Pros and Cons Starting Online Store as Side Hustle
One way you can do to have side income is by starting an online shop. Even when you are new to this field, you still can open an online business. This industry helps you to make money online, so it is perfect for someone who prefer the flexibility in earning profits.
Starting an online store has its own advantages and disadvantages. So, if you plan to start an online shop, you have to understand its positive and negative side first. Here we comply pros and cons starting online store, check it out!
Pros of Starting Online Store
Here are reasons why online store might be the best option for you to earn extra income.
1. Flexibility
You can organize the work of an online store from anywhere, the only thing you need is access to the internet. Even when you have full-time job, operating an online shop is still manageable. You might have to focus on a really good time management to do this, but if that could earn an extra income, why not?
2. Lower Capital
Since you only need to do it online, it eliminates certain expense for opening a store. You don’t need to spend money on building, furniture, and other things for physical retail store. It is even possible for you to open an online store with no capital at all. A system of dropshipping and reselling items is one way to open online store without capitals.
3. Easier and Faster
Opening an online store can be started within a couple days after deciding the products. It might take some time to find the correct supplier if you produce your personal goods. But if you sell an existing product, you can open and list your products right away. There is also a dropshipping system that does not require you to stock products. Comparing to physical store, of course opening an online shop is easier and faster.
4. Potential of Rapid Growth
Selling online have a larger potential to grow faster than physical retail growth. With a great digital marketing strategy and planning, you can respond boost growing sales.
Cons of Starting Online Store
Before really starting your online store, you have to aware the negative side of it. So at least, you can expect the potential loss from selling products online.
1. Large Number of Competitors
In current era, people prefer to do online shopping. Which cause a lot of seller prefer to open online business. This is why when you open an online store, you might face a large number of competitors. It might struggle you to gain customers in the beginning but when you have reached a certain number of loyal customers, it will let you gain a huge profits.
2. Payment Fees
You will encounter issues with payment acceptance when operating an online store, including a business account, a payment service provider, a payment gateway, etc. You must offer various payment choices to your clients. Furthermore, as every payment method requires a fee, you’ll be required to pay commission or fees for each transaction.
3. Delivery
Things you should know that online shopping requires a delivery. Different with window shopping, through buying online, you have to think the delivery courier in delivering your products. Choosing the right courier is crucial to satisfy your customer. How the delivery courier do will affect on your business, as example when they deliver your products fast, it will increase the customer satisfaction. If the delivery is slow, it might even be a potential to lose a future customer because they dislike our delivery process.
4. Customer’s Complaint
There are going to be a lot of uncomfortable situations, so you have to be ready for that. Customers might feel unsatisfied with the product’s quality, difference from the website picture, delivery time, incorrect color, etc. Since in online shopping, you can only check and see the products through images, so when the product does not fulfill the customer’s expectation, you might face the complaints.
So, Will You Open an Online Store?
Now you have known the pros and cons starting an online store. Everything has its positive and negative side, it is up to us on how we will take it. But opening an online store is one of side hustle you can do. And if you are a beginner and plan to open an online shop, you can check a beginner tips for online shop.
