- Date : 26/05/2020
- Read: 5 mins
f there was ever a time for online entrepreneurship, it is now. Here are some significant benefits of doing online business.
If you are wondering when to start an online business, the answer is now. We live in a technologically advanced age where the internet has permeated almost all aspects of daily life. Most of us rely on the internet for everything from information to entertainment to social interaction to product shopping. In such a scenario, starting your own business venture can turn out to be very profitable for you.
There are many benefits of doing online business. It is incredibly affordable to launch an online business. Many companies offer startup loans to help individuals do just that. It’s not just large organisations; there are numerous individuals who already earn handsomely through the internet. Even if you lack the funds to start an online business, you can always consider a government loan for a business startup in India.
Starting an online business is a good idea. Here are eight advantages of online business you should know.
1. Favourable economic environment
One of the foremost reasons to start your own online business right now is the current economic environment in India. Numerous benefits are being given to entrepreneurs who want to establish their own startup. The popular ‘Startup India’ initiative enables you to be eligible for funding support, relaxed compliance norms and a host of tax benefits. In such a favourable scenario, starting an online business is an undoubtedly viable option.
2. Positive government policies
The Indian government is actively trying to boost the Indian startup ecosystem. To this end, it has launched over 50 schemes and policies that make it easier for individuals to start their own business. Of these, there are nearly 5-7 policies that are particularly targeted at the IT industry. Such positive support from the government has made starting an online business easier and more profitable than ever.
3. The numbers say it all
The ongoing digital transformation initiative of India is paying huge dividends. Our country is expected to have nearly 830 million internet users by 2021. As a result, India’s internet economy is expected to reach a whopping $250 billion by 2020 as compared to $125 billion in 2017 – that’s a 100% increase in about 3 years. If there was ever a time to start an online business in India, it is now.
4. Lax taxation norms
Upon getting certified by the Inter-Ministerial Board (IMB), a startup business in India is eligible to be exempted from income tax for 3 years. In other words, if you start an online business and fulfil certain criteria, there will be a total of 221 income tax exemptions that your fledgeling company will be eligible for.
5. Creative freedom
When starting an online business, everything is up to your discretion. From the choice of company name to the very nature of the startup business, you have a say in everything. This is why you should seriously consider taking a government loan for new business. Over time, the satisfaction of exercising your creativity will be well worth it.
6. Control over income
When you are working for someone else, they decide how much you get paid for the job. This can often lead to dissatisfaction, especially when you feel as if you’re doing multiple tasks without getting commensurate compensation. With an online business, you can set your own financial goals and work towards them. As such, you have total control over your income.
7. Flexible work hours
One of the biggest gripes that employees have with their jobs are fixed and rigid work hours. You can miss out on some precious moments in life because you are effectively chained to your desk. However, an online business empowers you to be the sole master of your valuable time. So, if you want to decide your own work hours, do make use of an Indian government loan for small business and be on your way.
8. Job security
Losing your job is immensely stressful and searching for a new one can be a real pain. After all, food needs to be put on the table and bills have to be paid. Owning an online business means you have the highest level of job security possible as no one can fire you or let you go. You are always in charge.
How to start an online business?
- Find a lucrative business idea
- Evaluate the market need for it by conducting research
- Analyse your competition
- Negotiate and source your product
- Choose the right e-commerce platform or create your own website
- Pick the right domain partner and SEO-friendly domain name
- Build your website on Shopify as it is designed for online businesses
- Create social media channels
- Invest in digital marketing
- Launch your business
There are many government loans for small business startups in India that you can avail of to chase your true passion and begin your journey towards online entrepreneurship. Do remember to check up on your startup India loan eligibility. So what are you waiting for? Get started now and make money online in an easy and efficient manner.