In the digital era and with recent events showing us that a digital based business is no longer an option but a necessity, going online has many benefits and opportunities.
And yes, thinking like an entrepreneur when it comes to digital transformation is a key element to success if you want to see your business succeed.
Also, the excuse of “but I have always been successful just the way I am” no longer holds true, as we have seen over 2020 and 2021, where so many businesses closed down, scaled down and lost clients, revenue and staff.
So going digital is a MUST.
Digital business, as it relates to business technology, offers companies and individuals new ways to connect, collaborate, conduct business, and build bridges between people. It impacts the basis of business functionality and determines the way business is managed today.
But if you still need to be convinced, here are our top reasons why NOW is the time to create an online business.
But first, let’s look at the numbers; According to Statista, in 2021, over 2.14 billion people worldwide are expected to buy goods and services online, up from 1.66 billion global digital buyers in 2016, thus, with the majority of people making their purchases online from tangible products to services, it’s not hard to see why starting an online business would be a great venture.
“In today’s era of volatility, there is no other way but to re-invent. The only sustainable advantage you can have over others is agility. That’s it. Because nothing else is sustainable. Everything else you create, somebody else will replicate.” - Jeff Bezos
So onto the top reasons going digital is the way forward:
#1: Set up and Overhead costs are lower
Digital businesses require very little effort to set up and manage. Once you’ve created a product or even service, all you need is an order-gateway so people can click a link to purchase, and the rest is done automatically.
The cost of running a digital business is super low. The main expense you’re looking at is the time you’ll spend creating your digital product or service— for instance, if you’re putting together a guide or a piece of software.
Actually, creating a file to sell, like a PDF, is free, and you won’t have to worry about manufacturing, storing and shipping costs. Needless to say, selling digital products is a financially savvy move.
Services such as online courses or consulting calls are more efficient with less overheads and far more sustainable.
You do the work once, and reap the rewards long term, also meaning you don’t cap your earning potential, but open it wider.
#2: Easy to Get Paid for Sharing Knowledge & Offers Scalability
Producing and selling digital products makes it easy to get paid for your knowledge. For example, many bloggers create eBook guides on how to master certain activities.
If you’re someone who loves to share knowledge with the world, blogging and selling digital products, such as courses, books or guides, is a great way to go. So, instead of dedicating your time to crafting short articles, put in some extra effort and create an in-depth guide in your area of expertise. Charge a small fee for people to download it and boom! In comes the money.
But yet, not every single online business is going to automatically morph into a huge success with rapid exponential growth. Many entrepreneurs start an online business thinking customers are automatically going to find them and sales will pour in because they have a small footprint on the Internet. They think that a few tweets and some Facebook posts are all it will take to snowball an online business into a virtual ATM machine.
Scaling any business is not easy, whether it is a brick-and-mortar location or an online business, but an online business has advantages. For instance, a brick-and-mortar retail store has a defined audience, typically a radius from the business location. An online business isn’t restricted by this and can market to a worldwide audience.
Once a successful marketing and advertising strategy is identified an online business can simply open up its target and increase budget to grow very fast. And you can build that business with different digital products and services so you don’t keep leveraging your time for money.
#3: Access the world
The world opens up to you, collaborations and partnerships are open to you, and access to potential clients in global markets means you have exposure and can earn in different currencies.
Which also means you control your schedule, and you can control who you work with.
Never before has the opportunity been so endless and open for entrepreneurs and business owners.
And your business can run 24/7 meaning you make money while you sleep.
There are also so many digital nomad working spaces and online communities to help you, that you can travel and work while building your dream life.
#4: You Don’t Need Your Own Platform
You don’t actually need your own website to sell these products. There are tons of existing platforms you can use. Many people make a living by using Amazon’s Kindle platform to promote and sell their own eBooks.
Whatever it is you’re looking to sell, there’s probably an existing platform you can use instead of building your own!
BUT… if you do want to create your own platform, you can sell via social media, landing pages, in emails and all the technology is at your finger tips. Yes there might be a slight learning curve, but things are getting easier everyday, and automations are your friend.
So see what is your minimum viable platform and get started as quickly as you get your internet connection ready.
#5: Very Little Risk
There’s virtually no risk involved in starting a digital business. If it doesn’t work out, the main thing you’ll have lost is time. The only real money you could lose would be from your sales-automation or other digital software, but most of those only charge a small monthly or per-transaction fee. You are the boss, you have the creative freedom, and you can tap into the resources you want, choosing what to work with, when and how.
So what are you waiting for?
Create longevity and sustainability for your future!
Need some extra advice or help? We can help you map out the right plan of action and strategy to get you started on your digital business transformation, head on over to the Work With Us section on our website to see how we can help you find the right solutions for your dream life!
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