Going online could work to your advantage.
- Starting a small business could be a lucrative venture.
- You may enjoy more flexibility and lower costs if you stay online only.
There are many ways you could benefit if you decide to start a small business. First, you have to be the boss. That means making the decisions, deciding which direction you want to take and who you want to hire to bring your big ideas to life.
Starting a business could also benefit you financially. The more money you make in the course of that endeavor, the more you can top up your savings.
When it comes to starting a small business, you have choices. You might maintain a physical activity or limit your activity to online only. Here are some good reasons why you should consider going the latter route.
1. You’ll save money by not having to rent physical space
In case you haven’t been following the news, rents have gotten expensive nationwide. And that doesn’t just include residential apartments and houses. If you rent space for your small business, you could end up paying a premium right now.
But even during times when rental prices aren’t so out of control, the reality is that renting space is a big expense. And it’s one you might not want to put up with. If you stick with an online-only business, you won’t have to cover the cost of rented space, and you could also save a lot of money on overhead, things like utilities and other costs that come with running a physical business.
2. You may maintain a better work-life balance
Just because you run an online-only business doesn’t mean you won’t have to put in a lot of effort. But you may be able to do a good deal of that work from home. And that alone is a plus worth considering.
Working from home can strike a better balance when you have young children and different schedules to juggle. And not having to constantly be in a physical activity outside the home could make your life easier to manage as a whole.
3. You will not limit your clientele to a specific geographic area
When you run a business in a physical location, you may find that most of your income comes from the same customer base: local people who frequent your shop. Now, that’s not necessarily a bad thing. Some people really like to support local businesses and you may find that you have enough local customers to support your venture and then some.
But if you open an online-only business and market it well, you may be able to attract customers from all over the country. And that could lead to a lot more revenue over time.
Some businesses require a physical location. But if yours isn’t one of them, then it’s worth considering the benefits of sticking to an online-only presence for now. Remember, you can always start as an online business and open a physical location once your income is stable. But if you go the other way — commit to a lease and then realize you’d rather be online-only — you could end up spending a small fortune and regret it.
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