Pros and Cons of Building an Online Business

 | 
February 17, 2021
UPDATED: 
August 17, 2021
Pros and Cons of Building an Online Business

Owning a mortar and brick shop down the street is an exciting achievement. You'd be proud to display your brand together with your name on the doors and windows. You'd also be one of the go-to resources of many people whenever they need your business. However, in today’s digital era, you need to keep up with the trend and consider bringing your business online. If you're a bit hesitant to do this, read on to know the pros and cons of this decision.

Pros of Building an Online Business

Connect with a vast number of customers and clients globally

When you're available online, everyone can reach you regardless of the time and distance. This is the top advantage of having an online business. When more customers can reach you, there will also be a huge increase in your sales potential.

Available 24/7

Online businesses don't have opening and closing hours. Since it is digital, your business is open 24/7 to customers who want to ask you questions and purchase products. Thanks to the brilliant technology a website can offer!

Lower overhead cost

Renting a place is much more expensive than buying a domain and hosting package for your store's website. Likewise, outsourcing a team of experts is cheaper than hiring in-house employees. That is why hiring an agency to handle your needs, especially the marketing aspect of your business is a great idea. It is proven that digital marketing agencies are more cost effective which is the reason why more companies choose to outsource their marketing services.

Easier to create brand awareness

Thanks to the continuous advancement of technology it’s now easier to increase your company’s brand awareness than ever before. It's time to get away with physical fliers and brochures and start using your social media and website to engage with your customers and prospective clients! 

Easily gain access to customer data

Once you have built your platform and started digital campaigns, you'd get to acquire your customers' data and insights about a certain product. In this way, you can learn and plan for a strategy that will appeal to your customers. 

Drive more traffic and sales

Running a website generates traffic whenever people search or discover you. Likewise, if you have an online store, there's a higher chance that more customers are willing to purchase online, which can increase your total sales. 

Cons of Building an Online Business

Can be overwhelming for beginners

If you're a beginner in the business industry, building an online business could be extremely challenging. You probably don’t know how and where to start in the vast digital world. However, you can still do it by hiring a digital marketing agency to work it out for you. Make sure to choose the one that has the most experience and proven results.

Can be time consuming

Building your site, maintaining it, and answering questions from your customers would eat up so much of your time. It's definitely not easy and there's no shortcut in doing these so you might as well prepare your time-management skills before you start building your online business.

Always have to keep up with trends

If you want to be relevant and interesting to your customers and prospects, you need to keep up with the different marketing trends. The digital world has so much to offer and people have a wide variety of interests, so if you want to cater to them, you need to improve and update your techniques every time there's something new.

Higher competition

More and more businesses are moving online and as a result, the competition gets higher and higher. If you rank higher on the search engine,  chances are your competitors will keep their eyes on you. They will monitor your moves, strategies, and content so make sure to prepare something new every time you update your approach.

Conclusion

Building a business online could get you wary at first. Although the hard work might seem similar to building a physical shop, it'll be more beneficial for you in the long run. If you're hesitant, you could always work with a professional marketing team. 

Author

  • Joseph was a fresh marketing graduate when he started working for ScoreLA and has been with the company ever since. This proves that the company has embraced the non-customary type of hiring, wherein we believe that if someone does not have the required experience for the job, then we equip them with the training needed to perform their tasks with excellence.

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