Over the last few years, the number of businesses online has exploded.
So much so that people have started saying the market is too ‘saturated’ for people to open a successful business online.
Which is a complete load of… well, you know what.
Yes, no one can deny that over the last decade the number of online businesses has increased exponentially. Moreover, this trend will not stop any time soon.
However, there is a very good reason for this…
Because it is still a worthwhile (and financially viable) pursuit.
And here’s why.
More people are shopping online
First and foremost, the primary reason that we are seeing an increase in the number of online businesses is because we need more online businesses.
In 2019, a whopping 76% of all American consumers shopped online — and this is set to increase to around 90% by the year 2023.
Within this, it is currently estimated that:
- A huge 67% of millennials prefer to shop online
- 56% of gen-x prefer to shop online
- 41% of baby boomers prefer to shop online
- Hell, even 28% of seniors prefer online shopping
And, like everything else, this number will only increase over the next few years.
In short, online shopping will completely take over.
It has never been easier
In the early days of the internet, creating an online business was one hell of an effort. From designing a website to integrating credit payments, every step was slow and arduous.
But not anymore.
With the invention of enterprise ecommerce software like Shopify, Magento or Big Commerce, it is all done for you — all you need is a website name and a product to sell, and you’re practically done.
These platforms are simply types of websites that allow people to buy your products or services.
Using one of these guys ensures that customers never have to leave your site, and that you never have any issues with the purchasing process.
Owning an online website has never been easier.
Unbound flexibility
Most people are trapped in the 9-5, spending all their time working in a strict office environment.
There is literally zero flexibility
But when you decide to open an online business, you get to create your own schedule. You can choose what time of day you work, how many hours work, and what days of the week you work.
Well, as long as you run your business efficiently of course.
While this does not mean that you can relax all of the time, it does mean that you can choose to spend your time focusing on other important activities outside of your business, and get your work done at a time when it suits you.
Increased earning potential
In a traditional job, the amount of money you earn is determined by the amount of hours you can work during the week.
Yes, while there is the potential to get the odd pay rise here and there, your earning potential will always be limited.
But not with an online business.
If you are running an online business, your income is not dictated by the number of hours you work.
Instead, it is determined how much you can do during the hours you work.
With this in mind, by spending your time on marketing and income-producing activities, you can reduce the number of hours you need to work to make a decent income. Moreover, considering that your business is open all day every day, it can even make money while you sleep.
Importantly, as your business grows, it can be scaled accordingly. This essentially means that your earning potential does not have a limit.
A much better alternative to the 9-5…
Creative freedom
We have already discussed the increased flexibility that comes with running an online business, but what about creative freedom?
When you run your own business, you get the opportunity to explore any option that takes your fancy. You get to design the website, plan the logo, and sell any product of your choosing.
With this, it also provides the opportunity to do work that you truly believe in. Work that you enjoy doing that you are passionate about. Work that actually makes you happy to get out of bed in the morning.
Considering that more than 50% of your waking hours are generally taken up by work-related tasks, why not enjoy it?
You can do it from anywhere
To run an online business, all you need is a laptop, a wifi connection, and an idea — it is honesty that simple.
If you don’t have an interest in selling physical products, you can create a content driven website that makes money through advertising and affiliate marketing. If you have expertise in a specific area, you can develop and sell digital products and educational resources.
All of which cost nothing, and can be sold from anywhere in the world.
This means that if you have any interest in traveling the world, you have your answer.
With an online business, you can make money as you move from country to country and state to state. You can live where you want, and how you want, without fear of losing your income.
It truly is one of the few jobs you can take with you anywhere.
Take Away
Yes, there is no doubt that online businesses are popping up all over the place, but there is a very good reason for this. People are shopping for products and services online more than ever before — and this trend is only set to increase.
Moreover, making an online business has never been easier. And when you consider the freedom an online business can offer every aspect of your life, it is a no-brainer.
So why not take the plunge and live the life you have always dreamed of?