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The internet has grown leaps and bounds since its introduction. And it has opened up so many different possibilities and opportunities for entrepreneurs.
It is no coincidence that most of my past business ventures were internet-based. While I did and will continue to have business ideas outside of the internet, I usually pursue those after the ones for the web – unless, of course, there is an immediate opportunity.
Here are the reasons why I prefer starting online businesses.
Low Startup Costs
For the most part, it is relatively inexpensive to start an online business.
The main requirements are internet connection (which I am already paying for), a domain name, and web hosting services.
Depending on the type of business I am starting, there may be some additional costs for other services such as a shopping cart, a payment gateway, or web design. Nothing near the tens to hundreds of thousands of dollars that I would need to put in to open and operate a brick-and-mortar.
Starting and building an online business allows me to have a very open and flexible schedule.
This flexibility lets me continue to have a full time job while trying to grow my business. This allows me to have a steady income stream and more importantly, affordable health insurance coverage for my family.
Always Open for Business
Unlike a brick-and-mortar retail store, there are no set business hours. Customers can access the website at any time of the day that is most convenient for them, which means sales can be generated at anytime – 24 hours a day, 7 days a week.
Who says you can’t make money while you are sleeping? 🙂
Not Restricted by Location
With an online business, I am not limited to any one geographic area or location.
With no restriction, I can potentially sell my products or services to anyone anywhere in the world!