January 24, 2018
These days, people who are contemplating putting up a business have the option to create a physical one or a virtual one. Also called a traditional business, physical endeavors often cost a lot of money to start up. Aside from needing a physical location that may incur costs like rent, utilities, and the like, you will also need inventory (if you are planning on selling something), and people to man your business at all times.
These costs can add up and may even put a huge dent in your savings, without the guarantee that you will actually earn from it. This is probably why more and more people are turning to virtual storefronts and businesses in order to earn. Virtual endeavors are better in more ways than one, and here are some of the reasons why you should consider doing this rather than putting up a physical business:
You can do all of this out of the comfort of your own home – when you have a physical business, you need to go to your store every day to ensure that things are running smoothly. You need to do physical inventory checks, keep a close eye on customers so that no one steals from you, and you also need to ensure that your stocks are replenished all the time.
With a virtual store, you don’t need to step out of your home to check inventory, ensure that customers don’t steal from you, and have stocks ready for your clientele. You can do all of these while in your pajamas. You don’t even need to have inventory since you can have suppliers deliver the goods to your customers directly. Security comes with the site that you create, ensuring that your customers as well as your products are safe from being stolen, and stocks are replenished by your suppliers not you.
More people are turning to online shopping versus going to malls and stores – even grocery shopping is becoming an online endeavor, with many grocery stores offering delivery services for those who cannot leave their homes to buy their groceries for one reason or another. This rise in the number of people buying items online more than they ever did in the past opens up a world of opportunities for those who want to run their own business but do not have the capital for the infrastructure and the inventory.
The increase in the number of online shoppers is due to the convenience this brings and the reduced cost in getting to malls and physical stores that people get from this. No need to dress up, no need to spend money on gas driving to and from these stores, and no need to worry about stocks running out before getting there since you see online whether a product is in stock or not.
It is less costly to set up an online store than it is a physical one – as mentioned earlier, running a physical business can cost you a lot of money. If you do not have the cash needed to put one up, you won’t be able to fulfill your dream of running your own business. With an online store, you will need minimal cash out since you won’t have to buy your inventory outright but rather find suppliers who can send the products to your buyers for you. You won’t have to spend money on storage space, on rent for your store, on utilities, and on personnel.
You simply need to know how to run your own site, have a fast enough computer to use with your business, and a good internet connection. You may need to learn how to create your own e-commerce site from scratch, but there are sites that actually offer to help you do this for a minimal fee. You can also start selling via social media pages like Pinterest and Facebook, which will cost you even less.