9 Benefits to Running a Business Online
Professionally establishing yourself on the web isn’t as easy as most people think. Like a physical company, it takes time, money, and dedication. But several benefits to running a business online might suit you better than the opening of a real-world location. For example, you don’t need to worry about specific insurance policies or employee management, and you can run a company from the comfort of your home.
Less Insurance Liability
In most countries, employers must carry employer’s liability insurance. Essentially, it covers you if an employee experiences an unfortunate event while performing their duties. For example, the expenses from slips and falls or other injuries caused by machinery or work-related hazards are covered. Therefore, if an employee suffers an injury, you are not financially exposed. Being an online venture, premises liability isn’t a concern and falls upon your chosen supplier of a fulfillment center. However, if you manufacture products yourself, such as Etsy, you should take out specific insurance policies such as product liability.
Now is the Right Time
The global pandemic is tragic of epic proportions, disrupting all industries. Shipping problems, supply chains issues, and job losses are currently rampant. However, people are forced to spend more time at home, and as a result, are shopping more online. Since 2020, online retail sales have grown almost 50% each year. This is a massive increase resulting in record profits for many online businesses. So much so, Amazon owner Jeff Bezos is still the world’s richest man by far and growing. Therefore, now is the right time to consider an online business. You could build an eCommerce storefront from scratch or use the magnet power of existing sites like Amazon, eBay, or Etsy.
You might consider an online venture purely because of the opportunities it affords you over a physical store. One of the most significant advantages is starting a business from your home, sitting at your computer. It really is that simple to begin. Further, the digital nature of an online business means you have minimal overheads to start with. In most cases, your initial expense covers your internet subscription, the cost of web hosting, and order processing if necessary. Then, of course, fees will grow. You might need to hire employees, an SEO expert or increase delivery costs for physical products.
Blogging for Sales
Online businesses thrive on traffic to their websites. The greater the traffic, the greater the potential customers. But advertising and word-of-mouth will only get you so far. To help your site, you should use as many methods as possible. By implementing on-page SEO related to your blog, you can drive traffic to your website in an increasingly reliable way. Also, your blog may actually be your business. But blogging is also excellent for lead generation by funneling prospects through strategically placed links, furthering your inbound sales strategy. Inbound sales generate via tutorials, guides, news, and reviews.
Social media is increasingly being used as the primary source of information by people aged 18 to 29. News and product promotion can be conducted through social media, but social media can also achieve audience engagement. Using social media, you can interact with your audience in a way that wasn’t possible a little over ten years ago. You can engage in real-time interactions through social media profiles rather than being perceived as a faceless corporation. Therefore, unless your online business requires a tremendous amount of attention, you can engage with users on Facebook and Twitter in real-time and in a meaningful way.
Digital Marketing Help
Making money from an online venture is risky, can take a long time, and isn’t guaranteed money. However, consult with a digital marketing agency as soon as you have the budget. DMAs are essential for 21st-century online companies and vital for propelling business. Online marketing specialists at these studios are skilled and talented. Such services typically include brand development via social media and email marketing. But some also offer web design and development services. In addition, business growth is handled via solid SEO, PPC, and link-building campaigns.
Build a Solid Network
The key to continued success is making the right connections, and industry collaborations drive profitability and success. Providing value to others can help you build and maintain a network. However, networking is a significant part of the job for online businesses especially. For instance, you can accelerate web traffic via guest posting and advertising on other blogs. Additionally, you can become part of a trusted domains group like “Top 70 Frugal Blogs”, for example. Facebook and Twitter are also a great help, but LinkedIn offers a professional advantage.
You Can Start Small
Small but solid foundations are essential for a successful online business. Using this approach, you can build a robust infrastructure that will continue to thrive over time. In fact, it’s almost always necessary, so you don’t burn out by trying to do too much. Most successful online businesses begin small with an online eCommerce storefront and grow as they need to. As you grow, you can expand operations as and when required. From a relatively small WordPress site, it isn’t beyond the possibility to develop into a multinational corporation. Video games outlets like IGN and Gamespot are perfect examples of niche sites that started small and are worth hundreds of millions.
Promotion is Easy
Developing new products and services is an integral part of business continuity. Your business could become irrelevant without new products and services. As a result, your online business will suffer, and a competitor can take advantage of this by gaining your clients or customers. Therefore, throughout the life cycle of your business, you should promote and hype upcoming products with as much passion as when you started. You can then use the proceeds to reinvest in your company as costs increase. But increased costs and expansion ultimately lead to bigger and better things. And who knows? You might even receive a generous offer for the sale of your site.