3 Reasons Why You Should Host Online Meetings

This just might be the new normal.

Although policies and regulations due to COVID-19 are still in flux, one thing is for sure: interactions over video calls have become accepted by the world.

Virtual meetings are no longer just for tech companies, but are now common across businesses in all industries. School teachers are holding classroom sessions over video calls. Weddings, baby showers, and even graduations are being done virtually.

So what about your business? Have you started migrating your brick-and-mortar services business online?

Whether you are a French tutor, personal fitness trainer, art teacher, or a guitar instructor, here are three reasons why you should offer your services online:

Revenue is the lifeline of your service business and your revenue is dictated by two things: the volume of customers and the rate you charge per customer. Going online may not have much impact on the rate you charge per customer; however, it can drastically increase the volume of your customers.

When you go online, you’re no longer limited to the demand size of the market where you offer your services.

Say for example you are a yoga instructor and you live in a small suburb with a population size of 300,000. Now imagine that you are a yoga instructor in New York city, where the population size is 8.4 million people. Although competition will be greater in New York city, the upside potential in New York city is 28x greater!

When you go online, that population size increases to 4.5 billion users (!), which is the latest number of active internet users. When you go online, there’s nothing stopping you from expanding your customer base beyond your current market and in turn increasing your revenue to new heights.

When running a brick-and-mortar service business, your rent will most likely be one of your highest expenses. Not only that, rent is a fixed cost; it doesn’t care about how your business does on a month-over-month basis.

If your business has some seasonality, rent doesn’t care. If your business has some…

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