Why Do You Need To Move Your Business Online?
In order to take off your business online and create a monopoly in the market. You need to have sufficient tools that operate your business 24×7.
We all are well aware of this pandemic situation of COVID19. The businesses which didn’t have an online presence they are suffering from a huge loss. On the other hand, the businesses which are operating online, they are still running their business hassle-free.
However, some online businesses has also been impacted but they did not stop. Their revenue graph went a bit down but did not impact so much.
There is no doubt that the businesses which have more reach they are able to generate more revenue and take a J Curve in their businesses.
You might think that what is J curve?
Let me explain to you, “the businesses which grow faster after one point of time.”
For example:- A business is going slow and steady (generating the revenue like $5000 per annum) and after some powerful strategies started generating revenue $50000 per annum, which is 10X of earlier the revenue they were generating.
Well, you might be curious about how can you make this kind of changes in your business. Don’t worry I’ll tell you how can you bring this change in your business.
There are few reasons why should you take your business online
Starting an online business cost always cost lesser than an offline business. If you are thinking of starting an offline business means you definitely need to choose a customer-centric marketplace and it will cost you much higher. However, an online business can be operated from anywhere because your potential customer are not in the offline marketplace.
If you are planning to sell physical goods online you can make a warehouse of goods at your own home. By any chance, if you needed to rent a warehouse, it won’t cost you much money because you can choose any location which is cheaper. You don’t need to take your store in the customer-centric market.
Products like online software, services, webinar, online courses or coaching program, there is no doubt that their setup cost is very low. As a result, they are able to play a major role in this digital revolution.
Over a year market has become saturated, every business want to build their brand and expand their reach to gain more customer. In this situation online businesses are playing a game changing role because online businesses have choice to select their target market and reach out to them at very low cost using online advertising, like Facebook Ad, Google Ad, Tiktok Ad etc.
On the other hand, it is quite difficult for offline businesses to expand their reach and much more costlier.
Marketing & Advertising
Marketing and advertising is a very important part of any organization. If you don’t have a proper marketing strategy you cannot survive long in this competitive market. Again, promoting your business online is much easier. While promoting business offline is a very hectic task. There is always a very less percentage of conversion offline marketing generates.
As we all are well aware of the trend of online businesses. We have Amazon, Flipkart, Uber, Swiggy, Zomato, etc. available at one click. Most of the time the ads that appear online to you are exactly what you search for. As a result, the appearance of online marketing is always higher than offline. In the offline market, you take a recommendation from others before buying something but in the online marketplace it always available in the form of plenty of reviews.
Long Term Financial Stability
An online business can become a stable, almost self piloting source of income.
In fact , there are several ways to create online businesses that generate six figures a year.
Imagine if you could spend your 20 years learning how to create successful online businesses, resulting in several income generating assets that will continue to make money as you explore startups and add more online businesses to your portfolio.
With Social Security reserves expected to be depleted by 2033 , the younger generation must think about alternative sources of income by the time they reach retirement age .
Rather than relying on the traditional 9 to 5 employee retirement plan , an entrepreneur is in full control of his financial future.
Growth and Opportunity
As we understand the importance of online marketing till now. That means, it is easily understandable that the chances of growth and opportunities are likely higher. Because it is rightly said that –
What people see sells
जो दिखता है वो बिकता है
I’m not telling that there no chances of growth and opportunity offline at all. But, the chances of growth online is much higher.
However, if you want to know how to grow your business online check out 7 ways to grow your business with content marketing.
Expanding the Team
Hiring people by posting advertisement in classified section of newspaper has become an old model. It doesn’t work anymore. There are many online portals available for hiring people online. Like, Naukari, LinkedIn Jobs, Indeed or many others. Moreover, you can also announce that you are hiring on your social media through your personal branding.
Hiring Interns is Easy
For small startups it become a difficult task to hire full time employees. So, Internshala is platform where there are many students available for doing internship. You can easily hire interns from there and simply you can distribute your work into your team.
Initially, it was my favorite one.
There is only a factor according to me where offline businesses leads initially because people believe on the things which is visible. But, over a time period online businesses builds a well stablished trust on their brand if their product or service is trustworthy.
You saw there are plenty of reasons why you can’t afford to miss this huge opportunity. Online business is required for everyone and luckily if you are in the Indian Market.
You can’t even imagine this market has a huge scope for online business. However, soon it is going to be saturated.