In the UK, e-commerce now accounts for over 25% of all sales made in the UK. Thanks to the COVID-19 pandemic, this figure is expected to increase rapidly, with a projection of hitting 33% by 2024. For many people in today’s technology dominated society, their first instinct is to reach for their phone or laptop when they need to make a purchase. So if you have a service or product that you’re trying to promote, starting your own online business is the first step to success.
Reason #1 – It won’t break the bank
Whilst starting your own online business will still require some level of investment from you, this number will be significantly lower than trying to establish a physical store on the high street.
Thanks to social media and inexpensive website creation tools, you can kick off your online business journey with limited financial investments, with the major one being web hosting fees. However, you won’t need to pay ground rent on a shop or market stall, limiting your initial outgoings whilst you get your business up and running.
This also gives you a great opportunity to research the ecommerce accounting services that are available to support the finances of your business. With a limited amount of investment to set up, you don’t need to rush into working with accountants who you don’t trust or who don’t deliver.
Reason #2 – You’re in control
As many people have found over the last eighteen months, working at home provides increased flexibility. This is only enhanced when you start your own online business.
You can work whenever you want, and from any location you choose. This could be your sofa, a coffee shop, or a sunny beach in the Caribbean. Having this increased level of professional freedom allows you to build your business and your schedule around your priorities for each week. If you have a birthday celebration one day, you can shuffle your days around.
Having the freedom to choose how and when you work allows you to harness a better work/life balance, and this is proven to impact productivity and results within your business. So it’s a win-win situation.
Reason #3 – 24/7 trading hours
We’ve all had that heartbreaking experience of turning up to a brick and mortar shop to find it’s closed and we’ve missed our opportunity. Thankfully, this isn’t the case with businesses online.
If I remember that it’s my best friend’s birthday on Friday, I can order her present at 2:36am on Thursday if I so choose. This allows you to make sales, and profit, when you’re not even working.
When your business is released from the restraints of 9-5 trading hours, the opportunities for increased income and growth are a tangible reality. Whilst it will take lots of time and effort to set up your online business, that set-up will provide you with excellent foundations for future success.
