You may have considered starting an online business, but have held back for fear of failing in a saturated market. After all, the internet is awash with every business you could possibly think of, with thousands more cropping up every single day. How can you possibly compete with that? So if you are considering starting a business in 2015 and are worried about saturation, here’s what you need to know:
The majority of internet businesses are still seeing year-on-year growth.
Just look at one example cited on InternetRetailer.com – US online sales are predicted to rise from 11% of total retail sales in 2013 to 18% by 2018. That demonstrates that there is still significant growth to be had, even in the more saturated economies like the US.
Purchasing products online is still a behavioral shift for many people, and there is ample opportunity to be part of that growth. If you add to this the rise in internet usage in countries such as China, you can start to see that we are still in the very early days of the internet.
Customers are drawn towards unique startups, rather than the big players.
Don’t be put off by big names like Amazon and eBay. While they have their place in the market, many customers are attracted towards the more individual and personal experiences of smaller independent businesses.
Overhead is incredibly low, so even in a saturated market, it is still possible to make a healthy profit.
Unlike a traditional brick and mortar store, you can start an online business with little more than a domain name and web hosting, so you can keep your costs incredibly low and spend your time and effort in marketing instead – marketing that will help you grow your business and make sales.
The internet is changing all the time, with new technology and trends; new opportunities always appear.
Look at the rise in mobile and apps in recent years. A decade ago (when there was similar talk of internet market ‘saturation’) mobile apps didn’t really exist. Today, you can make millions with a successful mobile app. Technology is changing all the time. Who knows what will be trending in ten years from now, but isn’t it exciting to think that there will be even more change that can bring with it new opportunities?
How to succeed in the online world in 2015:
If you dream of starting a business from scratch in 2015, here are my top tips:
- Be unique. If you can stand out from the crowd, you can really help your business succeed.
- Spend time creating a strong brand that really gets your message across to your customers.
- Build trust with your businesses. Have integrity and authenticity at the heart of your brand.
- Don’t follow what’s hot. Do what you love, and your passion is what will attract customers to you.
So if you’ve have doubts about whether now is the right time to start a new business, then don’t. There is still plenty of opportunity for a creative new startup to succeed, but to be successful, you must believe in your business and more importantly, believe in yourself.
About the Author
Lauren Lambie is founder of From Corporate to Career Freedom supporting other aspiring entrepreneurs on their journey to start their own business