7 Reasons to Start an Online Business in 2020

2020 will be remembered, through the annals of history, as the year when the world abruptly changed. Economies ground to a halt, and millions of people across the globe lost businesses and jobs, however, almost ironically there has never been a better time to start your online business!

This year has been difficult for many and certainly unpredictable, but the online space hasn’t shown even the slightest sign of slowing down. On the contrary, the space has been rapidly expanding.

Humans are more than capable of adapting to change, but only if we have our finger on the pulse. If you are willing to adapt, learn new skills, and identify early trends, you will find ways to get ahead, regardless of the circumstances you find yourself.

Businesses around the world face new risks and challenges. Challenges which didn’t even exist a year ago.

Tech companies and online retailers who are immune to these challenges, on the other hand, have emerged from the Covid crisis stronger than ever, as more people have turned to the internet and ecommerce than at any time before.

These are our 7 main reasons why we believe you should start an online business in 2020

  1. Your online business probably will not be affected by a virus pandemic

Brick and mortar businesses have mostly become a virus risk. In the current climate, the idea is to conduct your business in a way which limits our levels of human interaction, where as much as this is possible.

Demand for online delivery slots has been rising at local supermarkets, Amazon is seeing record delivery sales, and pharmacies are increasingly doing home deliveries for medical supplies.

Businesses which adapt to the challenges of the current times will survive and thrive, and today this can only be achieved by learning how to leverage the online space in order to overcome some of those challenges.   

2. Starting an online business can be inexpensive.

Apart from the obvious savings on rent and business operating costs, starting an online business has never been so inexpensive.

These days, with ecommerce solutions such as Shoppify and Woocommerce on WordPress, anyone can cost-effectively create their own app or website for their business, equipped with everything they need, from product categories to online shopping carts.

No need to pay exorbitant hosting fees, no need to hire the expensive services of a web developer and no need to hire a graphic designer either. You can find all of your pre-designed logo and branding templates and a selection of editable website banner templates at Diy My Design.

You can even run an online business without building your own website, just by using an online marketplace such as Etsy to setup a new store and sell online. Diy My Design’s Etsy store can be found here.

3. Your online business will be increasingly scalable.

Your online business will have a much wider target audience, and since the internet has no geographical borders, there really is no limit for expansion and growth if you apply your passion, work ethic, and skills to the right idea. With a decent marketing strategy and an understanding of SEO, the sky really is the limit!

Leveraging social media to grow your online store will also certainly work in your favour. See one of our earlier blogs for the 6 key steps to help you grow your Pinterest account.

4. More than 21.8% of the global population shops online

With the rapid adoption of smart phones, and the subsequent rapid growth in the number of people who now have access to the internet, more and more people are now shopping online.

Besides the effects of the virus pandemic pushing more shoppers online, online shopping is primarily a modern convenience, and so, coupled with rapid urbanization, it can only be assumed that the % of the global population who shop online will only increase exponentially as economies of scale and the advancement of  technologies continues to increase, resulting in a growing customer base to sell your products or services to.

5. Become a digital nomad and leverage your experiences and passions to create a better lifestyle

There is a sense of freedom that comes with going completely online, especially if you start an online business which leverages your personal strengths and competencies in a way which doesn’t tie you down to a specific location.

For those who have taken the digital nomadic path, Diy My Design provides pre-designed, editable business templates and stationery.

If you earn USD online and live in a developing country, for example, you limit your risk from certain socio-economic factors which could only affect you if you had your roots firmly planted in that country. In other words, if **** hits the fan, you can just leave, with no impact on your career or earnings.

If things go well, you get to enjoy the lifestyle and benefits of living in a cost-effective country while earning a stable, and relatively more valuable currency, all while travelling and seeing the world.

6. Your online business can operate 24/7

One of the main benefits of starting an online business, is the ability to run your business 24/7 around the clock, even while you sleep, and to not be constrained by the hours of the clock.

With the right SEO strategy, you can quite literally have the entire world at your fingertips. Time zones and geographical boundaries can finally become a thing of the past.

7. Work from the comfort of your own home

Besides the obvious benefits of being able to start your work day with a coffee in your pyjamas, working from home will also save you the time, opportunity cost and stress of having to sit in hours of traffic, brave the weather elements, operating your business in various locations, as well as the costs associated with having to keep a watchful eye on your business at all times.

As mentioned already, working from home means that you can also save on business rent and operating costs, and depending on your local tax rules, there are also the tax benefits from claiming certain household expenses for your online business.

Closing thoughts

With complete access to global markets, and a growing global online shopper population, you will have the ability to potentially grow and increasingly scale your online business to a far-larger extent than if you were limited by geographical constraints.

You will become a citizen of the internet, and with that global citizenship comes the freedom to choose your own lifestyle and limit your risks associated with living and conducting your business in specific countries.

Never has there been a better time to start an online business than in 2020. What do you think? Please leave your comments. We would love to hear from you!