Technically, an online or location free business is not a digital or virtual extension of an existing traditional business. A location free business is a digital business where the main focus of the business is on the virtual world. Here are some benefits to starting a location free business.
Most online businesses cost a fraction of what a traditional or conventional business requires. Compare the cost of launching an online store or e-commerce site and a real retail store. The difference will be a small fortune. It is true that starting an ecommerce site needs a little fortune.
An online business can be launched in weeks, if not days. Once the business plan is in place and all products or services are ready to be deployed, it will take days to start an online business. The ball can be set in less than a week.
High Return on Investments
The investment is low to begin with. Returns are high anyway when you measure ROI. However, given the scope of expansion and exponential growth that can be found, investment returns are exponentially higher than conventional or traditional businesses.
Online businesses can be automated almost entirely. You must conduct appraisals, evaluate performance, and make changes as needed, but you do not need to intervene personally or physically at all stages. Everything from sales compliance to customer service to upgrades can be automated. Digital entrepreneurs will have more time at their discretion to expand their businesses.
The Digital Market is only at the beginning, even with the great and fast growth of digital technologies today, we are only just crawling in this new business model and customer relationship. Companies that do not adapt to the digital world tend to disappear in the future. Check out the complete online or location free business plan by John Spencer Ellis at online expert empire.
Ryan Myers is a business blog author and writer. He graduated from the University of California, Berkeley in 2009 with a degree in Political Science. His favorite topics to write about are blogging for small businesses and becoming an entrepreneur.