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Looking To Start A Side Business? These Are 5 Key Reasons Why It Should Be An Online Business

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Small Business

If you’re like most of us, your income isn’t enough to cover your expenses any more. Especially in the current economic climate, it is crucial that we all find means to augment our income. In our part of the world, however, taking a second job is not an option given that most of our jobs aren’t structured in a way that allows us to squeeze in enough time to take on another, assuming you can find another. These odds leave us with one primary way of creating another line of income: entrepreneurship.

Most people only consider traditional brick-and-mortar businesses when they decide to launch a side business. However, with the proliferation of internet-enabled devices and the internet now being ubiquitous, starting an online business has never been more feasible.

In this piece, we will analyze the key advantages an online business offers over a traditional brick and mortar business to emphasize the tremendous benefits. In a subsequent article, I’ll delve into key tips and tactics to help you start your online business. So keep an eye on ameyawdebrah.com for that. Now let’s get down to business.

ONLINE VRS BRICK AND MORTAR BUSINESSES

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Starting an online business is worthwhile due to its many benefits. Here are a few examples:

  1. The start-up costs are lower.

Before starting, the majority of conventional brick-and-mortar businesses demand sizable initial financial commitments. You would need to take into account merchandise, employee salaries, rent and lease payments, annoying charges from district and municipal authorities, taxes etc.

The majority of these costs can be easily avoided by starting online. In many cases, with a good plan and the right networks, you can start with very little and still manage to build a successful business.

  1. Greater potential for growth

Due to their physical presence, brick-and-mortar businesses are constrained in a number of ways. This implies that the speed and size of their growth can be influenced by physical factors such as time and location.

For instance, having a store in a desirable area like Makola or East Legon means paying high rent, but even this does not ensure that there will be sufficient sales on a regular basis. There is also the fact that you are restricted by your working hours. All these factors put a cap on the growth of a physical business.

Online enterprises, on the other hand, are unaffected by any of these restrictions. When you manage an online business, you transcend locations, boundaries, and time. With more individuals having access to the internet and becoming accustomed to purchasing online, your potential market is constantly growing.

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  1. Not limited by time

As we previously mentioned, online businesses are not constrained by the passage of time like brick-and-mortar enterprises are. Even during lockdowns or other disturbances, they can remain open all day, every day of the week.

Once you establish an online presence for your business, clients may place orders and finish transactions whenever they want. This enables your business to produce income without requiring a lot of day-to-day participation.

You will have to put in a lot of time and effort during the early phases of your business. However, with time, you will develop a workable strategy that enables you to effectively increase your ecommerce activities while learning to delegate. In the end, it’s liberating, as you’ll have control over your schedule.

  1. Work from any location

You will undoubtedly be confined to a specific area if you operate a brick and mortar firm.

You can choose the location from where your staff work if you manage an online business. They have the option of working from a home office, a co-working facility, or any other location, depending on the type of business you’re into. Additionally, there is space for mobile work. Simply find an affordable employee monitoring program to keep tabs on your team’s actions.

  1. You have control.

For most brick-and-mortar businesses, the control and management of your staff are dependent on your being physically present. This is especially important in our part of the world, where many employees can be negligent and sometimes even dishonest in carrying out their tasks. For the most part, employees may behave very differently depending on the presence or absence of the business owner.

With online businesses, however, because the majority of the business activities are carried out online, the business owner can easily monitor the activities of staff without being physically present. Most online businesses also have built-in audit systems that are easily accessible to the business owner and cannot be easily altered by employees who wish to engage in fraudulent activities.

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 Conclusion

I hope you found the information above helpful. If you’re on the verge of starting a side business, critically consider the above advantages. Crucially, remember that lots of businesses that we once thought could only be done physically have been successfully converted to online businesses. So think long and hard and be creative. Above all, keep learning. Look out for my follow-up article .

To your success!

By Aboagye T. Mintah

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