E-Commerce does away with the need to find premises to rent

Not so long ago, starting a retail business almost always required finding actual square footage to buy or lease – an expensive proposition especially in areas of higher income where more customers can be expected to spend some of theirs on your products.

E-commerce has changed almost everything about the logistics of starting up a business. It’s now quite possible to set up an online retail business with only a couple thousand pounds initial outlay and, within a year or two, turn it into a global enterprise making the amount of the original investment on a daily basis. It sounds incredible but it’s been done time after time.

There are those who believe that hardship is good for you, and in the case of budding entrepreneurs, it may be a deciding factor. Pulling oneself up by the bootstraps is an old expression that has morphed into ‘bootstrapping’ – it implies self-sufficiency and determination, traits that are crucial when money is tight and much is new and confusing.

When you’re first starting out in a new business you’ll need to learn every aspect of it as quickly and as thoroughly as you can; you’ll have to do all the jobs that an established business hires others to do until your income reaches the point where you can do the same.

Knowing the business ‘from the ground up’ can save you immense amounts of money, time and frustration when things really start to roll. Not only can you do just about any job required in your particular business, but you’re able to accurately assess the skills of those you’ll eventually be hiring to do the same job for you.

Quite often, start-ups that rely heavily on outside financing soon find that they’re spending most of their time and energy trying to keep their investors happy and searching for new ones to keep the cash flow going. This in turn leads to a lack of decision-making freedom and difficulty in making innovative adaptations in a market that is constantly changing, and often in unforeseen directions.