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Benefits of Starting an Online Business

Vikram Brahma is a Digitalpreneur, Author, Blogger, Writer, & YouTuber. He loves to write content & spend time working from home.

Introduction

In this time of pandemic and coronavirus if you are thinking of starting a new business then certainly take the help of an online business. In fact, if you have an offline business or if you possess some dynamic skills then use digital marketing to spread your business and ideas.

In recent times the world is suffering from a pandemic due to which many businesses stopped or collapsed. I have seen and observed them from my own eyes. In my small town, I have seen many small businesses and even shopkeepers suffered. I have seen many newsfeeds update on LinkedIn where my past colleagues and juniors posting information related to their job loss.

So, if you are thinking to start something new then try digital marketing. It will not only help you to gain new skills but it can also offer many other benefits. Let’s see what are the main benefits of starting an online business. And I have written this article, especially for the future digital entrepreneurs.

Start your online business from anywhere

Start your online business from anywhere

You Can Start Online Business Literally From Anywhere

First of all, you have to understand one of the major benefits of digital marketing is you can start this business from anywhere including your bedroom.

To start this online business you need their main ingredients. First, you need some skills (most important), second, you need a platform, and third, you need clients or audiences.

For example, suppose you want to start a blog and want to make money through it. Then yes, it is possible to earn by starting a blog. First, you have to treat your blog like a business. Then you need a platform like WordPress or others and then you need audience or readers.

In this, I have shared the example of a blog but you can understand the concept by using some other online business like eCommerce or SEO agency or digital advertising agency, etc, and literary you can start from anywhere. I started my freelancing work on my veranda.

It’s Easy To Set Up And Requires Low Investment

If you compare online business to any other offline business then you will always find that it needs less investment. And not only that it is also easy to set up if you just learn some skills.

For example, even if you compare it will opening a small shop then you will find it is relatively less expensive. To start any shop you have to pay a security deposit, say up to Rs. 2 lakh ($2739). And then you will invest around Rs. 2 lakh ($2739) for the renovation of interiors and purchasing goods. Now, just 10X this budget for any big cities like Mumbai or Delhi in India.

On the other hand, if you want to start a blog even as a side hustle you just need to spend at least Rs. 3000 to 5000/- per annum and you are good to start. Of course, there are some disadvantages to online business in the beginning but at this point, we are discussing how easy it is to start. So, start small and once you grow you can invest more money to expand your online business.

Online Business Process Can Be Automated

In the case of online businesses, there are many processes through which you can automate the entire business. But first, you have to create those backend systems and then you can automate the entire process.

For example, suppose you have created some online courses and you are selling them through the webinar. If someone will purchase your course then you can take online payments by sitting at home. And once they make payments your customers will get the login and payment details automatically. Everything will be digitally stored.

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Online business is your digital assets

Online business is your digital assets

Online Business Is Like Building An Asset

Since the demand for digital marketing and online business is going high you are actually building an asset. These are known as digital assets. And the best part is just like any land or property you can literally sell your online assets.

Now if you are thinking will there be any buyers for digital assets. Then the answer is yes there are a large number of buyers. For example, Facebook purchased Fb.com for $8.5 million in the year of 2010 and privatejet.com sold for $30.18 million. I know someone who sold his website for Rs. 35 lakh ($47,945). Now, try to understand that there are many online businesses and I am just sharing the example of a few of them just to surprise you all.

Before you sell any online business there are many parameters that are observed. One of the most important parameters is how much monthly income you are generating from that asset. Once that amount is decided you can literary charge 10x to 20x.

Many Online Businesses Are Recession Free

Due to the pandemic, many people have lost their job and it is said at least one-third of the USA workforce is unemployed now. And this is the scenario in many countries. In fact, in India as per the report in “The Hindu” newspaper over 122 million people have lost their job in India by April 2020.

So, now many people are looking for a home-based business. Why people are looking for a home-based business? And why they are searching for them on the internet?

Well, the fact is those people who are already using the internet know that there are many online businesses that are recession-proof. For example, jobs like content writing, YouTubing, blogging, SEO, becoming an online author, social media marketing, designing, podcasting, online course sellers, etc are all recession-proof. In fact, during the lockdown, there was an increased rush of people looking for online courses to study.

Conclusion

In the end, I will say that if you are looking for some alternative business or side hustle then definitely you should try online business. Treat your online work as a business and it will soon be going to give you return as a business. Once you will understand the importance of digital marketing then I am sure you are definitely going to learn and try to implement them.

This content is accurate and true to the best of the author’s knowledge and is not meant to substitute for formal and individualized advice from a qualified professional.

© 2020 Vikram Brahma

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