The reasons why people want to make money online, or even build a business online is the same reasons people consider building a brick and mortar business.
Why people may consider to make an online business as opposed to a brick and mortar business would consist of the following:
- It is a lot more cost efficient to build a business online.
- You can start your business part time as opposed to fully committing to making a company by doing something like signing a lease.
- There is more freedom because you can take your laptop anywhere, while a physical location kind of forces you to stay in one location.
- You can work out of home instead of paying for an office.
- You don’t really have to buy inventory, since there are many drop shipping companies that allow you to sell their products.
- It is quite inexpensive to build a web platform, as opposed to covering hard costs that come with owning a physical location, unless you’re creating enterprise software.
- It is easier to scale. With a brick and mortar business, you need to cover the cost of real estate and inventory to open each new location.
- Your audience becomes nearly the whole world who speaks your language, instead of a small portion of the population. If you have business partners who speak/write multiple languages, you get to enter more countries.
- With $30,000 online, you can have a pretty darn good product or service, while $30,000 in a brick and mortar location would probably only cover the cost of office space for a year.
- Marketing can be utilized with a lot of free resources, such as Quora, Facebook, Twitter, etc.
Originally posted on Quora.
Leonard Kim is Managing Partner at InfluenceTree. At InfluenceTree, Leonard and his team teach you how to build your (personal or business) brand, get featured in publications and growth hack your social media following.