What is an Online Business?
An “Online Business” is a business conducted entirely online where Products (Goods or Services) are marketed, viewed, purchased, with delivery organized after the order has been placed and paid for.
There are many types of online businesses. Some of the most popular are;
- Affiliate Marketing
- Trading (Shares, currencies, cryptocurrencies etc)
- Software/App development
- Courses and Training
- Service Providers
Generally, the Online Business never touches or sees any products as they are provided and shipped by the manufacturer or wholesaler directly & in a lot of cases delivered electronically (either via e-mail or a supplied link).
An Online Business is in many respects, the same as any other “Bricks & Mortar” business except that it is run online. For smaller businesses this is often run from home on a PC or laptop or even a mobile phone.
Setting up an Online Businesses is usually a LOT cheaper to setup and unfortunately this lends itself to people wanting to get rich quick and Internet scams.
A successful Online Business will invest a LOT of Time, Effort and Money into building and protecting their brand as their Brand IS their business. Sound easy, but it is a lot work to achieve & maintain a reputable Brand.
Many people get into an Online Business because of the cost and they are often prompted to do so because their financial circumstances means that the “have to do something” to get out of the mess they’re in.
This does not mean that they shouldn’t try. In fact, MANY successful internet “Gurus” started their business because of a need to change their financial circumstance or their lifestyle. In my opinion, I think it is sad that more younger people don’t start building a lifelong income stream while they have the finances and energy. Instead, waiting until they HAVE to do something.
The internet is changing so quickly that it is hard to keep up with. What worked as little as a couple of years ago, doesn’t necessarily work today. Business such as Google & Facebook keep “changing the rules” so that they can capitalize on marketing revenue which is making it harder to come to grips with the promoting/marketing side of things.
Well, I hope that you find this informative and please leave a comment.
To your Success!