Are you thinking about starting or buying an online business? As you are likely aware, there are a number of possibilities available. We asked Martin Haigh from the Search Equation why he thinks an online business has advantages over an offline operation. Here is his advice:
Not only will you need to decide what type of business strategy suits you, but you will also need to decide which industry to participate in, your goals and current experience. Though starting an online business can be a challenge, there are exciting reasons to go with an online business rather than an offline model. Some of these are listed below:
- Providing your online business set up is done correctly, there will be fewer expenses than with an offline business.
- Social media, SEO and other marketing methods do need a significant time investment, but the assets required much less than with a brick-and-mortar business with a physical location.
- When it comes to any type of business, marketing is a critical component. With an online business, it is easy to pinpoint what marketing strategies are working and which are not, and therefore adjust your methods on the fly.
- You have a lot of flexibility with an online business which isn’t the case with brick and mortar premise is tied to a specific location.
- Although at times that there are some benefits to being located in a specific part of the world an online business is attractive to investors and entrepreneurs globally.
- When running an online business it is possible to work from home.
- An online business is easy to run as a one-man company and you may not require employees, even if you wish to grow the business.
- Depending on the model an online business can be relatively low when it comes to time commitment compared to an off-line business.
- For the most part and Internet business is a lower risk proposition than a brick and mortar company.
- Start-up costs for an online business are low and you can start to see profits in a relatively short time.
- Selling an online business is much easier than selling a geographically dependent operation. Because an online business usually won’t be tied to a specific location you will find a lot of buyers looking for an opportunity to buy a business that is turning a profit out of the box.
Starting a new online business versus purchasing one that’s up and running
We have discussed why online business has advantages over a brick and mortar operation. But should you start a new business from scratch or purchase an existing one?
Starting a brand new business takes time and some monetary investment. Your success will depend largely on your knowledge and experience in your chosen field. This can result in missing potential opportunities because you’re leaning towards a certain business model. Therefore buying a pre-existing business is often a better decision because the business is already proven to work and be profitable. Some benefits of buying an existing business include:
- You don’t have to use time split testing, and tweaking your way to a rewarding business.
- Since you are going to the business with a new viewpoint, you have a decent chance of seeing opportunities that the former owner may not have noticed.
- Structured procedures are in place
Hopefully, you can now appreciate why an online business is a wise investment. As you consider the possibilities available to you, you will find out that online businesses are extremely adaptable. Buying an up and running business can be beneficial for many reasons, as it lets you leverage resources and build towards a successful outcome.