- With shutdowns related to the COVID-19 pandemic putting major pressure on brick-and-mortar businesses, entrepreneurs may consider whether their company can feasibly operate with just an online presence
- Advantages include minimal overhead, lower operating costs
- Business owners must also be aware of customer expectations and greater competition in online-only sales
Just as existing companies have been forced to adapt their business strategies in response to the COVID-19 pandemic, entrepreneurs looking to start a business must consider whether their original plan is still feasible. One potential shift is to launch the company as an online-only endeavor.
Given the strong shift to e-commerce during the pandemic, companies offering certain products and services may be able to forgo a physical location and exist solely on the internet. Doing so offers advantages such as reducing overhead costs, expanding your market globally, and offering automation opportunities to reduce your workload.
You’ll also need to be prepared for certain challenges and costs, though. Companies face more competition online, particularly against large firms that show up first in search engine results, and your website will need to have a professional design in order to appeal to customers. Online companies are still subject to a variety of business costs, ranging from legal paperwork to marketing expenses.
