will depend heavily on your ambition to market (utilizing SEO and social media) your business. Plus, the cost and time associated with scaling your business will be much lower than that of scaling a normal offline business.
When I started my eBay and Amazon business, my initial costs were (In regards to Ebay, please note that my costs were not tied to opening an Ebay store which is, I believe, a minimum of $14.99 per month – I wanted to keep things simple as this was essentially the testing phase of my online business):
- 25-pack CD = $16
- (10) 8GB USBs (bought on Ebay) = $90
- 12-pack bubble-wrap mailers = $6
- Labeler = $15
- 100 mailing labels = $8
- Listing fees (I will not include seller fees as we are talking about out of pocket cost prior to first sale) = $.50
- My time which is priceless
Total = $145.50
Now compare my online cost with the upfront cost of renting/leasing a storefront, equipment, insurance, etc. You can see why the online startup is simply more cost effective and quicker to get up and running.
Imagine being able to run a business while working your day-to-day job. Sounds easy? Well, it isn’t and I, along with so many others, can attest to that. With an online business, you are essentially open 24/7. And if you are selling downloadable items (with Paypal or Google Checkout as your shopping cart), such as music or software, your customers will have access to buy those items at all times. Now that sounds great.
So what are you waiting for? “The right time”, you say. I can tell you the right time is dictated by your mindset. If you are waiting for the perfect time to get started, you may end up waiting forever. “How do I get started?”, you say. By reading our blog on “How To Start A Business Online”. This article get your pointed in the right direction.