6 Great Reasons Why You Should Start Up An Online Business In 2024
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There are many unexplored opportunities to do something new and creative to reach the target customers worldwide. An online store gives entrepreneurs greater flexibility & independence to manage an online business than a brick-and-mortar shop. They can quickly identify their niche and start up an online business in no time. Here are six great reasons to start up an online business in 2024.
1) No Location Constraint
A brick-and-mortar shop operates in a small local area, has a limited customer base and visibility, and can’t cater to wide global audiences. At the same time, you aren’t tied down to a single location in an online business.
Entrepreneurs get an excellent opportunity to promote their online business globally and market their products & services to a broader audience without any geographical constraints.
That also means you can monitor and control your business from any random location with an internet connection and laptop. It allows you the benefits of scale and protects your business from regional market fluctuations.
Another important advantage is that as an entrepreneur, you are virtually everywhere, regardless of location, without needing a physical business presence.
2) You own your time
Online business owners need not go to an office at fixed hours to monitor critical business operations and brand performance. An online store runs day or night, 365 days a year, with minimal external support. All website transactions, from order handling, processing, logistics, and product dispatch, are controlled by automated software.
It is a huge relief for entrepreneurs that are running multiple businesses at a time as you get the freedom to choose –
- What time of the day do you want to work?
- How many hours do you want to work?
- What days of the week do you want to work?
It helps entrepreneurs automate tasks and transactions and manage multiple businesses, which means more family and fun activities.
3) Huge income & growth potential
Budding eCommerce entrepreneurs are always eager to know, “How much money can I make with an eCommerce store?” Data shows that in 3 months, a new eCommerce store can make just over $63000 in monthly revenue, while in one year, they can average it to $127,000. After three years, it can go up to a monthly revenue of $352,000, an increase of over 175% between years one and three.
Hence, if upcoming businesses need to figure out how much money a new online store can make, it could be below $39,000 in revenue in their first month and generate $6.5 million in total revenue after three years.
4) Run your business 24/7
Never let the smallest business opportunity slip away from you! One of the best things for customers is that they can easily approach any eCommerce site anytime and order anything they want.
The online business store always remains ""on"" for taking new orders and new customers 24 by seven which is impossible for any brick-and-mortar store. You do not need staff to engage with the customers and handle sales, as the eCommerce website does it all for you without external support and hiccups. Chatbots help shoppers with 24/7 customer service regardless of whether a customer care staff is online.
5) Low operating costs
The operating cost of an online store is the lowest compared to a brick-and-mortar shop. That's why more & more offline businesses are turning their attention to online business models.
Opening a brick-and-mortar shop requires much higher investment, like rent, insurance, employee benefits, fixtures, POS system, POS hardware, site approval, license fees, and more.
On the other hand, an online business owner needs to buy a domain name for around $20, set up an e-commerce system on their hosting account for about $5-6 per month, or subscribe to the industry's best ready-made e-commerce platform for around $8 to $30 per month.
6) Better customer support
Online business is not just about selling products and services. It also means that you have to build solid customer support for your customers. It would make them feel more confident with their purchase and motivate them to buy from you again. A good online business has some of the best customer support that offers various services such as chat, call, interactive videos, or email.
Here are some of the greatest benefits of offering better customer support.
- Offers a great opportunity to wow your customers & create longevity among your clientele
- Provides authentic customer support directly from the brand avoiding fraud call traps
- Improves brand reachability and reduces the lag between complaint registration & resolution
- Improves customer satisfaction to a greater extent and lets customers talk, discuss, converse & close the issue directly with the company
Zappos set a world record with a ten-hour, 29-minute customer service call, a classic example of ""delight and surprise” customer service. Starting your online business is something you should not be afraid of doing, and the main reason is that you can do it while still having a full-time job and minimal resources & investment. There are many reasons to start an online business, and we have discussed some important ones in this article.
Eager to start an online store that drives sales in 2024? Fynd Platform is here to help create your eCommerce website with zero investment and higher returns. Click this link to schedule a demo right now.
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