The Internet is a wonderful place not only for information & entertainment but it can also play a vital role in a business growth & development. The craze of Internet has increased enormously over the years and increasing Smartphone penetration & Internet Broadbands are proofs of it.
In a country like Nepal, Businesses are still dependent on Traditional marketing & man to man networking.
However, With the context of time, A business can be well established on Internet, if done correctly. It has numerous advantages with respect to traditional business procedures & techniques.
Whether you are a product or service based business, you are going to be benefited if you establish your business online.
With that much said, Allow me to enlist some of the important benefits to establish your business online in 2018.
- Large Audience
- Low Investment
- Flexibility (in terms of time & space)
- Outdoor sales (not only limited to your locality)
- Easy to handle
- Marketing & Advertising (in terms of management & network conflict. It is transparent)
- Strong Networking
- Less manpower & Resources
- Transparency & Accessibility
- Security & Time
Around 3.2 billion searches are performed each day on Google alone. Moreover, there are more than 2.2 billion users on Facebook, which is the largest social networking site.
One can imagine the enormous Internet Market size by the above data.
Gone are those days when people preferred going to stores for shopping products & services. With the growing technology, people have become lazy and they prefer online shopping over traditional shopping these days.
Moving forward, People conduct more researches than ever, before purchasing an item. They tend to be more educated & concern over a certain product or a service before buying compared to the shoppers at past. That’s because people nowadays have multiple choices & vendors than ever before.
It is therefore important to understand your audience, educate them about your products & services, create a brand credibility & hence increase your traffic & revenue. And you might be astonished to know that you can execute all these activities on the Internet without any hassles of external obstacles.
By this way, you can conclude that your audience these days are probably hanging on the internet and not on the streets. And obviously, you have a larger size audience than ever before.
You don’t need to rush to open your store/office at 9 am now because online business is open 24/7.
This is one of the most important benefits of establishing your business online. It gives you flexibility both in terms of time & space.
As far as space is concerned, you no more need an extra building or offices to run a business. To establish a business, All you need is a domain name & a web hosting and then you are good to go.
A domain name is like a name of your business but on the web. You can imagine a domain name as a digital name or brand for your business in the Internet world. A domain is the one, which you are going to be known by. It is therefore recommended to choose your domain name wisely.
In contrary to this, A web hosting can be imagined as a digital space where you can run your website or business from.
In this way, establishing a business over Internet gives you the flexibility of operation both in terms of time & space.
Even if you provide a world-class product or services at your place (say Miami), It is nearly impossible to expand your market audience & sell your products/services at neighboring places (say Seattle) unless you open another branch over there or you are a big brand.
But with the inception of Internet marketing, the boundaries are just a mere line now. Doesn’t matter where your business is located, you can still sell your products to the neighboring city, or state or country or maybe neighboring continent with the help of the Internet. That’s where the power of Internet marketing comes in.
You can site the example of giant Amazon, eBay, Etsy, and many more.
This can also be done for small businesses or large corporates.
Easy to handle
Those who have already established their business online knows how easy it is to setup & grow your business on the internet.
Once properly setup & configured, one can operate & implement things with just a few simple pieces of training & learnings. However, it is wise to have a team handle the technical parts of the business depending on the size & budget of the business.
For a small business, you can do with some basic learnings & training since the data & traffic are not large.
Apart from that, Online business gives you the flexibility to see your growth insights, analytics & all in just a few steps. You don’t need to wait for the monthly or yearly project by managers & CEOs.
All you can do online with just few clicks. Isn’t it amazing?
This also gives you a flexibility to develop & implement better strategies for your business.
It is obvious that you can run a business online with low investment since you can save a lot of budget in terms of time & space as discussed earlier.
Besides, some of the other factors include:
- You can start your register your business in a cost of domain name & hosting(which would be hardly $100/year). Once you have registered your domain name & space, you can start building your website & all.
- You can save your budget in extra office space, furniture, manpower & all.
