5 Reasons Why Entrepreneurs Should Start an E-Commerce ASAP
With plenty of factors in favor of online stores, entrepreneurs who want to start an e-commerce online store or take their brick-and-mortar business to the internet should start now. Here are several reasons to grab the opportunity to open an e-commerce store now.
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Integrate your CRM with other tools
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How to connect your integrations to your CRM platform?
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Techbit is the next-gen CRM platform designed for modern sales teams
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Why using the right CRM can make your team close more sales?
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What other features would you like to see in our product?
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E-Commerce has grown significantly over the last few years. Many entrepreneurs that have started their online stores or listed products on marketplaces have succeeded within their niche. And according to our most recent Accelerating E-Commerce Boom Survey, 95% of entrepreneurs see E-Commerce businesses as having the potential for higher profit margins than traditional businesses. That’s not to say it’s too late to jump on the boat and find your success online. When handled correctly, an e-commerce store has the potential for high sales and scalable growth.
With plenty of factors in favor of online stores, entrepreneurs who want to start an e-commerce online store or take their brick-and-mortar business to the internet should start now. Here are several reasons to grab the opportunity to open an e-commerce store now.
1. Create Additional Income Sources
Having more than one income source is always a good idea, which is why many financially-savvy individuals have a portfolio of assets that give them active and passive income. Multiple wealth-growing opportunities can help you stay financially stable, protecting yourself and your family from unexpected expenses.
Owning an e-commerce online store provides more flexibility than owning a brick-and-mortar store. You have reduced operating expenses, your customers aren’t limited to those in your area and you have plenty of online software that automates various parts of running an online business. Additionally, if you don’t have the time or expertise to manage your e-commerce store, you can work with professionals from Wealth Assistants. We can turn your e-commerce store into a source of passive income.
2. Gain Your Financial Independence
Speaking of financial stability, consider this: if you lost your day job tomorrow, would you be okay whether or not you find a job soon? Financial security can be achieved once you no longer have to rely on working for other companies because you can survive on your portfolio.
The Federal Reserve found that 78% of adults consider themselves “doing okay financially,” with many Americans finding different sources of income, primarily through work as employees. However, another survey found that barely half of Americans believe themselves financially secure.
Owning your own e-commerce business sooner rather than later means you can start building your portfolio as quickly as possible. You won’t be able to create a successful business overnight, but starting now gives you plenty of time to watch your business grow and explore smart asset management decisions that grow your wealth.
3. Tax Benefits
Tax benefits may not be enough to sway you to open a business, but it incentivizes you to consider them before your next tax filing. Most e-commerce store owners qualify for tax deductions, credits and other benefits for small businesses.
Depending on the size of your online business, you could also file for tax deductions on your everyday expenses. For instance, running an e-commerce from your home allows you to deduct expenses like mortgage payments, utilities, equipment and furniture from your tax liability.
4. Larger Customer Base
The problem with running an exclusively physical store is that your customers and those within your area are limited to foot traffic. Unless you have a unique product that customers out of the site are looking for, your customer base is restricted and offers very little room for growth unless you open a second location – which comes with significant expenses.
In comparison, e-commerce stores have the flexibility to expand their customer base to international audiences. You can either handle the logistics on your own, with a third-party logistics service provider or work with Wealth Assistants to streamline the entire business.
5. Take Advantage of the Growing Industry
Decades ago, e-commerce was very limited as there were few resources to support it as a viable alternative to traditional retail. However, after the COVID-19 pandemic hit, more entrepreneurs saw the potential for e-commerce to become the alternative to shopping when more people were being urged to stay at home. Since then, research has shown a significant uptick in Commerce growth. Though the pandemic has since died down, e-commerce has grown so much that it’s here to stay even as stores reopen.
The e-commerce industry now creates 22% of all sales and is expected to exceed 27% by 2026. Additionally, the industry was estimated to grow from $3.3 last year to $5.4 trillion by 2026. This is no surprise, considering factors such as the following:
- Internet Accessibility: More people are now accessing the internet through mobile devices, with 60.67% of web traffic coming from mobile phones. This means users can now make quick purchases with a few taps on their smartphones.
- More E-Commerce Infrastructure: The industry has developed and now has platforms such as marketplaces, payment processors and delivery services that speed up online deliveries. Also, with artificial intelligence on the rise, online shopping could be streamlined.
- Social Media: Social media platforms make it easier for businesses to engage with their audience. Many platforms now have features that allow businesses to take users to purchase their products with minimal effort.
Improved Customer Satisfaction: Users have more features to address issues with their purchases by leaving reviews or contacting businesses online if unsatisfied with their products. Online companies now have various options to make returns and refunds efficient for both parties.
Turn Amazon Stores Into Modern-Day Assets with Wealth Assistants
With e-commerce booming and providing plenty of opportunities, a successful online business can be considered a lucrative cash-flowing asset. However, you’ll need the experience and business acumen to keep your online store going.
At Wealth Assistants, we help our partners acquire, build, scale, and maintain their e-commerce businesses and handle most of the work for you, including managing supplier relationships. Let our professional team maximize your assets through stellar sales numbers and better online visibility. Just see what our partners are saying!
"I highly recommend Wealth Assistants for their exceptional services in creating and managing our automated Amazon business for my family. For the past year, they have consistently impressed us with their professionalism, expertise, and commitment to our success. Their knowledge, comprehensive approach, advanced automation strategies, and constant communication have resulted in a profitable additional income source for our family. We are grateful for the transformative impact Wealth Assistants has had on our lives and look forward to continuing our partnership with them in the future." -Ashley M., Trustpilot Review
Add an e-commerce store to your portfolio! Book a call with Wealth Assistants to learn more.
