The Entrepreneur is an interesting character who has a never ended need to explore new business opportunities, whether these be their own ideas or being pitched the ideas of others a la Dragons Den.
Many such opportunities end up sucking either time or money or both until the piggy bank runs dry either due to overheads, slow scalability or low margins setting in. A concept that is based online, however, can be vastly more appealing as there are far fewer hurdles to face for startups.
1. Huge Scalability
Unless you are very lucky or have incredible timing after extensive accurate market research, things will take a little while to pick up speed. Scaling business resources is not easy, whether in a physical business such as manufacturing or retail.
With your online business, you are not restricted to how large you can go or how substantial you need to be on day 1, you can start from a simple shared hosting package with a WordPress blog and take it from there. As time progresses you may find yourself with a load balanced cloud hosting setup comprising of many processors and gigabytes of computer memory hooked up to massive databases spanning the globe through a content distribution network. but let’s not get ahead of ourselves until we need to.
2 Limitless Freedom
Tech entrepreneurs are drawn to online business for the freedom it offers, a decent laptop, mobile phone and some cloud-based software such as Google Apps are some of the tools that allows you to operate from anywhere with internet connectivity, you can be sure there is a MacBook in a Starbucks somewhere near you with someone doing just this.
Not being tied to a fixed office location from 9 to 5 can be very liberating, unless you can balance discipline with freedom this liberation could lead to failure due to freedom overdose. However, with the rawness of your future so much in your hands, this drives many harder to the fruits of success.
3 Low overheads
Your online business requires no office and may also require no stock inventory, even if you sell physical products a manufacturers drop shipping agreement will greatly reduce your financial risk and aid consistent margins. It’s possible to get a website hosted which can sell digital products paid for by credit cards for a few pounds per month, even from quality hosting companies such as SiteGround.
4. Access to the global market (or local!)
Your website will be online 24/7 every day of the year capable of taking orders or capturing leads for your business. If you sell digital products there may be no intervention required at all, simple watch the card transactions being processed daily. With an online business it becomes truely possible to make money while you sleep, or have a nice day our with your family.
With the right social media execution, on page and offsite SEO your business and brand can go from strength to strength. With pay per click marketing you can target specific locations giving your business the upper hand over your competitors.