A Whole New World: Why You Should Take Your Business Online
Written by Stephanie
October 17, 2022
Starting a new business can be nerve-racking. Expanding your existing business can be just as nerve-racking! It’s at times like these that you may be asking yourself: should I take my business online? Your ‘offline’ business may be doing well enough or you might think that a having a business in the ‘real world’ is the best way to go.
Well, we’re here to convince you that you seriously think about going online! Whether you’re a newbie entrepreneur or established businessperson, this short article will outline some of the best reasons why an online business could be an excellent option for you.
Why Online Is Where It’s At!
The sheer growth of online business is something to behold. The size of the global ecommerce market was valued at a staggering $9.09 trillion in 2019 and is expected to see year-on-year growth of 14.7% up to 2027. Faster and more reliable connectivity with 4G and 5G technology is accounting for all this growth.
The online learning (or e-learning) market, which is a niche in the ecommerce space, is itself huge. It was valued at $215 billion in 2021. The market is expected to reach $645 billion in value by 2030. That’s a whole lot of learning going on!
Bottom line: who can resist being part of a market that is already so large and with such huge growth potential, right?
Savings, Savings, Savings!
A big (as in huge) part of any bricks and mortar business are the overhead costs needed to run them. A significant part of expenditure may be physical rent costs. With an online business, all you need is a mic and camera. The rest is up to you and how good and inventive you are with your offerings.
Another very important way in which you save costs with your online business is with marketing. Real-time marketing remains very expensive – and not all that effective in this digital era. Online advertising is cheaper in comparison, with social media being one way of marketing yourself online. Building your personal brand on Facebook, Instagram or Youtube, for example, can be quite easy, fun and, importantly, cost you little or nothing.
Joining a professional platform, such as Yip, can also slash your marketing and other costs. How? Because you are joining a ‘ready community’ in which potential clients/students can seek you out. That means you don’t have to spend time and money trying to actively pursue potential customers.
Flex Your Business Muscle!
Flexibility is a key benefit of going online. There are many benefits to being flexible with one’s business. One of them is the ability to easily ‘pivot’. Ah, yes, that word so beloved of business strategists and marketers! To pivot in business means being able to quickly change from one status quo or way of doing business to another.
The ability to be flexible is innately human. Things happen, sometimes entirely unexpectedly, and we need to know how to react and cope. The same is true in business. The importance of being able to pivot quickly became starkly apparent for many businesses with one recent global event: COVID-19. That pandemic was far easier to navigate for those businesses who were flexible and agile.
It is far easier to be flexible with an online business. For one thing, you can reinvent yourself much quicker since you’re not held down by bricks and mortar. For another, being online means having instant access to potentially millions of customers worldwide. You are not geographically bound. Yay!
Help Is At Hand!
There is a common belief that one is essentially ‘alone in a huge universe’ when doing business online. That is a myth of mythical proportions! Joining a platform such as Yip means having an instant, steady helping hand. Being a Yiper, for example, means so much, including:
- Getting paid the minute you have finished giving a course;
- Having state-of-the-art live video to conduct your sessions;
- Being able to schedule and set cancellation policies as you wish; and
- Having your invoices/receipts automatically sent to clients…all with our help!
The internet itself can give you a helping hand, if you know how to ‘ask’. Search engine optimisation (SEO) is an excellent example, as it means the right people can find you online more easily via search engines. It is well-established that using SEO wisely can be hugely beneficial to your online coaching/teaching business.
The Best of Both Worlds Too!
There is another option in the whole ‘online versus offline’ debate: why not do both? There are many professions and ‘gigs’ that could lend themselves to both bricks and mortar and digital. For example, a yoga instructor could have real-time sessions in their studio, as well as thriving online classes with students from all over the world.
The option to have both an offline business and online presence could very well work for you as a freelancer. This might allow you to double your business and, as a result, potentially double your money, of course! It’s really a matter of deciding whether you need your physical business, because passing on an online business is rarely an option!
As with so many things in life, choosing your online business path has a lot to do with your own needs. However, it may also depend on your perception and even mindset. In the words of the famous American car manufacturer and inventor of the production line, Henry Ford: “Whether you think you can or whether you think you can’t, you’re right!”
Now is as good as time as ever for you to take your business online. Remember the words of Henry Ford and just go for it!
