It’s late at night and I am about to wrap up my work for the day. Just need to check the progress report of my team on a new project after I finish reading this latest blog on digital marketing. As I flip through my browser’s tabs, something catches my eye - it’s an ad about opening an online business at some $50 with a turnkey solution.
Tired as I am, not to mention half-asleep as well, my mind is tricking me go ahead with the offer. I shook off the thought, of course; there is nothing new about these ads. But suddenly this idea strikes me that how easy technology has made everything that you can open a business even when half-asleep.
Being part of the ecommerce industry for years, this notion has always resided somewhere in the back of my mind, but for some reasons it didn’t strike me as it did that night and made me decide to write about it.
I know we are a tech-savvy generation, already aware of the ecommerce boom, living with the feeling that everything is online, but that’s not the whole reality.
As of today, a mere 7-8% of total retail space is online. In developing countries, the percentage is obviously lower than that. So, it is valid to say that most of the world is still not enjoying the ease & convenience of online shopping and other web-based services – because there are not enough online businesses.
Through this post, my goal is to educate & encourage those not-so-tech-savvy business enthusiasts who are not completely aware of how opening an online business venture is easier & more beneficial.
Here I will briefly explain how from business model selection to its execution, from its maintenance to targeting customers, opening a web-based business is a better idea than an offline business. So, let’s get going.
Limitless Business Ideas
Today, it seems that everything that was offline some 10-20 years ago has gone online. Product shopping, ticket booking, meal delivery, tutoring - you name it. But like I said, there is a huge retail space still untapped or partially explored by the online world.
When I say, an untapped retail space, I don’t only mean a new niche but also a new target market. So, it isn’t necessary to come up with an entirely new business idea. You could simply use an existing business model for a different target market. For example, online meal-kit delivery service is picking up pace in US & Europe, you can open a similar venture to target a different market.
Business Setup, Easy-peasy
That’s the best thing about opening online ventures; their setup is extremely easy in most cases or significantly easier than setting up offline businesses. There are turnkey solutions for like every existing successful business model, allowing you to open a similar venture in just a few clicks of mouse.
But that’s not the whole thing. Many of these turnkey solutions or related resources are even available for free. And if not free, many offer a free trail package to at least get your online venture up & running. In fact, my own firm recently organized an event called #Yokart100Startups to give away 100 free licenses of our ecommerce software YoKart to promising startup ideas.
Such easy & cost-effective accessibility to resources is simply unimaginable in offline world.
Effortless & Cost-effective Business Management
Ease of business management is another factor that tips the scale further in favor of online ventures. Tracking customers, orders, managing inventory, etc., everything is automated in case of online businesses, which makes business management quite effortless and cost-effective.
Collecting all this data that gives you necessary insights to formulate future business strategies, certainly would take a lot of time, man power, and efforts in case of offline business. Additionally, in most cases, customer services are handled online or on call that makes remote assistance feasible and further brings down the business cost.
Wider Reach & Better Future Scope
That’s the real beauty of online ventures – it doesn’t matter where you are, how small your business setup is, you can target the entire world with it; something inconceivable for offline startups. For an offline business, it would take an enormous amount of capital investment & time to set up the needed infrastructure if it is targeting a large market. In case of an online venture, it can be done in ridiculously lesser amount of time, with smaller capital, & efforts.
Apart from that, as we all are aware of the shift in customer behavior that is inclining more and more towards online shopping with each passing day, the future of any kind of web-based business is also secure.
With all that said and explained, opening an online venture has its own set of challenges. But if you take more informed decisions with regard to business model selection & execution strategy, success is certain.
Key takeaway for business enthusiasts here is that deciding to open a web-based business will not only turn your dream of owning a business at lesser cost, but will also enable you to provide a more convenient solution to your target audience while ensuring a prolific future for your business venture.