Thanks to the global COVID-19 pandemic, many of us have been spending a lot of time at home. Some people have chosen to enjoy this time by relaxing, while others have chosen to explore new ventures—such as setting up an online business. In fact, you may have seen friends and relatives make the most of it by starting their own online businesses. It’s not a bad idea at all: recent research from Rakuten Insight shows that during the pandemic and the resulting community quarantine, around 70% of Filipinos shopped for products online several times a month.
So, if the idea of jumping on board and becoming an online seller has crossed your mind, then you’ve come to the right place. This article will point you toward the advantages of e-commerce and setting up your own online business. Hopefully, this will help you decide whether starting an online business is the right choice for you.
Should you start an online business?
The first thing to consider about starting an online business is if you are cut out for entrepreneurship. Here are four essential traits that successful entrepreneurs share and that you’ll need too, before you enjoy the benefits of having your own business.
Perseverance – Motivation comes and goes, which means you’ll need the discipline to get up every day and do everything it takes to keep your business running. This also means dealing with the financial risks and pushing through despite them.
Decisiveness – Decisiveness goes hand-in-hand with perseverance. You may be able to work hard and keep going, but that won’t mean much if you can’t be firm and decisive. You’ll need the nerve to make important moves and decisions for your business, especially if you’re working as your own boss or running a team.
Adaptability – Operating a business requires considering a lot of factors and adjusting accordingly. If you can’t follow where the customers go, such as different social media platforms, you won’t be able to sustain or grow your business. While you’re taking the right step in considering an online business, there will be times when you must follow trends.
Creativity – Where adaptability is accepting what you need to do to keep your business humming, creativity is the ability to execute well. You’ll need to be creative to stand out in your chosen field and bring in a steady flow of customers and partners.
If you find that you don’t possess all traits—don’t worry. No one’s going to stop you from doing what you want, and there’s no better way to practice entrepreneurship skills than by actually doing it. Don’t be afraid to make mistakes—just be ready to learn from them.
FAQs: What are the advantages of starting an online business?
How much more money can you make?
Getting an extra source of income is perhaps the most obvious benefit of an online business. Many people start their own business to be more productive and
earn a little extra on the side. While a day job could keep you busy, the loss of some things in the daily routine such as commutes to work or going out with friends frees up the schedule, allowing for more opportunities to make money. If anything, an online business allows people to profit from their passions. Love cooking? You can start an online catering gig. Think your cookies are the best? Set up an online bakery. Want to share your love for fashion? Go and open a store on social media. The possibilities are endless.
How much more personal freedom do you get?
Are you tired of working for someone else? Think you have the best ideas for work? Don’t want to travel to an office or store every day? Good news! Running your own business gives you unlimited freedom to do things your way and have more time for the things that matter to you. You set your own hours, you can run it from your own home, and you get to be your own boss. If you’re the kind of person that prefers their own structure, what could be better than that? The ability to set your own boundaries and deadlines is an attractive prospect, tempting many people into becoming entrepreneurs.
How many more customers does an online business reach?
Because you’re starting an online business, you don’t have to deal with the problems and risks of securing a physical location. Leave that to the brick-and-mortar stores that have to worry about where they situate themselves—though many of them are now moving to the online space. Being available anytime, anywhere on the internet means getting to access a broader market, especially now that more people are at home and getting into online shopping. With your online business, you can service more customers nationwide or even worldwide if you’re so inclined.
Can you scale your online business however you want?
Yes—this is a more technical benefit of an online business, but it’s an important one. Because you have complete control of how your company operates and you’re following your own vision for it, you can keep it as small as you need to or as big as you want. You won’t have any pressure from higher-ups about growth if you prefer to keep your business on the hobby level. Of course,
growing your business into a huge brand won’t happen overnight. That’s going to take a lot of hard work, promotion, and taking on more risks. Online businesses do have an easier time growing because they’re internet-based and not stuck in one location like a physical store or office. You already know that the bigger the business is, the more it could earn.
When should you start that online business?
As long as you’ve got a great idea for a product or service and a market that you know you can corner, it won’t take much for you to start enjoying the benefits of your own online business. If you’re looking for inspiration, you can get some ideas from these potential 2021 business opportunities.
Once you have that spark to get your online business going, find out how you can get it off the ground with these banking products that can fund you.
While starting an online business may seem easy, you might need expert help in that endeavor. Don’t worry, there’s no shame in asking for help, especially if it means that you’ll have a better shot at success. For a monthly fee, Shopify can help you start, market, and manage your business on a platform that has everything you’ll need.
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