Running an online business presents both advantages and disadvantages. The opportunity to open an online business is now within everyone’s reach, thanks to modern technology and advancements in telecommunications. E-commerce allows you to work from the comfort of home, without the need to brave traffic each morning and afternoon.
If you’re contemplating opening an online business, consider these perks:
- Reduced overhead – You stand to save a lot of money on expensive retail premises and staff. You can transfer these savings into marketing efforts that will grow your business.
- Self-Direction – You are not beholden to any boss. You can work at your own pace, using the work management style that is most convenient for you. You can shift your schedule as early or late as you desire.
- Easy market access – Accessing a wide range of markets has never been easier. The Internet allows you to reach a much broader target than you could otherwise gain access to.
- Customer intelligence at your disposal – Customer intelligence is at your disposal when you run an online business. There are several web-based tools that you can use to gain insight into the shopping preferences and habits of your target market.
- Reduced stress – The stress level of running an online business is often lower than the brick-and-mortar version because you don’t deal face to face with customers who have issues or complaints. You also avoid commuting and dealing with stresses that may develop in interactions with co-workers at the office.
Of course, it’s not all Easy Street when you own a web-based business. The following are some of the disadvantages:
- Loneliness – If you are a person who enjoys the company of others, running an online business may be lonely. The solitude of working alone for many hours could feel unstimulating.
- Self-discipline requirements – You will need a lot of diligence to work long hours on your own. There is always the tendency to goof off if you do not possess a strong sense of self-mastery.
- Legal issues – Handling the laws that govern e-commerce and consumer rights on your own could be very challenging.
Before plunging into an online business, weigh the benefits against the drawbacks. Consider your work style, personal goals, and financial standing. E-commerce is an ill fit for some people, but a match made in heaven for others. Determine where you are on the spectrum.