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6 Great Reasons Why You Should Start Up An Online Business In 2023

6 Great Reasons Why You Should Start Up An Online Business In 2023

Maximize Festive Season Sales With Fynd Platform

Learn from the masters and cracks the code to festive season sales success with Fynd Platform's Festive Readiness Guide

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There are many unexplored opportunities to do something new and creative to reach the target customers worldwide. An online store gives entrepreneurs greater flexibility & independence to manage an online business than a brick-and-mortar shop. They can quickly identify their niche and start up an online business in no time.  Here are six great reasons to start up an online business in 2023.

1) No Location Constraint

A brick-and-mortar shop operates in a small local area, has a limited customer base and visibility, and can’t cater to wide global audiences. At the same time, you aren’t tied down to a single location in an online business.

Entrepreneurs get an excellent opportunity to promote their online business globally and market their products & services to a broader audience without any geographical constraints.

That also means you can monitor and control your business from any random location with an internet connection and laptop. It allows you the benefits of scale and protects your business from regional market fluctuations.

Another important advantage is that as an entrepreneur, you are virtually everywhere, regardless of location, without needing a physical business presence.

2) You own your time

Online business owners need not go to an office at fixed hours to monitor critical business operations and brand performance. An online store runs day or night, 365 days a year, with minimal external support. All website transactions, from order handling, processing, logistics, and product dispatch, are controlled by automated software. 

It is a huge relief for entrepreneurs that are running multiple businesses at a time as you get the freedom to choose – 

  • What time of the day do you want to work? 
  • How many hours do you want to work? 
  • What days of the week do you want to work? 

It helps entrepreneurs automate tasks and transactions and manage multiple businesses, which means more family and fun activities.

3) Huge income & growth potential

Budding eCommerce entrepreneurs are always eager to know, “How much money can I make with an eCommerce store?” Data shows that in 3 months, a new eCommerce store can make just over $63000 in monthly revenue, while in one year, they can average it to $127,000. After three years, it can go up to a monthly revenue of $352,000, an increase of over 175% between years one and three. 

Hence, if upcoming businesses need to figure out how much money a new online store can make, it could be below $39,000 in revenue in their first month and generate $6.5 million in total revenue after three years. 

4) Run your business 24/7

Never let the smallest business opportunity slip away from you! One of the best things for customers is that they can easily approach any eCommerce site anytime and order anything they want.

The online business store always remains "on" for taking new orders and new customers 24 by seven which is impossible for any brick-and-mortar store. You do not need staff to engage with the customers and handle sales, as the eCommerce website does it all for you without external support and hiccups. Chatbots help shoppers with 24/7 customer service regardless of whether a customer care staff is online.

5) Low operating costs

The operating cost of an online store is the lowest compared to a brick-and-mortar shop. That's why more & more offline businesses are turning their attention to online business models. 

Opening a brick-and-mortar shop requires much higher investment, like rent, insurance, employee benefits, fixtures, POS system, POS hardware, site approval, license fees, and more.

On the other hand, an online business owner needs to buy a domain name for around $20, set up an e-commerce system on their hosting account for about $5-6 per month, or subscribe to the industry's best ready-made e-commerce platform for around $8 to $30 per month.

6) Better customer support

Online business is not just about selling products and services. It also means that you have to build solid customer support for your customers. It would make them feel more confident with their purchase and motivate them to buy from you again. A good online business has some of the best customer support that offers various services such as chat, call, interactive videos, or email.

Here are some of the greatest benefits of offering better customer support.

  • Offers a great opportunity to wow your customers & create longevity among your clientele
  • Provides authentic customer support directly from the brand avoiding fraud call traps
  • Improves brand reachability and reduces the lag between complaint registration & resolution
  • Improves customer satisfaction to a greater extent and lets customers talk, discuss, converse & close the issue directly with the company

Zappos set a world record with a ten-hour, 29-minute customer service call, a classic example of "delight and surprise” customer service. Starting your online business is something you should not be afraid of doing, and the main reason is that you can do it while still having a full-time job and minimal resources & investment. There are many reasons to start an online business, and we have discussed some important ones in this article. 

Eager to start an online store that drives sales in 2023? Fynd Platform is here to help create your eCommerce website with zero investment and higher returns. Click this link to schedule a demo right now.

Maximize Festive Season Sales With Fynd Platform

Learn from the masters and cracks the code to festive season sales success with Fynd Platform's Festive Readiness Guide

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What makes starting an online business a good idea in 2023?

1. Increased Internet Penetration: More people are using the internet, providing a wider audience for online businesses.

2. Convenient Shopping Experience: Online shopping is more accessible and convenient for consumers.

3. Lower Overhead Costs: Online businesses have lower operational costs compared to brick-and-mortar businesses.

4. Global Reach: Online businesses can reach customers globally with minimal investment.

5. Data-Driven Decisions: Access to customer data and analytics allows for informed and data-driven decision-making.

Is it easier to start an online business compared to a traditional one?

Starting an online business can be easier compared to a traditional one in some aspects such as lower startup costs, lower overhead costs, and the ability to reach a global market. However, it also has its own set of challenges such as online competition, cybersecurity concerns, and the need for digital marketing skills. The ease of starting an online business also varies depending on the specific business model and industry.

What are the most profitable online businesses to start in 2023?

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1. E-commerce: Selling products or services directly to customers online.

2. Digital Marketing: Providing digital marketing services to businesses.

3. SaaS (Software as a Service): Providing software solutions on a subscription basis.

4. Online Courses and Coaching: Offering online education and training services.

5. Affiliate Marketing: Earning a commission by promoting other people's products.

6. Dropshipping: Selling products without holding inventory, through a third-party supplier.

7. Online Consultancy: Providing expert advice and consultation services through the internet.

8. Web Design and Development: Building and designing websites for clients.

9. Mobile Apps: Developing and selling mobile apps for various platforms.

10. Social Media Management: Managing social media accounts for businesses and individuals.

Can I start an online business with a small investment?

Yes, you can start an online business with a small investment. Some popular options include starting a blog, selling products on e-commerce platforms, offering freelance services, or creating and selling digital products. However, success may depend on factors such as market demand, competition, and the quality of your product or service.

How do I get started with an online business if I don't have any technical skills?

If you don't have technical skills, you can still start an online business by using no-code platforms. One such platform is Fynd Platform a no-code e-commerce website builder that enables you to create an online store without writing any code. With Fynd Platform, you can choose from a variety of customizable templates, add and manage products, process payments, and more. This makes it a great option for those who want to start an online business without having to invest time and resources into learning technical skills.

Is it possible to run an online business on a part-time basis?

Yes, it is possible to run an online business on a part-time basis. Many entrepreneurs start an online business while working a full-time job, gradually increasing their commitment as their business grows.

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