“I want to work for myself. It’s time to start my own business!” After such a thought, there are quick excuses not to start a business: the difficulties encountered by start-up entrepreneurs without exception, no start-up capital, insufficient knowledge, time, etc. are frightening. When you decide to start a business, you undoubtedly face a lot of risks. Everyone determines for himself what is more profitable for him at this stage of his life – to quit everything and start working for himself or not yet to take risks and try to find ways to implement it at a hired job. But for those who really want to, but do not yet have a lot of capital and support from outside, it is worth paying attention to the opportunities that the Internet provides us – online business.
Online business has many advantages, but it also has enough obstacles. Start with online business is a great opportunity for beginners in entrepreneurship: it is modern, less costly, a large field for experimentation and wide channels of communication with potential customers. Internet support for physical business, whether it’s a coffee shop or tire fitting, is a necessity today. Therefore, to familiarize yourself with the tools of doing business on the Internet will certainly be useful to everyone.
What types of business are there on the Internet? Where to start, who to fear and how not to drown in the whirlpool of endless web pages and updated information? Let’s sort it out!
Pros and cons of online business
If you are ripe for entrepreneurship, it is time to consider everything for and against online business.
The advantages of online business:
1. Does not require more financial investment in the first stages. Low entry threshold compared to other types of business. Some activities can start from scratch: blogging, freelance, consulting, SMM.
2. World broadcasting channel. The Internet covers the whole world, therefore it is possible to search for clients and render services in almost any corner of the Earth. Today the population of our planet is 7.5 billion, of which, as of 2017, Internet users are 3.9 billion. Let these figures dissolve your fear of competition – on this scale a good product will find its audience precisely.
3. The freedom to manage your time. Working on the Internet, you can determine when and how many hours to devote to your activities. It can be 4 hours a day, or 20 hours if you want to earn more and move faster. But the second option is categorically not recommended – it is very harmful to health.
4. A wide range of partners. As with clients, in the Internet business is much easier to find partners and make deals, because the physical presence is not necessary.
5. A large field for implementation. People often begin to think about starting a business and feel that they cannot realize their potential in a hired job. The dream to be a business coach, a psychologist or to implement cool ideas to create websites becomes real with the arrival of the Internet in our lives. Here, everyone can find their niche and their audience. And each consumer – their own content.
The disadvantages of online business:
1. Disconnected from society. If you decide to make online business as your core business, be prepared for the fact that at first you may miss the team.
2. Incorrect communication. If you hire remote employees or work with performers on a fee basis, you may experience great communication difficulties. There are more risks of misunderstandings, delays or short term cooperation. With regular staff, it’s easier to communicate and plan ahead.
3. Competition that “bites”. A large audience and constant activity is definitely a plus. But at the same time in the Internet business is a constant race and competition for an audience, because as many potential customers, as many competitors. Still, having a coffee shop, located in a good place, sometimes you can relax, and it will be “done” itself.
4. Unregulated schedule and unstable income. It is fair to say that this item concerns any kind of entrepreneurship, be it before the physical business or online. But the fact remains – it is difficult to predict when your involvement in the process will be needed, and when there will be few clients and this time has to work at a loss.
5. A large number of fraudsters in the Internet environment. When doing business online, you will have to cooperate with other people who provide their services in support of your business. Stumbling on scammers here is easy. Therefore, it is very important to be vigilant.
Support business online
Today almost all business have its’ own website. And that, because they are in demand and do not need advertising and attracting regular customers. The promotion of a product in the network is effective for any company. Internet – a way to contact the audience of millions of potential customers who surround you.
Internet site and pages in social networks – the most effective and working methods of promotion and successful brand entry into the market.
A resource about your product on the Internet also allows you to get effective and affordable advertising, working with other sites, online stores, bloggers. A popular way to advertise on the internet is also contextual advertising, which when you search for a potential customer, comes in the first row of links with Google results. Shopify reports will help you to check the results. Today a popular tool for business development is SMM (marketing in social networks). You can start to promote your product or services on your own by studying some recommendations, but in the future it is worth to start working with a good SMM-specialist. By the way, promoting online business with the help of social networks is much easier and more effective than physical business, because their active audience is focused on online resources and fast and affordable solutions without leaving the network. So if you have any doubts about promoting your business online, you can safely master Facebook and Instagram.