Reasons Why You Need to Build Online Business

I am not interested in offline businesses. I have simple reasons. You need a physical location, you need to pay rent, and you need to sit all day long in your store. These are definitely profitable businesses and these businesses of course run on autopilot. However, I will never try these businesses. Having said that those who are looking forward to starting an offline business can definitely try this. You can start these businesses for under $10K, but you might be able to easily make over $500 net in profits from these businesses. If you want to start a business you need to choose a business that does not require a lot of investment and that runs on autopilot. If you are investing a lot of money in your business, you are at a risk. If you are required to do everything manually and do not have an option for automation, you will also end up paying a lot of money on staff salary and your business running cost will be terribly high. When you have high running costs, you might not make as much profit as you could have made if the business was operating with a small workforce.

Online Business: What Kind of Online Businesses Are Lucrative?

Starting an online business or offline business is not related to your nature, it is more related to your knowledge, resources, and ideas. I am not an introverted person but I started an online business. I started an online business because I knew what I should do to build a business, I had related skills, and knowledge. Even though I am an extrovert person I did not start an offline business because I did not have the resources.

I think social media site is the best online business. Look at Facebook, it is one of the biggest online businesses. Online marketplaces like Amazon is also good online business. Amazon made its owner, one of the richest men on earth. For someone who wants to start small, a blog can also be a good option.

If you want to sell online, you can try a lot of small businesses. Some of these businesses even do not require investment. Fort instance you do not need money to start an affiliate marketing or dropshipping business. You can try Facebook marketplaces or even Instagram shops to sell your products, which are absolutely free platforms.

However, in order to start an online business, you need to find a lucrative niche, a niche that is high in demand but has less competition. Even though you can sell someone else's products, you have better chances of surviving if you create your own unique products and sell them. You need a lot of money for that purpose, you need to build a brand and advertise.

Minimizing the Risk of Online Business

I do not see a big difference between online and offline businesses. If you have an online business, you can try to sell via offline channels and if you have an offline business, you can sell via an online channel. If I have to choose one, I will go with an online business because the start-up cost is small.

If your online business has an inventory (you have products stored in your warehouse), you can insure your online business. It does not matter whether you are selling online or offline, what matters is whether your business is a legal entity or not or whether you have stockpiled products in your warehouse or not.

You don't need a lot of investment in order to start an online business. If you have $500 you can easily create a dropshipping business, if your business succeeds, you will earn a lot of money from your dropshipping business. However, just like you a lot of people also think that starting an online business is easy and does not require a lot of investment. Therefore, the competition is always high. Furthermore, if you have an offline store, people passing by the street will see your store and end up buying from your store. However, for an online business to get noticed you will have to spend a lot of money on ads.

How Much Money Can You Make From Your Online Business

How did Jeff Bezos become the richest person on the earth? How did Mark Zuckerberg and Larry Page make so much money? Well, all of these people made money from online businesses Jeff Bezos has Amazon, the world's biggest online marketplace, and Mark Zuckerberg's Facebook, the world's number one social media platform.

Revenue depends on what kind of online business you are trying to start and what kind of strategies you are applying for your business promotion. While making 10K USD in 3 months from an online business is not impossible, very few people have the right skills knowledge, and ability to make that kind of amount.