5 online startup myths – infographic

Data Insights 21 February 2017

Don’t be afraid to start an online business!

Starting your own online business can be quite daunting – but don’t be dissuaded by the myths of failure and misfortune. With UK consumers spending more online than in any other country and online shopping booming more than ever before, there really is no better time to set up a payment gateway and accept payments online.

Our infographic will help encourage you to take that leap into the wonderful world of the web, by debunking some commonly held myths and revealing some fascinating facts about the expanding
e-commerce market.

5 online startup myths infographic

Myth one: Starting an online business is costly

Fact: Opening a physical shop can be bank-breaking. But with an online store, you can be ready to sell and make money without having to secure a hefty loan. The average cost of starting a bricks-and-mortar store is £94,000 GBP while you can start an online business with just £325 BGP!

Myth two: Setting up an online store is only for the technically able. 

Fact: Setting up an online shop is nothing to be wary of – with shop creation tools like Shopify, it’s easier than ever before to get up and running.  3 out of 4 small businesses operate a website while the top5 independent online retailers earn more than £18,000 GBP per year!

Myth three: Reaching out to customers is hard. 

Fact: Opening up an online store gives you access to a much wider set of customers. Besides, thanks to the explosive growth of mobile devices, people can shop when and where they want. 1 in 5 UK consumers buy more online than in store. And 24% of people used a mobile device for online shopping for Christmas.

Myth four: It’s difficult to process payments. 

Fact: There are plenty of simple online payment processing tools out there to help you make your website transactional, safe and easy to use for customers. Only 69% of small businesses take card payments online while 30% of customers expect websites to be transactional.

Myth five: Making a profit can be tough. 

Fact: The UK is in the middle of an e-retail revolution. Internet shopping is blooming and businesses that decide to go online can grow online.

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