The idea of working remotely has become a reality for many people because of the ongoing pandemic.
However, it is worth noting that not everyone has such an option due to the nature of their work. If they cannot go to the workplace, carrying out their duties is more or less impossible.
When there are no guarantees when the situation will change, and when someone is uncertain about their financial future, they look for ways to make money at home.
For example, one could learn how to start an online clothing business from home, how to write and monetize a blog, how to slowly build a YouTube channel, or how to create an affiliate marketing website.
The opportunities to work on the internet are not endless, but there are plenty of ways to make money remotely.
Nevertheless, with that said, having a solid business idea does not guarantee success. Be it a small online venture or a big project that you intend to work on for a long time; there will be difficulties. In addtion, As a business owner, you should be familiar with all types of business structures, including sole proprietorships, partnerships, LLCs (Limited Liability Company), and corporations. LLCs provide businesses with limited liability protection, pass-through taxation, management flexibility, and potential tax advantages, including tax deductions for LLCs.
You also need to know about LLC annual fees and requirements vary by state in the U.S. Common fees include business licenses, renewal fees, and state-specific charges. There may be a late filing fee. Income taxes are a concern for LLCs. Consult a professional for advice on compliance with state regulations.
The Competition
Roughly 2.05 billion people have made at least one purchase was made online in 2020. The number would probably not be that high if it were not for the pandemic, but the eCommerce industry has been seeing a lot of growth in the last few years. The future seems pretty bright as well.
With that said, this growth attracts many people who are eager to get even an insignificant share of the market and make some money.
The competition in eCommerce is one of the biggest downsides. Do not think that your idea will be unique because even the narrowest of niches already have multiple sellers that have had a head start and were the first to establish themselves.
Customer Experience
Customer experience is another tricky part of running a business. Nowadays, customers are quite picky because they have a plethora of options. If they end up in an online store only to find it lacking something, the odds are that they will leave the website and look elsewhere. You can benefit from a second phone number dedicated exclusively to customer inquiries and support. This ensures better organization and response times.
Besides having reliable customer support, your business also needs other elements that improve the overall customer experience.
Some examples could be an in-depth FAQ page, detailed product descriptions, multiple payment methods, and flexible shipping and return policies. And keep in mind that a successful business needs to look for ways to improve these aspects constantly. Failing to adapt to innovation can lead to a downfall.
Cybersecurity
Investing in cybersecurity may cost a lot of money, which is why not every brand is willing to bother with it. Besides, some people believe that they will not become a target of a hacker attack.
The reality is that you cannot predict when and if someone may strike at you. And if you do not take the necessary security measures, the odds of ending up on the receiving end are pretty high.
One could argue that built-in security tools on your platform do a solid job. For example, Shopify is known for its reliability and security, and it should be enough to prevent some attacks.
At the same time, you need to keep in mind that the more successful your business becomes, the more likely you are to become a target of a serious attack. The potential attackers will believe that their effort is worth it for what they can get from the business.
Don’t wait ’till your business has grown big before you start looking into cyber protection. It’s crucial to start implementing zero-trust strategies to protect your valuable data and guard against potential cyber threats in the early stages of your business.
Quality Website Traffic
Having a lot of website traffic is not the same as having site visitors who become customers. Fighting with other brands on Google and other search engines costs money. And it is difficult to tell whether your investment in SEO will bring positive results.
Also, keep in mind that these things take time, as much as a few months, and that is not something every business can afford to wait.
Other than organic traffic, brands are trying their best on social media, especially influencer marketing.
Having a shoutout from a relevant celebrity can attract many new customers. But then again, it is not that easy to find an influencer who is willing to collaborate for a reasonable fee.
Returns & Refunds
You are bound to get customers who are unhappy with what they receive, and they will try their best to screw you over.
Returns and refunds can really dampen one’s mood, particularly if it is still early days and you do not make that many sales.
Not only do refunds cost you money, but they also take time. It helps if you are dropshipping and do not have to worry about logistics, but traditional online store owners will run into potential issues refunding the money and having their products returned to them.
