Why is a global business so important?
A global business creates the ultimate freedom of earning income wherever you go.
It also gives you the competitive advantage over businesses that are limited by language and location.
The Internet as the ideal business platform for a Global Business
The Internet has grown explosively in the last ten years as it has become more widely available and used. To date, many entrepreneurs, small startups and corporate enterprises have used it as the ideal business platform to grow a worldwide business.
How is an internet business different from a typical “Brick and Mortar” business?
Problems of Traditional “Brick and Mortar” Businesses –
Convenience: Tangible products require physical delivery and increase the need for added manpower. Recruitment and the expense of additional manpower can be a hefty operating cost. Product shipping and negotiation of consignment deals with distributors demands a lot of time and patience – Business is a hassle.
Costs: Establishing a brick and mortar business in a popular location, easily accessible to customers is costly – The more people the location attracts, the higher the rents! As sales increase, there are costs to produce the additional products. Throw in other factors like huge packaging, advertising and employee costs and – Business is costly to maintain.
Criteria for a Profitable Global Business –
As computers and technology become more affordable, populations with Internet access are greatly increasing. With it comes the opportunity to extend the reach of your business to these populations.
As recommended by the experts, here are the Top 3 criteria you should consider when starting a profitable global business:
# 1. You need a multi-lingual business website that attracts daily web traffic
Unlike a traditional business, which is restricted to a limited geographic area, an online business can have customers located around the world. A multi-lingual website allows you to reach all of these people who are potential customers for your internet business, and their numbers are constantly expanding exponentially.
It is also a cheap way to provide global customers with information, instead of catalogues or advertisements that have high development and publication costs.
# 2. You need a hot selling information product that doesn’t need delivery
As opposed to physical products which have production, packaging, storage, and shipping costs, the cost of providing information is primarily in the time spent to create it. An information product removes the need for manufacturing and physical packaging. It is also more convenient for customers to download the information from your website rather than you going through the hassle of delivery or shipping it to them.
# 3. Set up a fully automated business system that runs even while you sleep
Nearly every aspect of an internet business can be automated. Order processing, credit card processing, and electronic delivery can all be automated.
Your business can operate 24 hours a day, 7 days a week, with little or no human intervention required.
Auto responder software, which automatically sends emails to customers, provides an opportunity to remain in contact with customers, and nurture them toward repeat business.