A few decades ago the mere thought of starting a business overnight would have been laughable. Today, it’s as easy as ABC.
Thanks to the internet, you can wake up and have a business up and running at the end of the day. You don’t have to chase the city council for a business license, or hire staff, or buy raw materials, or most importantly, deplete your savings all in the name of starting a business.
One of the most undeniable advantages of starting a business online is the ease of getting it done and the little investment required.
If you’re tired of living from paycheck to paycheck, or desire more control of your time and life, then you should consider starting an online business in 2020.
Still need a little bit more convincing? Here are just a few reasons why you should start an online business:
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- How to Make Money Online Without Paying Anything (No Investment Needed)
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- How to Get Paid to Promote Products: Your Guide to Affiliate Marketing for Bloggers
- Blogging Blueprint: Zero to Passive Income Step-by-Step
10 Advantages of Starting a Business Online in 2020
One of the biggest benefits of starting a business is that you get the freedom to choose how and where you work. Forget the typical office setting. You decide how your ‘office’ will look like. Want to work sitting in bed at home, why not? Perhaps you prefer relaxing at a neighbourhood coffee shop? You get to make that choice.
Having your own business also means you get the freedom to work on just the kind of work you want, not what the company you’re working for wants you to. So you’re a software developer more interested in mobile apps and not websites? No worry, you can spend all your time creating apps!
With this kind of freedom, you get to do everything your way and use your imagination to its full potential.
2. Low startup costs
Capital is one of the factors that hold people back from running their dream businesses. However, you can start an online business without any or very little investment needed.
Don’t believe it? There are affiliate marketers making money from social media and as you know social media platforms are free to use!
There are also many businesses that have gone on to build an empire from nothing more than a website and a domain name, an investment of less than $100!
You don’t need to sell any physical products to have a successful online business. Neither do you have to be an affiliate marketer. If you’re a graphic designer, a developer, a writer, a photographer, or even a consultant in any field, you can start an online agency and promote your services via a website and social media. This will, as mentioned, cost you less than $100.
If you’re knowledgable about a specific topic you can create digital products such as e-books, audiobooks, how-to-videos or start a membership site. The beauty of digital products is that there are no overhead costs. No shipping, no rent, no need to hire staff, etc.
The possibilities are certainly endless, and you can start with very little money.
3. Unlimited income potential
With one traditional job comes a single salary. With an online business comes unlimited income potential. As an employee, you can’t control how much you get paid and the chances of your income going up are at the discretion of your employer. And if you’re lucky to get a raise it will normally be very little.
But as an online business owner, you have the ability to control how much money you make. The more clients you have the more money you stand to make.
Better still, you get to determine how much clients can pay you, all factors such as your experience and skillset considered of course.
You can be as wealthy as you want. You just have to be consistent with your efforts and focus on the right things to grow and sustain your online business.
4. Create something of your own
Being able to create something of your own is one of the most fulfilling advantages of starting an online business.
You may be a hardworking employee, dedicating your creative thinking and working overtime, but all that effort only benefits someone else’s business.
Why not put all that blood and sweat into something that is your own? Imagine the feeling of creating something for yourself and see it grow and get admiration for it.
Whether you’re a marketing expert, the queen of DIYs, or the graphic design expert, whatever your expertise, nothing beats the feeling of being known as the go-to person in your niche.
5. Work from anywhere
Do you on most days feel trapped in your work station? If only you could ditch that desk and work from somewhere else. When running an online business, you don’t have to live on wishful thinking.
With an internet connection and a laptop, you can run your business from anywhere in the world. You have the freedom to travel and choose where you want to work on any given day.
6. Make money 24/7
Money is probably the biggest reason why you should start an online business. What you don’t know perhaps is that you don’t need to be there for your online business to make money.
You can set up your online business to earn you passive income and have it running and making you money even when you sleep. You can do this by learning how to make passive income blogging.
Other popular ways to make passive income include:
- Affiliate marketing
- Selling ebooks
- Selling online courses
- eCommerce store
- Stock trading
- Flipping websites and domain names
7. You can start it on the side
Not everyone hates their day job. In fact, so many people love what they do and simply just want a way to make money on the side with a full-time job.
Running an online business is by far the best way to have a side hustle while working a full-time job. This is because it is more flexible, therefore, easier to juggle between the two.
8. Anyone can do it
There are very few, if any, factors that would limit you from starting an online business. This makes it possible for anyone to start an online business of their choice. No special talents are required.
The biggest investment that you need is your time and this is something that we all have.
9. Future-proof your job
The future of work is changing sharply. With the popularity of the internet and sophisticated technologies, many jobs are continuously becoming redundant or being outsourced offshore. It’s a sad reality that you may wake up tomorrow and your job is no more.
The advantage of starting a business online is that you can always have a fallback plan should things go south with your day job.
When you have an online business, you also never have to worry about being laid off or fired. You’re always in control and not just another employee.
10. Live your ideal life
Work-life balance is not a fallacy but a real need. While work is important you also want to be able to live your ideal life. Because you’re not bound by a schedule when running an online business, you get the flexibility to do other things that are important to you.
You don’t have to wait until the weekend to teach your child how to ride a bike. You don’t have to wait until your next annual leave to take that solo trip.
So if you’re still wondering why start an online business in 2020, being able to work and live your life to the fullest is reason enough.
These are just a few advantages of starting a business online. But as you can see an online business can be extremely fun and liberating. As we start a new decade, why why not take a chance and try?