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10 Reasons Why You Should Invest In An Online Business Today

10 Reasons Why You Should Invest In An Online Business Today
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The advent of the Internet has created a new and exciting economy, which by its sheer scope and size has changed our perception of traditional ways of doing business. Multinational companies like Amazon and E-bay have come up thanks to the Internet and now dominate areas where, just few years ago, traditional brick-and-mortar companies once ruled.

Even small- and mid-sized companies are making impressive profits by taking advantage of the Internet to conduct businesses. One survey by Harris Interactive, a leading market research firm, found that 81 per cent of small businesses that had an online presence during a holiday season reached new customers, leading to an increase in sales and profitability.

Similarly, another study by Gartner research found that 30 per cent of small businesses with a web presence and fewer than 20 employees generated more than 25 per cent of their revenue online. If these statistics are not convincing enough, here are a few more reasons why you should seriously consider investing in an online business, if you haven’t already.

1. You get streamlined company branding

In today’s digital age, people simply don’t take a company or business seriously if it doesn’t have a website. People often quickly check out a company’s product or service offerings and related content online to make quick judgments on the business before they engage with it. That’s why your company needs to have a presence on the Internet, whether you conduct business online or not. Investing in an online business presence is a great way to streamline and bolster your company’s image and brand.

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2. You have low start-up costs

Once upon a time, setting up a business online cost business owners a small fortune. Today, however, getting online is not only cheap, but also becoming easier to accomplish thanks to emergence of new technologies. Free website-building tools and open source Content Management Systems like Drupal and WordPress allow you to build a website for free with templates. For less than 10 dollars a month, you can have a full-fledged, self-hosted corporate site with all e-commerce features in place.

What this means is that the playing field for small businesses to compete with major corporations has been leveled. It’s up to you now to step up, take advantage of the low start-up costs, and get online.

3. You have lower risk on investment

Online businesses are generally lower risk than brick-and-mortar businesses because setting one up doesn’t have to cost a lot. Another reason online businesses are low risk is because of their adaptability. With the right investment in terms of online marketing, Search Engine Optimization (SEO), and so on, it is possible to turn a losing business into a profitable one in a relatively short amount of time.

There are also a myriad of unique ways to make money from your website aside from creating and selling your own products, such as affiliate marketing. This means new ways to create an income stream online.

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4. You have reduced overhead and operation costs

Because online businesses generally aren’t tied to a location, they require less work to maintain. This is particularly true in cases where physical products, distribution, rent, and other costs are non-existent. In the retail industry, for example, a shop owner can browse and purchase goods for resale from suppliers around the globe without leaving the comfort of his computer desk. How’s that for convenience?

By simply adopting an e-business solution, your business can reduce more than 5 per cent of your travel, repair, maintenance, and operation costs. This 5 per cent savings can turn into 50 per cent of you company’s net profit!

5. You can do business 24 hours a day all year round

Another huge advantage of investing in an online business is that it makes it possible for you to do business 24 hours a day year round. For example, you can set up a virtual retail shop that never closes, meaning you can literally make money while you sleep.

Even when your business closes for the day, automatic online systems can ensure sales don’t stop. In some cases, automatic sales during off-hours can be more than your regular sales during business hours.

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6. You have added flexibility

Thanks to the Internet, if you need to work from home, you can. In fact, you can do your work from just about anywhere in the world, as long as you have a reliable Internet connection. This remarkable flexibility is another huge attractor to many entrepreneurs and business owners. It means you can run a profitable online business while also exploring other ventures, or spending more time with your family.

7. You have access to a global customer base

With an online business, you instantly become a global player. That’s because customers from all over the world can learn about and purchase your products and services with just a few clicks of the mouse. For a nominal fee, you can also get access to large audiences on hundreds of e-marketplaces on the net. AMR Research has reported in the past that more than 1.3 trillion dollars worth of goods and services flow through B2B marketplaces online. You really don’t want to miss out on this growing piece of the pie.

8. You have more advanced marketing tools

Marketing is one of the most important components to any business. What makes marketing online more attractive is the tremendous number of marketing channels you can take advantage of. Blogs, podcasts, videos, social media, email campaigns, white papers, eBooks, and a variety of other assets can all be used to attract your target profile. Admittedly, marketing on the Internet is becoming more expensive, but tracking and measuring your return on investment is much easier and advanced.

