So you’d like to open an online business and don’t know where to start? You’re not the only one. Babson Thought and Action mention that a mere 16% of the US population are entrepreneurs. Being a business owner takes a lot of guts, yet many people see it as a viable side-hustle to supplement their regular earnings. Unfortunately, there are many things people don’t mention about opening a business. Longtime online entrepreneur Gurvin Singh Dyal hopes to advise some new business owners on what many people won’t tell them about business.
1. You Don’t Need a Real-World Location
Several individuals don’t see online businesses as “real” businesses, yet BigCommerce notes that eCommerce hit a massive high of $82.5 billion in mid-2020, amidst the coronavirus pandemic. Gurvin advises new entrepreneurs to look at online businesses first because they cost less than traditional companies to open and maintain. There’s no property overhead and, in many cases, no need to hold stock. Depending on how one approaches it, they could manage their overhead costs easily.
2. Investment and Marketing Lead to Returns
In many cases, new entrepreneurs balk at the idea of investing money in a business. Yet, the only way for an entrepreneur to guarantee a return is to invest enough money for the company to get noticed. Gurvin mentions that advertising and marketing often form the fundamental route of obtaining customers and generating leads. It’s not something that new business owners should overlook, since it could be a crucial part of their success later on.
3. Others Will Try to Discourage You
Gurvin mentions that many people he was close to didn’t see the merit in his opening and running his own business. Psychologically, most people are afraid of starting a business for many reasons. However, this fear tends to transfer over to someone else they’re close to. The trepidation they feel results in them trying to talk the entrepreneur out of their idea, no matter if it’s profitable and viable. No matter who tries to discourage you, you should stay the course and remain focused on your goals.
4. It’s Not a Get-Rich-Quick scheme
Many new entrepreneurs think that they’ll be making thousands of dollars by the end of the first month of their business, but it doesn’t work that way. Building a business and increasing its momentum takes time. However, if one never gets started on it, it won’t become sustainable. The hardest step is usually the first, and Gurvin states that new business owners shouldn’t get frustrated with things taking time to come to fruition. Nothing happens overnight, after all.
A Democratization of Enterprise
Gurvin enjoys speaking about how the internet has made it possible for anyone to be a business owner. With so many new business profiles being registered daily, new entrepreneurs enter the business world with each hour. Never before has there been a tool to bring entrepreneurship to the masses and make it so easy to create and maintain a profitable enterprise as an individual. As time goes on, more people will realize why the internet is truly a meritocracy that benefits the small business owner.