Is Now a Good Time to Start a Business Online?
Actually, almost anytime is a "good" time to start. Some are better than others.
The OMB, in its Mid-Session Review to Congress released Friday, projects unemployment will drop gradually, to 7.7 percent in 2013, 7.3 percent in 2014, 6.7 percent in 2015, 6.2 percent in 2016, 5.7 percent in 2017 and remaining at 5.4 percent from 2018 to 2022. The national unemployment rate was last at 5.4 percent in May 2008, according to Bureau of Labor Statistics data.Given this news and the somewhat "wild and woolly" political climate these days, the attractions of an online business are compelling.
- There are millions of people looking for an opportunity to supplement their income somehow. Many are turning to the online arena as a solution.
- A downturn in the economy always puts extra pressure on everyone's finances. They need to generate more cash outside their normal work situation.
- Retirement funds and equity in a home have been severely impacted by the poor economy. Many people have been counting on their retirement funds to support themselves when they stopped working and now those funds are gone or significantly reduced. Equity in houses has tanked with the real estate market crash. Many are actually "upside down" and now owe more money than house is worth. What was once an asset has now become a liability.
- Uncertainty in the future due to political issues. Economies historically stagnate during an election year as everyone waits with baited breath to see who gets elected and what economic policies with be put in place.
- High speed, broadband Internet connections are becoming ubiquitous. Wireless Internet connections are everywhere. Social, shopping and entertainment is now centered around a computer and/or a mobile device. Having a "presence" online is almost mandatory for a successful business.
- Size does not matter! With today's technology, a small, one person business with a properly designed website can hardly be distinguished from a mega-corporation . A package including a "shopping cart" and the ability to accept credit cards makes fulfillment easy. Many times a "drop ship" system eliminates the need to have a inventory on hand, thus eliminating a expense of the conventional brick-and-mortar establishment.
- Access to a much larger customer base is possible. The limitations (and expense) of a physical walk-in location naturally restricts your customer base to those that can come to your establishment to do business. Anybody can shop online and never have to even leave the comfort of their home.
This list can be quite extensive and goes on and on. I will not bore you with all of that now. Suffice it to say that now is a good time and almost anybody can be involved in an online business program.
