Today I want to talk about the benefits of opening an online business especially when you compare it with a physical business.

Potential revenue:

With online businesses, your growth is limited by the number of people who are actually connected to the internet. With an offline store, the potential revenue is limited by the number of people who walk in front of the store and that maybe or maybe not interested in buying your product or service. That’s a huge difference. The growth potential is much much bigger if you open an online business. If you going to make an investment the ROI is going to be much higher on an online business. That’s one big reason and that’s the reason I put it in the first place. From an economic perspective, it’s the one that makes more sense.

Geographical Freedom:

You also have to take into account geographic freedom when starting any business. With an online business you can work from any part of the world as long as you have an internet connection and a laptop.  On the other hand, if you have a physical business your life is going to be determined by that business. Your kids are going to go to a school that is near that business, probably your house as well because you don’t want to spend that much time commuting. Its something you have to take into account because it’s going to give you more flexibility and quality of life. You can be on vacation and if you bring your laptop and have an internet connection you can supervise your business. The same does not happen with a physical business. 

Open 24/7 365 days/year:

On vacation, a store is closed so you are not generating revenue. Your online business is going to be open 24/7.  Technology has evolved so fast that you can set up automated systems and processes that enable you to generate revenue 24/7 365 days a year. That definitely does not happen with a physical store. If you’re lucky enough you have a business that only opens from Monday to Friday and lets you enjoy the weekend.

Costs:

Starting any business requires an investment of time, money and energy. But the startup and running cost are much lower with an online business. If to that you add the potential revenue of an online business it’s easy to reach a conclusion. From an economic perspective, it makes no sent to invest in physical businesses nowadays due to the lower initial and running costs and the potential revenue.

If you are interested in starting an online business, but you don’t know exacyly how to start, click here. My mentors explain how it can be done, even without having a product. These videos are the same that got me started so I hope it can help you too.