Anyone can start a business, at any time, any age and in any domain. You need to get the timing right. Otherwise you might end up starting the right business at the wrong time. So, if you’ve got an out-of-the-box online business idea, there’s no better time than now to flesh it out.
2017 can be your year of entrepreneurship and here are five reasons why we deem it the best time to start an online business:
#1: Drastic shift in shopping trends
Consumer preferences have changed. When compared to the convenience offered by eCommerce and mCommerce stores, shopping from traditional stores is now considered tedious, time-consuming and a chore. With time, the number of online shoppers will only grow significantly, making it a highly lucrative era to start your business in.
#2: There’s less competition
From what you’ve heard, you might think the online market is over saturated, but in actuality, it is not. Most retailers are still waking up to the trend shift and are in the early phase of transition. In fact, online retail sales account for less than 2% of the total in Malaysia, which clearly underlines the lesser competition and higher opportunity for those seeking to foray into online businesses.
#3: Light on your pockets
You do not require a huge investment to get started. Development costs are going down, and you can quickly set yourself a functional store without shelling out a fortune. In fact, there’s no need to even own an office, since all you need is an internet connection and a PC to manage your eCommerce store.
#4: Minimal marketing costs
Nowadays, with the advent of newer channels for marketing, the expenses incurred in deploying effective marketing campaigns have been cut down. Flyers, TV adverts, banners and door-to-door campaigns have almost been wiped out. With mediums such as Facebook, Google AdWords, or Twitter you can reach out to a large number of people at little to no costs.
#5: Be free of cubicles
If working in a 5 by 5 cubicle doesn’t appeal to you, you can be your own boss by starting an online business. You create the rules, you make the decisions, and get the freedom you’ve always wanted. 2017 is the best year to chase your dream and develop a business that succeeds in the market space
Require a little professional help in getting started? Share your idea with Openwave’s eCommerce developers, and we’ll guide you at every step of the way.