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Every year, more than 5 million businesses begin their entrepreneurial journey. However, statistics show that around 30% of these ventures face sustainability challenges and fail within their first two years.
To overcome these hurdles and put your business on the path to success in 2024, let's take a closer look at four essential tips that will help your online venture not only survive, but truly thrive.
Related: 6 ways to revitalize your online business
1. Don't just focus on Google as a traffic source
It's a surprising fact that 93% of online experiences start with a search engine. However, the current trend is that these search engines are sending less traffic to websites. This change requires a strategic shift for online businesses.
Adopting a multichannel approach is not just recommended; It's essential. Almost 50% of all internet users search for product-related videos before visiting a store, so think beyond Google's SERPs. Platforms like YouTube, Reddit, and TikTok are gold mines for reaching diverse and engaged audiences.
The benefit of leveraging multiple traffic sources is the sustainability it brings to your business. Expanding your presence across different platforms is about more than just expanding your reach. It also protects your business from unpredictable trends in online traffic.
This strategy leads to a more robust, resilient and sustainable business model. This allows you to quickly adapt to market changes, seize new opportunities, and maintain a steady flow of traffic and leads. In the fast-paced world of online business, this adaptability and resilience are key to long-term success.
2. Hire a remote team of freelancers
In the dynamic landscape of the 2024 economy, the traditional concept of a full-time in-office team is no longer a necessity, but is becoming an option. The shift to hiring freelancers and building remote teams isn't just a trend. This is a strategic move that aligns with the evolving nature of work and business needs.
Hiring freelancers is significantly more cost-effective than hiring full-time staff. Companies can reduce overhead costs by eliminating the need for office space, equipment, and full-time salaries with benefits. Freelancers receive compensation for the work they provide. This means you're investing directly in the results, not just the time you spend.
The advantage of remote workers is unlimited access to talent. You are no longer limited to your local job market. This global reach allows us to find the perfect solution for your specific task or project and ensures high-quality deliverables from experts around the world.
As of 2023, there are 73.3 million independent contractors in the United States. Freelancing offers unparalleled flexibility. Grow or shrink your workforce based on your current business needs without the complexity of hiring and firing full-time employees.
Freelancers are motivated to deliver quality work on time because their reputation and future job prospects depend on it. This drive often leads to higher productivity and innovation because we bring fresh perspectives and specialized skills to each project.
In summary, incorporating freelancers into your business model provides flexibility, cost efficiency, and access to specialized skills. It's a forward-thinking approach tailored to the needs of today's agile business environment.
Related: 5 data-backed benefits of working with freelancers to grow your business
3. Tax optimization
If you are entering the online business realm in 2024, it is important to understand the importance of tax optimization. It's not about tax evasion, it's about making informed decisions about where to register your company for the most favorable tax treatment. All entrepreneurs need to pay their fair share, but it's wise to explore legal options that can strengthen the financial health of your business.
Countries such as Cyprus and Bulgaria are known for their favorable tax systems. Low corporate and sole trader income tax rates make it an attractive option for business registration. These low-tax jurisdictions can significantly reduce your tax burden, freeing up more capital for business growth and development.
Estonia has a unique approach to taxing corporate profits. Note that generating profits does not automatically result in an income tax liability. Taxes only arise when profits are distributed to shareholders. This model provides flexibility and encourages reinvesting profits back into the business.
Estonia's e-residency program is a game-changer, especially for digital entrepreneurs. Estonia, with a population of just 1.3 million people, has over 109,000 e-residents. This program allows entrepreneurs from all over the world to easily set up and manage their Estonian company online. This proves how digital innovation can accelerate global business operations.
4. Save money from business tools and software
The right tools are the backbone of your business. However, subscription costs can add up quickly and result in large monthly expenses. As an entrepreneur in 2024, it is important to navigate this situation wisely and not only have the best tools, but also manage your finances efficiently.
Many essential tools offer free versions, which can be very useful for startups and small businesses, although some may have limitations. This approach gives you access to important features without the financial burden of a subscription.
Lifetime contracts are a goldmine for cost-conscious entrepreneurs. Paying a one-time fee to get permanent access to the tool can save you a lot of money in the long run. Look out for platforms that specialize in such deals for startups and digital tools. This is an upfront investment and will pay off by eliminating recurring payments.
If a tool is essential for a specific project or for a short period of time, consider subscribing for only as long as you need it. This approach is especially useful for high-cost tools that you don't need throughout the year. Use the tool for a month or two, and then cancel your subscription when you're done with it. This way you only pay for what you really need.
In conclusion, the mantra “A dollar saved is a dollar earned” resonates deeply with the spirit of our 2024 online business strategy. These savings, along with revenue, are critical to strengthening the financial foundation of your online venture.
Related: 5 Steps to Build and Monetize a Million Dollar Online Business
