Five Benefits of Running an Online Business

Suffice to say, more hard working entrepreneurs are looking to start their businesses online than ever before. Instead of setting up a physical shop, they’re opting for a virtual store that displays their products and interacts with the customers. But is this really the best way to become a successful business? Here are five benefits of running an online business and why you might want to get started too.

Low Start Up Costs

When you’re trying to open up a physical location, you have one major expense – purchasing or leasing the space. Along with this expense, you need to have insurance, licenses, etc. But when you start an online business, you don’t have to have anything more than an idea and access to the internet. This significantly reduces your expenses and causes you to be able to gain profits more quickly.

Easy to Do

By simply getting a website started, you will be ready for the online business world. You simply need to be able to access your customers through the online virtual marketplace and then you can begin to sell whatever it is you are deciding to sell. By working with website building videos or attempting the process on your own, you will be able to create your ‘store’ in a matter of days – without the hassles that a physical store might create.

You Set Your Hours

When you are working for yourself, you’re the only one you need to answer to (besides your customers). This makes your schedule completely dependent on when you want to work and how much money you want to make. If you already have another job, you can easily start up an online business at the same time, helping to make for an easier transition from one job to the next. You can work early in the morning, late at night, or you can keep your regular 9 to 5 schedule. So long as you are available on your website when your customers expect you to be there, or you set up ways for your customers to contact you, you only need to work when YOU want to.

You are the Creative Force

So often in traditional jobs, you hear that workers don’t like the fact that their ideas aren’t taken seriously. They don’t have as much say in the job creation process, nor do they seem to have a lot of chances to speak up. When you are creating your online business, you get to be the one that comes up with ideas and then implements them. If you decide to change your mind about the direction of your business, then you can do so. If you should decide to do something completely different or to close up shop, that’s your decision too.

You Have Access to More Customers

The truth is that online businesses are simply a better investment of your time because you can access customers from all over the globe. Instead of being limited to your geographic location, you get to take orders from people on the other side of the country, as well as the world, improving your chances of making profits. This also allows you to find out what else you can add to your business as you will have access to more comments from more customers. Instead of limiting your business to the needs of your city, you can create a company that addresses the needs of the world.

When it comes to the decision of whether or not to run an online business, the decision is clear. When you want to find a job that’s fulfilling, easy to start, light on the initial investment, and accessible to more customers, working from home, from your website is the perfect solution.

Project Spending: Investment and Insanity

For anyone who has worked in retail, you know that customers have a variety of ideas as to what “expensive” means. Terms like “sale,” “deal,” and “cheap” are all a matter of perspective. When I worked in retail, out of all the people who know what they wanted, there were three general ways to make a purchase:

1) spend whatever amount of money for the best product
2) spend a medium amount of money for a decent product
3) spend as little money possible for a minimum quality product

Though I was always an advocate of getting the best, long-lasting product, as long as people understood what level of quality they were buying, I was fine.

I think these types of people everywhere. When it comes to hobbies, talents, work, and relationships, quality depends (in most cases) on the time and effort put into that activity.

I think project managers can be categorized the same way:

1) those that invest large amounts of costs and resources into producing top quality results
2) those that invest medium amounts of costs and resources for medium quality results
3) those that invest the least amount of costs and resources for minimum quality results

I think it is very important to note that these categories aren’t necessarily ‘good’ or ‘bad.’ Each aspect can be positive and negative depending on the situation. Sometimes, a project’s quality is less important than saving time and money, and, sometimes it’s the other way around. Overall, a manager must have the skill of knowing how to prioritize costs and resources.

Another important thing I learned in my retail experience is that there was one other category of people that stood out among the rest: the person who wouldn’t spend a dime unless it was the best product listed at the same price as the cheapest. The latter was hardest to confront for I couldn’t explain that it was impossible to live up to their expectations.

I think project managers, team members, and executives alike are capable of thinking the same way. These individuals might put in as little effort as possible, yet expect that the project will produce top possible quality. Such expectations are a surefire way of destroying a project. In addition, this obliviousness to reality can further damage the team and even the enterprise because the decision maker can refuse to take responsibility for his or her actions. To Albert Einstein, this would be the definition of insanity: “doing the same thing over and over again and expecting different results.”

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