Online Businesses: A contemporary approach towards securing your future financing needs
Why online businesses have become the ultimate medium for securing future financing needs
Online business: The dos and don’ts
It is now a well-established fact that the internet constitutes a very large part of our everyday routine. Be it the irresistible social networking apps or entertainment platforms, E-commerce forums or business websites, the crepes of technology seem to have taken over the lives of every single individual. While there may be a lot of debate on the pros and cons of the internet, one can simply not deny the fact that it has helped people in more ways than it has done otherwise, if some may say so.
Almost everyone is privy to the fact that internet has provided individuals with a massive platform, as well as access to a wide array of opportunities, ranging from gathering useful information, forming strong networks, to having their own business. That’s right! The Internet has bestowed a great degree of favor on those who do not have enough resources, opportunities or funds to set up an actual business with a physical location, by granting them easy access to billions of people through a multitude of platforms.
While the online business frenzy has spread like a wildfire across the globe, it was in the United States of America where it all began. And to be honest, online businesses have proved to be a lot more successful in the United States than any other country, because of its extremely tech-savvy culture and persisting technological advancements.
With the aid of online platform, many people have successfully set up businesses without having the need to have a full-time, hands-on job. It allows individuals to showcase their talent or even adopt skills that they weren’t informed of previously, along with the complete authority of deciding the scale and magnitude of the business.
Now many people who are slightly unversed in this field often make the mistake of confusing online businesses for e-commerce. E-commerce is a part of online business, which allows people who may or may not have a business with a physical location, to sell their goods or services online. Tech giants like Shopify, E-bay, Amazon, OLX, Alibaba, and Flipkart are all examples of e-commerce, and it goes without saying that these companies have gone on to have a customer base of their own.
Just like e-commerce, there are many other online mediums through which people make quick bucks. These may include online consultancy, freelancing, online teaching, and mobile application development, to name a few. The functionality of these businesses is pretty much the same as that of e-commerce – i.e. a certain amount is charged for every service that is provided.
Nonetheless, the idea that online businesses are in any way pocket-friendly or cost-effective is subject to a lot of debate. It is very true that having an online business reduces the overhead costs substantially than it would have been if the business were to have a physical form, but a rational cost-benefit analysis can only be done if the platform that the businessman is using to sell his/her products can be determined.
For instance, creating a page on Facebook or a channel on YouTube costs almost nothing to an average businessperson, unless they want to pay for the humongous advertisements to market their products or services to the right audience. On the contrary, some people prefer having their own website or online application to cater to the demands of their potential customers, perhaps to have a sense of exclusivity and uniqueness. So, for the individuals who are inclined towards the latter option, it is imperative to know that a huge sum of money goes into making even a very simple, straightforward website or application!
Let’s say, you have enough funds and resources to get your own website or application, but does that guarantee your success on online platforms? We don’t think so. Besides the enormous investment, there are numerous factors that online sellers need to think through to make their product a hit on the internet.
Most people make the mistake of not doing their homework well, that is, they don’t put enough effort into getting to know the likes and dislikes of their target audience, which then ends up in the business becoming a disaster. Hence, the shortcut to quickly turn your online venture into a successful one is to know your customer first!
Besides, you can also try to look for issues whose solutions are not readily available on the internet. This way, you do not only have the chances of creating an extremely profitable online venture but the opportunity to make it big on a whole due to your product’s Unique Selling Point. For those who find this strategy appealing, the scientists around the world have failed to find a solution for the common cold, so this might be your chance to have a lucrative online venture…
Finally, just do anything and everything to make your product appear visible to your target audience. Always remember, there are thousands and millions of people like you who’d be putting in the same amount of energy and effort to grab the buyers’ attention, so you might want to make sure you are better than your competitors in a lot of ways. There are many methods you can use to achieve this, such as providing discounts on initial purchases, giving guarantees on products, providing after-sale services, etc.
While the above-mentioned factors cannot guarantee instant success, they can certainly give you the right exposure and expertise for you to be able to become a better businessperson. Remember, even if you do not have the required money to do what it takes, a good sense of planning, careful judgment, thorough research and perhaps, an ethical attitude may greatly increase your chances of having a successful online venture.