By Kevin Shortall
You know you want to start a business and you’ve been researching your options. Whatever stage you are at in your startup planning, you should consider the advantages an online business offers. In this article, we will examine those advantages in detail and also provide tips on starting a successful online business.
3 reasons to start an online business
1. An online business is relatively inexpensive to start
Many successful online businesses have been started with budgets less than $100. It is possible to set up a successful business with a laptop (which you likely already have) and by purchasing a domain name and some basic office supplies.
There are many free website builder software options available, such as WordPress and Wix. Compare this to operating a brick-and-mortar type business where you have to pay rent, purchase inventory, and perhaps hire staff, and you can see how relatively risk free (from a financial point of view) setting up some online businesses can be.
2. Unlimited market size and potential
Most entrepreneurs will agree that one of the main advantages of running an online business is the size of the market available to them. In most brick-and-mortar businesses you cater to the local community and surrounding areas. When you operate on online business, the world is your oyster. More and more people are going to the internet to purchase goods and services. By 2023, e-commerce is expected to account for 22.3% of global retail sales.
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