Benefits Of Owning An Online Business

Have you ever thought about running your own online business?

Forget about traditional brick and mortar businesses for now, we’re in the digital world. The business models that operate online are completely different to the traditional methods of business we’ve gotten used to.

Here are three big benefits to starting an online business:

Location Independence

location independence

Having a business that doesn’t tie you down to a particular location is absolutely invaluable. It gives you the opportunity to travel the world and work at the same time.

Sometimes we find ourselves in a situation where we need to relocate. Running an online business allows you to literally pack your stuff and leave whenever you want.

Imagine having that freedom..

Relocating wouldn’t affect you anywhere near as much as it would if you were working an office job.

Running an online business enables you run a global business from the comfort of your own home. Your customers reach expands exponentially as you’re able to connect with people from all over the world.

Low Overheads

As a business owners, the most important thing is generating an income and turning a profit. This is of course, one of the primary reasons for going into business.

Traditional businesses tend to have a lot of overhead costs to think about. Staff, rent, inventory and more. An online business can be started by one person and typically doesn’t require anywhere near as much costs when compared to a traditional business.

Many Solopreneurs run their business with monthly operating costs of less than $100. This is a totally different kettle of fish compared to traditional businesses and it’s awesome because it enables people to turn a larger profit with less revenue.

Freedom & Flexibility

freedom and flexibility

Everyone wants that flexibility in their life. Being your own boss, working your own hours and earning your own income. There’s something really special about not having to rely on another company to give you that precious pay check.

Online business also enables you to operate 24/7 365. Websites don’t ever close down and you can setup systems that will run pretty much everything for you in the background so you can take a step back and almost let the business run itself.

business networking for women

Business Networking For Women

In 2017 I think it’s fair to say that many male entrepreneurs are on average, more successful than their female counterparts. This is not due to a difference in talent, skill, drive or even work ethic.

It’s about the network.

Ever heard the saying “your network is your net worth”?

Well it’s very true. Entrepreneurs have literally added millions to their bottom line by simply attending networking conferences. You can meet some interesting people that you might even end up partnering up with eventually.

Women have the same abilities to network and grow their business as men do but they’re often reluctant to do this. This may be because the industry is dominated by males as well as a variety of other reasons.

I’s vitally important for women entrepreneurs to expand their business network if they want to expand their bottom line.

Building Your Network

According to the Global Entrepreneurship Monitor, entrepreneurs that have bigger networks of people tend to grow larger, more successful companies.

One of their reports revealed that women tend to have smaller networks than men. Part of this is because women tend to seek business guidance from family and partners more so than friends and colleagues.

A small network can end up being very limiting for your business as you’re missing out on plenty of potential opportunities to work with other people.

It’s important for women entrepreneurs to expand their social as well as professional networks to include a diverse range of people from different business backgrounds. Making connections with other business owners can help open the doors to amazing new business ventures and possibilities.

If women entrepreneurs want the same opportunities as their male counterparts, they’re going to have to get out there and network more!

Getting Started With Networking

Networking may seem like a super easy thing to do but it can be a little bit of challenge to get started.

Whether you’re completely new to the business world or you’re not used to putting yourself out there and talking to people, these tips will help you take those first crucial steps.

See What’s Happening In Your Community

If you’re not sure where to start with networking, find out what’s happening in your local community. Check out local events, Facebook groups and clubs that hold business events that you can get involved in.

Most cities regularly run networking events for small business owners and business professionals alike.

If you’re looking for new opportunities, or maybe just some guidance and mentorship, you’ll want to find a place that brings female business owners together. This gives you the opportunity to connect with and learn from new people who can really help you in your business.

Incubators & Co-working Spaces

Working together with people is a cornerstone to the growth of your business. Co-working spaces offer a fantastic opportunity for you to meet new people and build great business relationships. This can also help if you’re looking for mentoring and advice. There are people out there who have already done exactly what you want to do, how valuable would it be for you to have the opportunity to pick their brains?

Invaluable!

Hearing People Out

When you meet other professionals in your community, it’s important to listen and contribute to conversations so you can build that relationship. You may feel like pitching your business or making a sale of some sort but this isn’t the goal of networking. Ask questions, be curious and be the sponge when you have the opportunity to speak to people who’ve achieved what you want.

 

tips for buying businesses

Tips On Buying Businesses

Buyers are always more interested in businesses that have been running and generating a good amount of revenue and profit for a number of years.

While it’s more expensive tobuy out these types of established businesses, there is way less risk involved compared to buying a startup business that has only been around for a few months.

When it comes to buying businesses, experts all over the world will advise you to take the safe option and buy out existing businesses that have been trading for a fairly long time.

Once you decide on the business you want to purchase, you’ll have to hire an a business attorney.

A professional business attorney is highly experienced in the business buyout process. They will help you with the whole process of buying out a business.

Sorting Out a Business Plan

In the case of existing businesses you should find that they already have solid business plans. As you buyout a business, you have the choice of keeping the existing plan or making some significant changes, heck you could throw the plan out completely and come out with one rom scratch (although this isn’t what we recommend).

Every business owner should have a good idea for how they want to operate their business. You’ll more than likely want to make a few changes to the business after you buy it out. In this case you’ll want to take the best parts out of the existing business plan and add bits to it to make it better.

Optimisation is the word that needs to be remembered here.

Pursuing Your Business Interests

One of the first steps towards buying a business is having a look at what’s around you (if you’re planning on buying a local brick and mortar business).

Check if they are any local businesses for sale, you might just find one that meets your expectations perfectly.

Before you do this though, you want to identify where your areas of business interest and expertise lie. You don’t want to invest in something you know nothing about.

Sticking to what you know is the safest option if you’re planning on buying a business, or if you want to venture into uncharted territories, find people who know their stuff in that area and become a sponge!

How Much Time Can You Dedicate?

Owning your own business has it’s rewards but it also comes with a few compromises. If you want to run a successful business, you must be willing to invest a hell of a lot of time (especially at the start). Yes you can hire people to do the grunt work for you but if you’re bootstrapping your business you’ll have the put your head down and hustle for a few months, or even years in some cases.

Summary

Before buying out an existing business, you’ll need to really do your research and you may have to seek the advice of a professional. It doesn’t have to be an attorney, it could be someone who has plenty of experience with buying out businesses and knows all the tricks of the trade.