Traditional small and medium businesses continue to face rising business costs, making profitability increasingly difficult. Fortunately, in 2019, there’s a far better way of starting a business today than a conventional brick and mortar store.
Online businesses have a completely different cost base, which often enables greater flexibility in business practice, making you far more prepared to be nimble in an ever-changing competitive landscape.
Today you have many options to start new businesses online. A big part of that is the digital platform you choose to build your business on top of.
To help with the decision between major online store providers, here’s a great breakdown of what’s on offer – BigCommerce vs Shopify Plus. Both options represent some of the best online stores available and let you launch your business quickly and easily.
After selecting the right platform, you have the means to turn a new business idea, into a reality in just days, rather than months.
Gone are the days where you need to be or hire an expensive web development studio to build an online store, these solutions are absolutely hassle-free to set up.
Now let’s move on to the reasons why we should start an online store rather than investing in conventional business ideas.
Low Cost to Introduce Your Business
First of all, you must understand that unlike a conventional business, an online store does not require much of an upfront cost to start. You can just sign up with these stores by providing your personal and business details, and they will provide you with a platform that will help you reach millions of people. This will allows you to easily introduce your idea absolutely online for very cheap in comparison to opening a conventional business.
You can easily get a response to that idea and can decide whether you want to execute it over there or not. You see, you can get a survey for free as well, and the best part is that it will save your time a great deal.
No Investment in Stock
Say you have decided on a new business idea, and now you are ready to release your product in the online market. In that case, you don’t have to worry about investments. You can simply make contact with suppliers and can outsource the products in the beginning phases of your business.
You will simply receive the payment from the customer, and then you can buy the products and send them over to their shipping address by just keeping your commission on that particular sale.
Obviously, the profit margin would be low, but you will not have to invest anything in your business for this particular income that you’ll receive. So, this is the best way to start a new business if you are a recent graduate or even a student.
Advertisements – A Heavy Expense
When you are starting a conventional business or even introducing a new idea conventionally, you have to invest a lot of money in advertising and the introduction of that business or product. This is also not a one-time investment. You have to make this investment every time there is some change or a new arrival in your business.
If you are using online stores, then you don’t have worry about this investment as you can design and create your own ads online and can publish them on these stores and on social media pages connected to your online store. This will help you reach a large number of people without any heavy charges at all.
One of the best parts about taking an all-digital approach is that you can track the data end-to-end. This means an investment in advertising allows you to track the clickthrough rates to your website, then through the checkout. Very quickly, this will enable you can derive the magical business metric of the cost to acquire a new customer.