- Since A website provides a two-way communication platform between a business & customer, you can certainly save a ton in hiring an extra employee for Customer management, reception, etc.
- Since, less manpower is needed to run a business online, you can certainly save a huge amount of money in salaries & wages.
The Internet provides you a solid platform for business networking & communication. Due to lack these, Business in early days used to be quite difficult to expand in other countries. But Thanks to Internet & globalization, even pervert like me have been able to build a strong network & communications with professionals from different parts of the world.
With the blessings of the Internet, You no longer need to fly to Singapore to meet a person or attain meeting. All you can do online with your comfort. However, In some cases, you have to fly there when it comes to important meetings or confidential deals.
Thus, Internet can be used a strong platform for building national & International networks in your respective field & organization.
You can start building your business networks from Social media networks like Facebook & Linkedin.
Marketing & Advertising
You don’t need to invest Millions of dollars in marketing your products & services these days.
There was a time when Businesses used to use pamphlets, stickers, posters, billboards & all for marketing. And they have to pay a huge buck for advertising in Newspapers & magazines and not to talk about Television advertising. Only large brands & corporates were able to throw that huge budget. As a result, No small business could ever build grow up & build an empire. But Those days are gone now. You don’t need to have Millions of dollars to earn Billions. Those are just an old saying.
With the advent of the Internet, You can establish & grow your business online in low investment & compete with others in terms of better service not better marketing.It is, therefore, a large number of small businesses have grown to be big daddy in the last decade. You can take an example of Amazon or Facebook.
Your website is a great platform for marketing & advertising. You can spread your new product announcement with just an article posted on your blog now. You don’t need to advertise it on Tv. Rather, you can advertise & market it on Search engines & social media where your probable audience hangs out the most at.
Digital marketing can save you a huge marketing budget.
It gives you the flexibility to target your preferred audience and in a better fashion.
Marketing & advertising on Internet gives you a better return on investment (ROI) compared to traditional TV & Newspaper advertising since it gives you the flexibility to track your audience, conversion & then pay accordingly.
Less Manpower & Resources
Establishing your business online not only gives you the flexibility to run a business with low investment & space but It can also play a vital role in minimizing extravagant manpower & resources to perform a certain task. As discussed earlier, some of the manpower & resource that you can eliminate if you establish your business online are:
You would no longer need a front desk or reception to answer the queries of your customer 24/7. And if you are a small business owner, these expenses can seem extravagant but it used to be major expenses in past days when it comes to customer acquisition & retention. Well, the these steps are still needed but definitely requires a relatively lower number of manpower than before, It is because your website chatbot can act as a 24/7 receptionist. Moreover, cold calling has emerged into cold emailing these days.
Taking all these factors into consideration, you can conclude that you are definitely going to need a lower number of manpower & resources in Online business compared to the old Traditional business model.
Transparency & Accessibility
What would you do if you get cheated by your storekeeper or manager or partner? I have seen & heard about many businesses going bankrupt due to lack of Transparency & information accessibility at the required time within an organization.
With your business on Internet, you can be somewhat assured of these & cheating & fraudulent.
A data on the internet can be accessed easily and is more transparent than any other modes of Business.
Moreover, New technology like Blockchain makes it really impossible to tamper or erase a data making it more transparent & secure.
Security & Time
Since, all your data & information are in concerned hand and with secured software & applications, they are unforgeable, you can imagine the level of accessibility & security in the field on the Internet.
With the latest tools & technology, Internet has become more secured to distribute & manage sophisticated data & information over the web.
As far as time is concerned, things can be implemented in just a few clicks & that’s the magic of world wide web.
Thus, establishing a business on the internet can provide you a better security & save you a lotta’ time.
Considering all these above factors, you must have understood that your audience are no more on the streets and now is the best time to establish your business online. Since The internet market has taken the world with storm, you can’t still look around & stick to your old business tactics.
These were the top 10 reasons why you should establish your business online. Let me know your thoughts below in the comment box and feel free to ask any questions if you are still thinking whether or not to establish your business online.