When you tell someone that you want to start a business, don’t be surprised to get a few eye-rolls along the way.
After all, the daily grind has become the norm for most of the general public; however, the increasing number of web-based businesses is nothing to scoff at.
If you’ve been toying with the idea of entrepreneurship, one thing is clear: there’s much less risk involved with doing business online versus trying to run a brick and mortar shop. The idea that “online businesses represent the future” is outdated because let’s face it: the future is here. Even if you plan on selling physical products, the web is most definitely the way to go.
If you have some startup capital and aren’t sure what to do with it, consider an online business first and foremost. The advantages outweigh any potential pitfalls tenfold, and the list below will explain exactly why.
Legal Issues are a Breeze.
Many business owners constantly worry about “what-if” scenarios.
“What if somebody tries to sue me?”
“What if I’m not running my company up to code?”
The list goes on and on.
When running a web-based business, dealing with legal issues is relatively straightforward. To relieve yourself of potential legal snafus, first and foremost take the time to understand incorporation information in your respective state. Then, consider the fact that web-based businesses deal with little to no face-to-face customers looking for a legal battle.
Think about it. When you run your business online, you don’t have to worry about slip-and-fall accidents or other dangers of a physical workplace. From processing payments to meeting the expectations of your customers, it’s simple to lay out all of your legalese on-site.
You’re Not Tied to a Physical Location.
Not having a physical location is obviously a big benefit, but it’s also a two-way street.
First of all, you don’t have to pay rent or taxes on an office space, nor do you need to worry about insurance fees related to a physical building.
Secondly, it opens up opportunities to hiring talent and help from anywhere, not just your own backyard. The freelance economy benefits entrepreneurs who are flexible and don’t have to pay their employees benefits, too.
Now, there may come a point in time where you need to rent out of a warehouse if you have physical inventory. However, once your business booms up to that point, paying for such a luxury will be the least of your worries.
There’s More Room for Growth.
Finally, web-based businesses have more room for growth in terms of opportunities and finding new avenues to drive revenue. As you grow your online presence, you naturally network through both client relationships and social media. The more you network, the more opportunities you unlock to form partnerships and new business ventures.
Again, by not being tied down geographically you essentially have a global reach of customers and clients.
Unless you plan on starting a business that absolutely requires a physical location, opt to go online instead. Between the ability to start on the cheap to the endless possibilities for growth, there’s no reason why you shouldn’t join the community of web-based entrepreneurs yourself.