It is 2015 and we are all very much anchored in to a connected online world. Yet a large % of business owners still have not taken the leap to becoming an online business. There are countless benefits to doing just that – Happiness!
Here are the first five reasons why taking your business online will help you immeasurably leverage your business and regain your long lost happiness.
1. Scalability & Growth
Regardless of the type of business or industry you may be in, scalability is essential for taking it to the next level. Establishing an online business is the quickest and easiest way to realise truly grow. Some of the most successful businesses today are all rooted in highly scalable online business models. This is because an online business provides all of the essential elements for creating the perfect scalability formula. The thought of potential growth motivates many a budding entrepreneur.
2.Trackability & Attribution
What business owner doesn’t want to know exactly where his customers are coming from, going to and doing on their store or website? With an online business comes the potential for a fully tracked and attributed user experience. With free tools like Google Analytics you can find out:
- How long are my visitors spending on my website?
- What pages are the most popular?
- What country are my visitors from?
- Which visitors converted and what touch points lead them to that conversion?
- How many visitors are using my website on a mobile phone?
- Which of my marketing channels is sending the most leads?
Naturally the answers to these questions don’t arrive without setting up the proper attribution and tracking tools. Call tracking through companies like ResponseTap are a great additional method to understand lead conversion through calls. An enlightened business owner is a happy business owner.
3. Job Security
I have to disagree with those who claim that the idea of pursuing an internet business is “too risky”. Once you learn how to successfully do business online, you are training yourself to create job security. Learn how to sell products or services online gives you the potential to repeat this process for another idea or business if your original idea doesn’t work out. Now contrast the skills to generate income online over and over again with a steady day job held at a single employer. How many businesses go under these days? Putting all your eggs in that full time employment basket sounds much riskier to me! Not to mention the personal rewards and motivation that comes from being the master of your own career destiny.
4. Low Cost = Higher Profits
Many of us start a business because we are passionate about a product or service. Sadly passion does not pay the HMRC bills you are likely to encounter in your journey.
Any offline business owner must usually pay for commercial space, physical inventory, printed stationery etc etc etc. As an online business owner, your only real expenses will be a domain name, hosting account, website design and maybe a desk.
Even if you do decide to purchase inventory outright or invest in tools that will make running your online business easier, your overall investment will still be less than maintaining any physical presence offline. Having less financial pressure is going to lead to better cash flow, higher profit margins and a happier owner.
5. More ‘You Time’
An online business is not exempt from many of the stresses and strains an offline business may encounter. However if you are starting a business with the idea of retaining some level of normality of life outside of it, an online business may be a better option. For example if you decide to start your own ecommerce website, then after the design, development and launch phases, very little additional time is required to run it. This stems from the many efficiencies and automation brought about through the internet. These time savers include:
- Virtual Assistant
- Automated shopping feeds
- Semi-automated advertising platforms
- Project management tools
- Semi-automated email marketing campaigns
- Social media scheduling tools
All of this spare time gives you an opportunity to focus on big-picture projects that take your business to the next level. It also allows you to live life on your own terms, and focus on those things that keep you motivated and happy.
Want to read part 2? Read the second part here