I recently read an article in fortune magazine, of recent. The article highlighted the growing power of technology in making in making a business start up simpler and easier.
According to the article, compared to ten years ago, you can now start a profitable business for under $40,000. This is good news for aspiring entrepreneurs.
Let me explain
The typical cost for starting a business about ten years ago was in the range of $1 million plus, for a major retailing outfit.
This new paradigm shift in doing business is good news, for beginner investors who have a desire to start out on the route of business ownership.
The interesting thing about this article is that it validates my point about being able to start business with virtually low risk to your capital and go on to build a profitable business.
Now this brings me to my topic, of today’s post.
Why you need to start your own online business.
You can now start your own business s because of the growing power of technology and social media.
Why technology is your greatest asset?
With the internet, you can start a business for as low as $5,000 and grow it into a six-figure income business in no time flat.
Here are some of the benefits of starting your business:
You can now incorporate a business with little to nothing in less than two weeks. In fact, I recently incorporated my online company in less than seven days and the total cost was less than $250.
No need for expensive advertising and branding campaigns.
You can now buy and test ads cheaply without coming up with expensive mark-ups and paying for space ads, which would be several weeks ahead. All you need is to set up an account with Google or buy spaces for adverts in newsletter or websites that related to your particular niche. The other advantage of using an online ad campaign is you can easily test to see if your idea will work or not. This is easy with Google adwords; you can track your ads results and know if you have a winner or a loser in less than two weeks. You can pull the plug on your losing idea or product- without having to spend money or lose your life savings on a losing business idea.
Employee cost virtually eliminated.
With the internet, you can hold off employing staff until the business has proved itself. You don’t have to open up a shop and hire staff permanently.
You can outsource and pay contract staff to do the non-essentials of your business, while you concentrate all your money and effort on making the first sale and marketing your business. In other words, you can employ staff as when needed.
No need to pay rent or hold inventory.
You can work from home; deliver orders digitally or in the case of manufactured goods, by drop shipping. You can make your corporate headquarters a PO Box in a post office and that’s all you need to do to start.
There are many more advantages of starting online; however, I think are these major ones. Because these are the major cost factors start-up entrepreneurs incur, when you start with low costs you can start in a low risk way- without risking your life savings on an unproven business.
It has never been easier than now to start your own business. The good news is that you can start your own business, starting today.
All you need is the courage to act on your ideas. Test your ideas in a small way online. See if your ideas work, if it does not work, you can pull the plug and start afresh.
All you need is to think, reach, and have the courage to act.
Think rich and grow rich.