Online Business: The Advantages
During my extensive research into how people were making money via an online business (IBIS), one of my mentors gave the following reasons behind his decision to use the Internet as his vehicle to financial security and a better lifestyle.
He began by creating a criteria list describing precisely what he did and did not want from his ‘ideal’ business. He wrote….
My Ideal Business
I don’t want to be away from my family for up to 16 hours per day
I don’t want to have to leave home for work in the dark and return home in the dark.
I don’t want to make someone else rich while I struggle on.
I don’t want to live my life based around someone else’s time clock.
I don’t want to do something that requires a lot of training.
I don’t want to sit in traffic for hours.
He went on to write…
I want to work from home or anywhere else I choose.
I want to have a job that will give me all the free time I want.
I want to spend more time with my family.
I want an income that will give my family more than we need.
I want to travel whenever I want.
I want to do something that I enjoy
I want to be able to make money than a doctor.
I want something that will be easy to do.
I want to only work a few hours a day.
I want to make money whether I’m actually working or not. i.e. automated income.
I want (and need) to start making money right now.
After reading his list, it was clear to see why anyone, including myself, would choose to set up an online business (IBIS) over a conventional offline business. I decided to continue my research to uncover further reasons why I should go the ‘online’ route and here’s what I discovered.
More Advantages of an Online Business (IBIS)
Fast and (mostly) free – Today, the Internet has made communication available at an instant, whether the customer lives at the end of the street or on the other side of the planet. The Internet has made true and relevant the old adage, ‘time is money’, allowing anyone to grab opportunities immediately.
Cost effective – Online transactions are virtually hassle-free and most promotions can be pushed at nearly no cost. Probably the only cost that a Webcrafter (if you can think of a better name, please let me know) has to worry about is hosting fees for his site. Since there is no need for ‘physical’ premises (most Webcrafters prefer to do business at home), overhead costs like rental and storage are cut to a minimum.
Meet a wider audience – Jumping on the bandwagon may seem cheesy to some business-minded people, but if the bandwagon is headed where you want to go, why not grab a seat? It’s only natural and practical to use the Internet to promote products and services because it is a feasible way of maintaining contact with regular clients and locating new ones.
Small (and home) businesses can compete with the giants – The Internet has a place for nearly everyone – from big manufacturers to medium-sized companies to niche marketers to home businesses. And since websites are open 24/7/52, Webcrafters keep their businesses visible without worrying about infrastructure and marketing or administrative costs. Whether you’re a start up or a hundred-year-old firm, you can take advantage of the cheap, if not free, WebCraft methods with which to do business online.
Outdo competition – Not all competitors in your chosen niche own great websites, some do not even own websites at all. By creating an online presence which is better presented and better marketed than those of your competitors, you can gain market share at the expense of your competition.
Reduced advertising costs - Newspapers, magazines and other traditional offline advertising media generally cost far more than online advertising. Even businesses that simply use their websites as an online brochure enjoy significant cost savings when factoring in printing costs.
Instant feedback – You can add a blog and perhaps include videos, audio, live chat, forums, RSS feeds and even podcasts to your online business (IBIS). All these elements can attract customers and create interest. By entering into a dialogue with your visitors and customers this way, you can solicit the kind of detailed feedback that offline business owners can only dream of.
Develop a brand – The global reach of the Internet allows you to build reputation at speed and within a cost framework that would simply be impossible offline. Businesses that have never previously considered “brand” or “brand values” are now able to gain mind share and thus market share.
Repeated business – Anyone can easily lose a business card or forget the name of a business they spotted in the local phone book. However, if they have your online business (IBIS) stored in their web browser’s “favorites” they can return to your site whenever they need more information or indeed help.
Provide guidance and information – You can add updates and new information directly to your web pages and notify your customers pretty much immediately. Fresh, relevant information will not only keep your customers returning to the site but will also help to convince the search engines that you deserve high placement for relevant search terms thus driving further traffic and potential new business.
If You Build It, Will They Come?
The truth of the matter is, even with all these advantages, it’s not as straightforward as simply throwing up a website and immediately having money pour into your bank account. First, you need to know how an online business (IBIS) works, and second, you need a solid system in place before you can have any real expectation of online success.
Conclusion
Ultimately, my research reveals the Internet to be a powerful tool capable of providing anyone, either already in business or just starting out, with the ability to overwhelmingly stack the odds in their favour. Which is a good thing, right?
Click the following link to read… WebCraft – The Art of Making Money