Every company that is right now serving millions of customers globally, raking billions of dollars in revenue, and is being widely accepted for their brand identity had one thing in common with every other company, they all started out as a small business and ventured into influencing the world with their products and service.
The pandemic was indeed testing times for many, but it is also a time that saw a magnanimous rise in the number of small online businesses. According to the United Nations Conference on Trade and Development (UNCTAD), it is estimated that the overall valuation of Global E-commerce raised to $26.7 Trillion all thanks to the reliability of the globe on online sales. Online sales have been skyrocketing ever since the pandemic and it has given rise to many small businesses that were once suffering to make revenue to stay afloat in the market.
The reason why most of the much suffering small businesses were able to rake in millions in revenues is that they saw the potential of taking their small business online and made the shift. Online is fairly simple, lucrative, and the best part is that it is cost-efficient.
To give you some numbers, the average number of users on the internet was 5,168,780,607(Internet World Stats) in 2021 out of which at least 70% of the traffic is towards online e-commerce sites. The investment into an online small business is comparatively less and has more returns when compared to traditional small businesses. The possibility of getting your business discovered on the internet is more and the probability of scaling on that traction is even higher.
Now that we know why the time is right for small businesses, here are some things that you need to know before starting your very own small online business.
A website platform is your initial investment:
Websites have been pivotal in helping small online businesses reach their potential customers. The bigger advantage of a website for a small online business is that the business would be able to mimic consumer trends on the internet much more seamlessly compared to traditional small businesses.
Your reach is not limited:
The biggest concern for any business is its brand reach, be it online or traditional. With online small businesses, the probability of your brand reach increasing is high compared to traditional businesses thanks to the ever-increasing foot traffic in the e-commerce sector.
Marketing Tools help you create a difference with your online small business:
With an industry that has a huge potential, the right marketing tools can be the game-changer that will be helping your brand stand out. Social Media Marketing, e-commerce marketing, email marketing are some of the effective tools that one can use to establish their brand presence in a more unique pattern leading the brand to stand out from the crowd. Online businesses that transitioned from small to huge owe the majority of their growth to effective marketing. If you can get your marketing right, you have solved 80% of the problem. To know more about small businesses check out the post right here.
There is always risk in business and when you consider the risk factor in an online small business, it is comparatively less when compared to a traditional one thanks to the impeccable advantages like being in multiple locations, not needing to have an office, depending on vendors to source products and reliable delivery chains to deliver the products to the customers right on time.
Now that we have it all, what is stopping you from making the move?