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5 Nov 2019

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The Real Cost of Starting & Maintaining Your Business: Part 2 – Maintaining Your Business Online

 

In part 2 of this article, I felt it pertinent to focus on the costs of maintaining your business online because whether you have a physical operation, or you run your business online, the predominant tactics you will use to build awareness and grow your brand will be digital marketing.

 

Inevitably, you’ll be enticed by different affiliate marketing products and services that can help you run your business such as off the shelf pre-built websites; software that will help you target your audience on social media; content tools that will write you optimised blogs, landing pages, e-books, video adverts etc.

 

This is the world of online marketing and no doubt, you will be using some of the same tactics to entice people to your products and services too. On one hand it makes becoming your own boss easier because there are so many ‘done for you’ businesses that you can start, which offers you the opportunity to have the kind of freedom and income you want. On the other hand, there are some costs that you may not consider as part of your business development when in fact, they are – your own development and training for example.

 

If you want to build awareness of your brand, grow your business and create a consistent recurring (and increasing) income, these are all costs that you need to take into consideration from the outset.

 

This article is designed to give you a more accurate view of what it the actual costs are to maintain your business online and what you may have to invest in to sustain your operation for the long-term.

 

Why Online?

 

According to an article from Smart Insights, in 2017 46.8% of the global population accessed the internet and by 2021 this figure is projected to grow to 53.7%. The number of daily searches on Google is 3.5 billion, which equates to 1.2 trillion searches per year worldwide.

 

There are 2.56 billion global mobile social media users, equalling 34% penetration; globally with 1 million new active mobile social users added every day (Source: We Are Social).

 

In 2015 Facebook influenced 52 per cent of consumers’ online and offline purchases, up from 36 per cent in 2014. (Source: The Drum)

 

On Twitter, link clicks account for 92% of all user interaction with tweets. (Source: HubSpot)

 

On Instagram, top brands on Instagram are seeing a per-follower engagement rate of 4.21% which is 58 times higher than on Facebook and 120 times higher than on Twitter (Source: Hootsuite)

 

There are 1.8 billion logged-in Youtube monthly active users visiting the website at least once a month. “Logged-in” is important as there may be a lot of people coming to YouTube who aren’t using Google Accounts to do so. (Source: Youtube official blog)

 

With statistics like these, it’s simple to see that having an online presence is essential to maintaining your business growth and success. Does it come at a cost, yes it does!

 

To run your business successfully there are 4 key areas that will add ongoing financial costs to your bottom line. In the start-up phase, you have to consider havi