Over a 8+ year period there has been a lot of ups and downs doing business online and we have discovered some amazing strategies and some not so enjoyable lessons most will make when doing business online.
What Are The Pros And Cons of Doing Business Online ?
Some will be good at doing some things and others will be good at doing other things. Just remember those tasks you enjoy doing are considered fun and the tasks you don’t particularly like to do you can always outsource. But recommend, you should always know the inner workings of your business as well.
When doing business online it has its pros and cons but it is no different than an off-line or mom and pop store front. You have a product and you need a consumer to purchase the product. Regardless of which two platforms you use, ” Online or Store Front ” to sell your products these two elements remain the same.
Today like any other day stepped into the office to check emails, see what’s new in our market news and usually read two or three articles or so from other business outlets we are subscribed with.
Started reading this article on, ” Beating Algos On Social Media ” on Website Magazine and being an seo guy found it intriguing and had to read more but paused for a second to think about those days when we were running more than 25 sites at one time and thought about all the lessons we learned in the process.
This created some content to write about on the blog. So, we thought we would share some of these pros and cons and lessons we’ve learned in the 8+ years doing business online.
Pros of Doing Business Online –
- Start Up Costs – The cost of doing business online is substantially less than starting a mom and pop shop but requires the same discipline and focus to run your business.
- Start-up Time – You can be open for business in as little as a few hours to a few days if your site is more robust. If you want a physical product store online there are softwares like Covert Store where you can use Amazon or Ebay products to sell. ( Requires associate program registration )
- Your business is open 24/7/365 – Unlike a physical store, an e-commerce offering is open 24 hours a day 7 days a week and 365 days a year, which means you can get sales at any time of the day or night from anywhere in the world from the comfort of your home in your pj’s.
- Doing Business Online From Anywhere In The World – The beauty of doing business online is that as long as you have an internet connection and a computer you are in business.
- Targeting Customers & Readers Instantly – Today technology allows us to target your market instantly via Social Media or other popular marketing platforms. The second you press that start your paid promotion or the second you broadcast a post, comment, video or other media you instantly have people reading or watching what you posted.
- Doing Business Online Doesn’t Require A Website – Contrary to popular believe you really don’t need your own personal website to sell products online. Using social media and other marketing avenues like craigslist make it possible for anyone to sell their products and in many cases its all free to market your product in these platforms. ( But, We Highly Recommend Building Your Own Blog/Website )
- No Product Creation Required – Doing business online does not require for you to create or build a product because there are thousands of products you can get paid for by sending people to a vendors website to make a purchase. Called ” Affiliate Marketing “, one of the easiest ways to make an extra income online. There are several affiliate networks you can sign up with to get started.
You can read and learn more about these affiliate networks in a recently written article titled, ” Make Money From Home Part Time Without A Product “.
Quick Tip: If using Facebook or Google+ make sure to use a business page so you don’t get your account shut down.
Cons of Doing Business Online –
- Social Media Engagement – It is challenging to generate business leads, why? Social users may be less inclined to follow or Like a brand if those noted affinities are used more for advertising purposes (i.e., target people who Like this Page) than the organic delivery of relevant – and requested – content.
- Your business requires constant updating – keeping up with demand and consumers while bringing in new business. Always keep content on your website or blog fresh to build a readership, newsletter subscribers or generate more consumers.
- Follow-Up – Yep, If you have a list of subscribers to your Newsletter, subscribed to your free eBook or is a consumer of your products you must follow up periodically with them and update them on what is New and Fresh in their market.
Many would say, That is a lot of work and requires you to do things you don’t yet know about. Running an online business has its learning curve but can be learned through advanced training hub like EMP.
Doing business online affords you the privilege of selling products to anyone around the world from the comfort of your home office, sofa, kitchen table or if your to lazy to walk simply doing it from your bedroom.
Quick Tip: We believe that as long as you provide great value and education in your content you will always have an audience for your products. Your products should be congruent with your audiences search term used to arrive on your website or blog to improve your conversions. You should always put yourself in your audiences shoes before putting out great content which a great audience appreciates and in some cases showing there appreciation by purchasing your product (s).
It is a satisfying feeling when your content helps others with an area your reader may need help in or solve a problem your audience might be encountering. Our content is mostly from our journey experiences through the years and because we realize that others might be along the same path we want to shorten their learning curve towards achieving their goals.
It is why we recommend anyone wanting to make a difference in their lifestyle. Start Doing Business Online Today! Don’t wait for tomorrow, Tomorrow is to late.
Important Tip: Don’t put all your eggs in one basket and diversify and expand your mind, your income and your families future outcome as well. Putting all the eggs in one basket left me 140K in debt and no income one Friday morning (True Story). Learn from my experience and leverage it to skip your learning curve.
In conclusion it is pretty evident that the Pros outweigh the Cons of doing business online and can be a very rewarding experience if you treat it as a business.