The COVID-19 pandemic has changed the way consumers interact with businesses. Government mandates and safety protocols have forced businesses to adapt and migrate towards digital platforms. With the continuous growth of e-commerce, you may consider starting your own online business or transferring your current physical one online. That said, as it is with any business, utilising this platform entails its level of risk. Following are the pros and cons involved to assist you in making a more informed choice on the matter.
Even someone who is not tech-savvy can do it
You can run an online business from a social media profile and website. In fact, utilising a social media profile is as simple as using your own profile. However, it may be a bit harder for a website. While going about it is relatively simple, there are tons of guides around that can help you get started. Furthermore, there are services online that can help you make one without any coding necessary. One such service, for example, is provided by Expre, who can create custom websites to your liking and help you maintain and promote them.
Managing an online business means that you no longer have to spend on costs associated with maintaining a physical business. This includes avoiding expenditures such as water, electricity, rent, and repairs necessary for its upkeep. Aside from this, moving online also increases your projected profits. In addition, having an online presence increases your visibility to people in a larger area and opens up your business to broader markets.
Working hours are different
This works as both a pro and a con. One advantage is you are no longer required to work the same hours as you would in a physical setup. Furthermore, you would be reducing time spent in traffic if your workplace needed your attendance. This leads to a more flexible work setup that opens up your day to more activities. However, this flexibility also serves as a con to an extent. Given that there are no longer set work hours, customers can choose to reach out to your business late in the evening when you should be resting. Operating online opens up the possibility of you needing to be available 24/7.
You are not the only online business
While the online setup allows you to reach out to various potential customers, the continuous addition of newer businesses, accompanied by the industry’s growth, ensures that you are not the only one in the market. Unfortunately, this leads to a saturation of the market, which could make it hard for your business to stand out in a sea of many other businesses.
An increasing preference for online transactions brought about by a worldwide health emergency and the development of the internet has opened up possible business opportunities. These pros and cons will guide you in making an informed decision as you choose whether or not to manage an online business.