By taking advantage of tools like Google Analytics and scoring data from online marketing companies like Moz, you can monitor not just your customers, but also your business competitors in real time. This empowers you to adapt fast and change your approach and strategies as needed. If conversion rates are low, for example, you can make some tweaks to your website to increase conversion.

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In addition, targeting specific demographics has never been easier, especially with the rise of social media advertising. You can now define the audience you want to target in precise detail, and begin to market to those people who are most likely to be interested in your products or services.

9. You can give better customer feedback and support

Advancements in Internet technology also mean that online businesses can now provide better customer support and deliver information more efficiently. Just a couple of years ago, companies used to require days to deliver product or service update information to their customers. Things have changed since then. Today, if your business is online, you can add or make changes to your company info or product description virtually within no time, publish on your site and share with customers on social media.

You can also communicate with customers in real-time about your products or services online. This means improved customer engagement and satisfaction, and ultimately increased profitability for your business.

10. You have improved networking opportunities

It can get pretty lonely running a business. That’s because business owners spend most of their days in their offices working. In the past, a business owner’s only option was to join a local chamber of commerce in order to network and learn from fellow entrepreneurs. Thankfully, the Internet has created a global community of peers only a click away who can relate to the problems, stresses, and excitement of running a business. You don’t have to join a local chamber of commerce anymore to network.

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Simply log on to the blogosphere and join relevant online chat rooms, social media groups, and forums to connect with other business owners, investors, and entrepreneurs. Today, a person in Silicon Valley can exchange ideas regarding promotional and marketing techniques with someone in the same line of business based in Jo’burg, South Africa. It’s even easier than ever before to reach out to gurus and celebrities in your space and work with them online. Certainly an exciting time to get online!

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David K. William

David is a publisher and entrepreneur who tries to help professionals grow their business and careers, and gives advice for entrepreneurs.

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Last Updated on July 20, 2021

Financial Freedom is Not a Fantasy: 9 Secrets to Get You There

Financial Freedom is Not a Fantasy: 9 Secrets to Get You There
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Have you ever considered your life now, and how it would be if you had more time to spend with your family and less worries about money?

Nowadays, financial stress is one of the most troublesome weights in life. If you’ve ever encountered financial stress, you know the difficulty of not having enough income to pay your obligations or bills.

Many people say that money is not the ultimate goal of life. While that’s true, money certainly plays a very significant role. The meaning of financial freedom changes with the different phases of our life, but ultimately, it is something that many people strive for.

In this article, we’ll explain how to capture that financial freedom you’ve been looking for. Read on to learn the secrets to financial freedom.

Break Free of Your Finances

Financial freedom is about having a constant flow of cash from your assets to cover all your regular needs.

When you are not worried about your income, or living paycheck to paycheck, you gain a great sense of freedom. It’s the freedom to be obtain and do what you truly need to make your way through everyday life.

Gaining financial freedom, though, is a process of growth, making small improvements and gaining emotional strength.

Though it seems hard to believe, it is really very simple to get financial freedom.

To do so, you simply need to make sure that your assets exceed your liabilities. In other words, you’ll need to find the sweet-spot where your residuals meet or surpass your expenses. This is something that you can achieve with the proper plan.

While not every person will accomplish financial freedom, the potential for anyone to do so is certainly there. Anyone can achieve this success, regardless of their income level.

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Outlined below are 9 secrets that will help you in your goals of achieving financial freedom.

1. Stop Unnecessary Spending

We often spend money inwardly, instead of objectively.

For example, you may spend when you’re anxious, depressed, restless, exhausted, from fear of missing out, or to please others. This is a very unhealthy way to handle your finances.

To stop this habitual spending, log down all your spending over the course of a month.

Just as some people keep a food diary, keep an expense diary. Remember not to just write down how much and what you spent the money on, also include the circumstances of why you spent the money. Was it an impulse buy at the checkout line or was it something you planned to purchase?

This increased self-awareness could enable you to avoid triggering situations in the future when you are considering an impulse buy.

2. Plan a Monthly Budget

This is a great opportunity to get serious.

Take a seat with your spouse or partner and make a monthly budget based on your income, not your expenses. You are never again going to spend more cash then you have on hand.

Overspending is the thing that led you to more financial obligations. Make sure you decide every month what is coming in and what will be going out and stick to that budget… no matter what.

