Sometimes, when we stop to look around, it seems like the world is passing us by. Too many people are unemployed or underemployed. Many people have the desire to create their own legacy, but they do not feel like they have the ability to do anything special. They feel like they have no services to offer or products to sell. That is not true. If you are smart enough to wander through the internet and find this article, you are smart enough to start your own online store. In this article, I am going to explain 5 reasons why you should open an online store.
Today, almost anyone can open an online store, and start selling products to customers worldwide.
1. Online Stores are Open 24-7
Online shopping is the preferred way to shop for people that like to make buying decisions from the comfort of their home. I remember when I was a kid and I got to go to the mall, it was amazing. Being in a location with such a massive selection of stores and products. Today the mall is dying. It is not the social hub it once was, now people like to shop online. You can buy almost anything from the comfort of your own home, on your couch, or in bed, or in the kitchen. Shopping online is a pleasant experience.
Studies show that the most popular time to shop online is 12pm – 2pm weekdays and on Sunday evenings.
If you have ideas about how to sell certain items or combinations of items, then those shoppers are waiting for you. When you start an online store, you have a business that is open 24-7, with automated payment processing systems in place. Customers can buy from you at any time of day, from anywhere. With a larger geographical reach than a regular brick and mortar store, you have a competitive advantage over those businesses.
2. Starting an online store is inexpensive
You may not have considered opening a traditional retail store in the past because it would be so expensive. The overhead costs alone make this option unavailable to most entrepreneurs just starting out. The time and success needed to grow your business to the point of hiring staff could take years. An online store can be updated by yourself instantly, and as often as you want. A one-man operation has the potential of earning a lot of money in this business.
Online marketing of your store can be ultra-targeted to your audience, and much cheaper than traditional media.
You do not need to stock your own inventory. You can hire a drop shipping company that will handle acquiring, storing, and shipping your inventory. You do not need to worry about processing payments, or creating a website. There are companies out there that will handle every aspect of your business for you. It will take some money, but a lot less than a physical store. Even if you already own a business with a physical location, there are several reasons to open an online store as well.
3. Owning an online store is a form of passive income
Once you have started your online store and it is thriving, you have a source of passive income that almost runs itself. You still need to check on it every now and again, once you have your store online you need to let the world know it is out there. A quick suggestion for this would be to make a blog and write a few articles a week about subjects related to the items in your store. You can link to the store from the blog. Another thing to do is interact with people on other blogs. If they are interested in what you have to say, they can start generating traffic for your blog. Use the power of social media marketing by creating a Twitter and Facebook account for your store/blog and use it to gain recognition for your brand.
Tips for growing online sales with Social Media
4. You are your own boss
You get to decide on the hours you work, the products you sell, and how you want to market. The world is your oyster. You can work several hours a day or several hours a week, but remember you are responsible for your success. Once the business has taken off, if you find you are having issues with the company that handles your inventory, it is your responsibility to find another solution.
5. You control your money
If you are listing your product somewhere like Amazon, they are going to take a bite out of your sales. You can create a storefront on Amazon and use another company to handle and ship your inventory, but then what? If you get a customer who is happy with your products and your pricing, what happens? That customer goes and tells their friend about how happy they are with the product they got on Amazon. That builds Amazon’s business, not yours. You do not matter to them.
As you learn more about your business, you can make powerful revisions to your business model that can scale quickly.
When you have your own store, you keep the money you make. Yes, you do have some overhead costs, like paying for the drop shipping company. The issue is you are in control of the business, and all the money you put into advertising and running your business comes back to reflect well on your brand, not Amazon.
Now you know why to open an online store, and hopefully I have given you decent instructions on how to begin. Five years from now you can look back at the business you created. Success is never guaranteed,but you will never know your potential unless you try. You will gain valuable online experience that will nodoubt be of value to your in your future endevours. The alternative is looking back in five years from now and wondering what might have been. Carpe Diem.
Ready to get started? See these 10 Easy Steps to Establish an Online Retail Store.