5 Reasons Why You Should Start An Online Business
Running an online business can be an exciting thought, especially when you think about the “passiveness” of it and how it doesn’t restrict you with working when, where and how you want.
I started my online business because I saw that I wasn’t going anywhere in my day job.
I dreaded the thought of working for someone for the rest of my life and waiting until I was 67 to retire and enjoy my life
So I had to do something about it…
Back in 2004, I searched online on how to start an online business. From selling stuff on eBay to creating apps, I’ve gone through many types of business models online, many of which failed.
On the positive, I found success in a couple of things online such as running a membership site and affiliate marketing. These business models allow me to work just 20 hours a week from anywhere in the world.
When I started, I didn’t know that my online business would bring bigger benefits than just “making money online”.
There was more meaning to that.
It’s allowed me to spend valuable time with my family. And as a new parent, I’m grateful to have been able to watch my daughter grow up. We have a day called “Family Fridays” which is a day for us to do an activity every Fridays as a family, whether it’s to go to the beach or go for a short road trip, it’s an important day for us. These are things you can’t put a price on.
Here are 5 other benefits of an online business:
1. Location Independence
My wife and I did a 6-month trip around the world twice living as “digital nomads”. No matter which country we were in, we were able to work as long as we had our laptops and an internet connection.
Unlike a traditional brick and mortar business, you don’t need to physically be at a specific location to do business, unless your business is in consulting and meeting clients face-to-face.
2. Freedom and Flexibility
I’ve never come across any type of business that allows you to work whenever you want. An online business has given me the freedom to work the hours I want to and not report to a boss. I set my hours and days so that I can do the things I love rather than someone else controlling where my time goes. You can still be working your day job and start an online business as a “side hustle”.
3. Business is Open 24/7
Because you have a website, you’ll tap into a global market and not restrict yourself to just attracting local customers. Your website is your 24/7 salesman. I specifically chose to start a digital business because you can receive payments and fulfil the orders 100% handsfree.
With a payment processor such as PayPal and dozens of shopping cart systems to choose from, you’re all set to accept payments.
4. Low Risk + Startup Costs is Minimal
An online business, especially one where you don’t need any physical products, requires very minimal startup expense. When I started my online business, all I needed was a domain name ($10), web hosting ($5/month) and a couple of software tools.
This brings up another point: the risk is minimal so failing won’t set you back as much as a physical business. Of course, it comes down to what business model you choose in the end. An app business could set you back thousands of dollars while blogging could be started for next to nothing by using platforms like Wordpress or Medium.
5. Build a Global Team
My business’ day-to-day tasks are handled by a team of 10 people who are from around the globe:
Assistants and customer support staff - Philippines and Jamaica.
Writers - Australia, US, Canada and UK.
Developer/programmer - Ukraine.
Designers - Indonesia and Spain.
Video editing - Canada and UK.
It’s a Lifestyle Choice
Whether you’re someone who’s currently in a job or even running a physical business wanting to free yourself, the perks of an online business should definitely inspire you.
I wouldn’t trade this lifestyle for anything else but as a business owner there are drawbacks that you should consider, too. Overnight successes are never that. It can take years of trial an error to finally find something that works.
Just like everything, you have to work for it.