3. Cut-up Credit Cards

Perhaps you are the type of person who always pays your credit card balance in full before the end of your billing cycle, and enjoys the reward points you gain. If this is the case, then you’re already way ahead of the game.

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If not, you may want to consider ridding your life of the burden that credit cards bring.

Many cards have strategies set up so that if you make a certain number of late payments, they will raise your interest rate much higher. This can really add up in the long run and you won’t be doing your financial situation any favors. If you’re prone to late payments or have a large balance due on your cards, cut them up!

Without proper self control on credit card spending and payments, you are basically throwing your money away. To ensure that you have better control over your spending, use only cash or debit for all future purchases (and don’t forget to pay at least your minimum payment on your cut-up cards each month!).

4. Increase Savings

There is no doubt that for a comfortable retirement you must accumulate satisfactory savings throughout your working life.

It’s good practice to save up to 15% of your income.

Start with your workplace 401(k), if you have one. If not, a Roth IRA (if you are eligible) or a traditional IRA (if you are not eligible for the Roth) are the next logical steps.

Increase in longevity means you might be able to look forward to 25 to 30 years in retirement, or possibly even significantly more. Investing now in good retirement plans will ensure that you have a guaranteed a stable monthly income when the time comes to stop working. [1]

5. Invest Wisely

Consider investing in funds.

Specifically, you will gain higher returns if you invest in different types of mutual funds such as Debt funds, Equity funds and Hybrid funds with a proper balance, although it absolutely relies on your personal preferences and sense of risk taking.

To get the most of these benefits, make sure you are investing in a variety of assets. Another resource of investing in mutual funds is SIP (Systematic Investment Plan) where you invest some money every month in funds. SIP works by averaging the per unit price of the stock.

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Mutual fund investors are aware of the benefits of an SIP (Systematic Investment Plan). For one, it is the most secure way to invest in equity mutual plans so that wealth is created over a long period of time. This plan also helps you to gain a better sense of financial discipline, which will come in handy in all your financial endeavors.

6. Invest in Gold

There isn’t really a better way to invest in gold than to have the physical gold itself in your possession.

You can purchase gold coins and bars from mints as well as from coin dealers and other private sellers.

Another way to invest in gold is through ETFs (Exchange Traded Funds).

These are is similar to mutual funds but they are exclusively investments of gold. ETFs are great because they offer more liquidity; the ETF owns the actual physical gold, stores it, and retains the value of the shares. These shares can then be bought and sold in the stock market, and one big benefit is that the transaction costs of gold ETFs are much lower than the that of physical gold.

With its consistently-increasing demand, investment in gold can be very wise long-term investment to make.

7. Stash Emergency Funds

Whether it’s a cash gift or a work bonus, always try to save any extra money that comes your way rather than making unneeded purchases.

If you get paid every other week, you’ll get an “extra” paycheck (three rather than the usual two) twice a year. Either save those paychecks towards your emergency funds or utilize the money to pay down other obligations, such as loans, credit cards or other debts.

Make it hard to get your cash.

Put your savings in an alternate bank, maybe an online bank that forces you to delay for several business days before transferred money hits your regular bank account.

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8. Find Fabulous Mentors

Find a mentor, such as a friend or family member, who has exceptional control over their finances and pay attention to everything they do.

If you do not have any friends or family that are enjoying financial freedom, then find a mentor online! There are numerous blogs and guru websites featuring the advice of many people who have reached financial freedom, and they exist primarily to let you in on how to achieve it for yourself.

There are also plentiful forums available that share tips and tricks on how to best achieve financial freedom. Read as much as you can and start changing your habits for the better.

9. Be Extra Patient

Patience is the key of financial success.

Being patient can be quite tough, especially when you’re struggling with your finances, but having faith is worth it. You’ll continuously be on the right track if you are taking the proper steps above.

So don’t be discouraged, even if you are only saving a few dollars a month; it all adds up. Within just a few years you’ll look back proudly at your accomplishments and be glad that you had the patience to get there.

Financial Freedom for All

Anyone can achieve financial freedom, regardless of their financial circumstance.

Use the tips provided above to get yourself on the track to financial freedom and toss your monetary concerns out the window. If you wish to achieve a life with financial freedom for yourself and your family then you must adopt a disciplined approach towards your finances.

Following the simple secrets above is a great start to making your money work for you, so you can work less and live more!

Featured photo credit: rawpixel via unsplash.com

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Reference

[1] Hartford Gold Group: IRA Retirement Accounts

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