Benefits Of Starting An Online Business
Everyone at some point in time has thought about starting their own business. I know in my past experience as a bar owner every person I talked to always told me they wanted to own their own bar and I thought the same thing until I owned one for 13 years. lol
Don’t get me wrong, it’s great to be your own boss and I think that should be everyone’s goal but with the way the world has changed due to the power of the internet I would focus on building an online business nowadays.
In today’s post I’m going to go over some of the benefits of starting an online business and if it’s the right fit for you.
I see young people today and wonder how the hell they’re going to make it. They come out of college $100,000 in debt and can’t find a job in their field so they end up working for 10 bucks an hour.
I remember sitting in pre law at University of Dayton in 1980 and my professor said something that has always stuck with me.
He said, “There are 400,000 people graduating each year with a law degree” now that was back in 1980, how the hell many lawyers do we need?
I’m sure that applies to hairdressers, teachers and many other fields. If I were to recommend anything for college it would be some type of trade skill or nursing.
Benefits Of Online Business
The Cost – You don’t have to worry about the cost to open up your new online business. I mean compared to buying a brick and mortar business for $150,000 or buying a domain name and setting up a website there’s no comparison.
But Mike, what if my online business doesn’t work? Well, you just saved $149,000 because 90% of brick and mortar businesses fail within the first 2 years and 98% in the first 5 years. Those are just facts.
When I first started online I went thru all the online business models from taking surveys, mlm to ecommerce and affiliate marketing. Some failed but that’s ok because a couple of them succeeded.
And that’s what has allowed me to now work about 20 hours a week from anywhere that has an internet connection.
Time Freedom – My parents at a young age taught me the value of a strong work ethic and that has served me well.
But along with that came the mindset of the more hours you work, the more money you can make. This is where things can get unbalanced.
I think as each of us gets older there will be a circumstance that occurs to make us reevaluate our perceptions. For me, it was foot surgery where they thought they would have to cut off my foot.
Before that happened, I worked as much as possible, had the nice house, the nice cars, all the toys but realized that I didn’t own them, they owned me.
So after the surgery I decided to take back my time and actually do what I want and not be on a schedule.
I’m sure you or someone you know owns a boat, jet ski, motorcycle or atv. You ask them when was the last time they were out on it and they tell you they haven’t had the time because of work or taking care of their house.
Folks, I’m over all that. Time, health and family are the 3 most important things there are. You can always make more money but you can never make more time.
If you don’t have your health you won’t be around long enough to spend time with your family.
Starting your online business understand, it will take work and sacrifice in the beginning and time for it to grow. But, if you follow some of the articles I’ve posted it will shorten your learning curve and enable you to reach your goals quicker.
You Are Not Location Dependent – Unless you are a local marketing consultant where you need to meet your clients face to face, you can pretty much work from anywhere in the world with an internet connection.
I’ve been fortunate to travel all over the world and still take care of my business. Plus I’ve met incredible people from all over that I never would have had the chance with a brick and mortar business or working for someone else.
Flexibility – Starting my own online business has given me the flexibility to create my own work schedule. In my case, I’m up and working about 4am for 3-4 hours.
An hour of that is usually answering emails and the other 2-3 hours is creating new content.
You will have to be disciplined. This is not a hobby, this is your business, treat it as such.
With that being said, it’s great knowing that no one else controls what time you have to show up, what time to take a break, when you take lunch or when your day is over.
My Business Is Always Open – My website along with my autoresponder is my salesperson and he never sleeps. He doesn’t take a day off, never calls in sick and works holidays.
You’re not limited to just a local audience, you can have a global audience and with paypal or other payment processors you’ll be able to accept payments and can get paid anytime of the day or night handsfree.
Outsourcing – This is where you can quickly begin to ramp up your online business. I know many people starting out are overwhelmed with setting up hosting, creating a website, setting up their autoresponder and emails.
The good news if this is holding you back is you can outsource the work fairly cheap. In my case, I learned the skills thru trial and error and a lot of time.
I still hate dealing with photoshop and other tedious tasks so I have a team of outsourcers that handle these tasks for me.
Again, it’s a matter of valuing my time and as you begin to see money coming in you can outsource even more of your work.
Taxes – Being a home based business owner has significant benefits. Home-based business owners now qualify for more tax deductions than any other category of taxpayer in America.
Home-office deductions, Utilities, Educational Materials, Office Supplies, Furniture, Computers, Copiers and other equipment related to your work, Phone, Advertising and Marketing Costs, Professional and Consulting Fees, Mileage, Travel, Entertainment, Gifts and Meals.
These are just some of the deductions you can benefit from when starting your online business.
Ron Mueller has a great a great book about home based business tax savings.
Benefits of Starting an Online Business – Conclusion
The perks of an online business along with the tax benefits should definitely give you something to think about. It really is a choice of mindset, a belief in yourself and wanting to create the life you’ve dreamed of.
Now I’m not telling you it’s all going to be sunshine and unicorns. lol It’s going to take work, you’ll have struggles, you’ll doubt yourself but if you push thru your fear and doubt you’ll never look back.
Keep working your day job and start your online business as a “side hustle”. Choose a business model, do your research, read some of my articles and know that it will take time to build your business but realize that it is YOUR business.
There are no overnight success stories, mine was a 3 year overnight success story but I wouldn’t trade it for the world. If you have the desire and want to live life on your own terms it is worth it.
I hope this article has given you an idea of some of the benefits of starting an online business. If you think this might be useful for any of your friends or family, share this them and if you have any questions just reach out and contact me.