In this article we are going to look at why you should start your own online business.
We will look at how the scope for online revenue is vast in both monetary value and also opportunities to take advantage of the online gold rush.
Grab a coffee.
Sit back and relax.
Disclosure : Some of the links below are affiliate links, meaning, at no additional cost to you, I will earn a commission if you click through and make a purchase.
Today the internet is center stage in a lot of aspects of our lives.
Be it social media, online banking, online shopping, or just general browsing for information.
The internet is here to stay and only set to grow in its influence on the world.
It is said that by 2021, e-commerce is estimated to be worth $4.8 Trillion annually. (Source statista.com)
To put that into perspective, that is the GDP of Japan, the worlds third biggest economy. (Source investopedia.com)
More people are now buying online due to generally lower prices and also the convenience factor.
Let’s be honest.
It is way more appealing to most people to be shopping at home from their laptop on their couch rather than trudging around the mall.
No parking or traffic hassle.
No trekking to a store only to find the item you want is out of stock.
No dealing with sales people harassing you in every store you set foot in.
Usually substantially cheaper prices from online retailers vs traditional stores and their large overheads such as staff, rent, insurance.
Make no mistake, online businesses are going to not only thrive, but dominate the future in my opinion.
So, let’s take a look at why and how you should set up your own online business.
Why start your own online business?
What if you lost your job today, next week, next month?
Seriously consider that for a moment.
Take a literal minute to give that some serious thought and add these following aspects into your minute of thought.
I’m serious, consider the following and your current situation in regards to what kind of impact losing your job would create on your life.
Do you have reserve cash to cover bills etc while you find another job?
How long could you survive without a job providing you with income?
Would you or those that depend on you be put in a very bad and pressing financial situation?
Do you have other income streams to tide you over while you find another job?
How long, realistically, would it take you to get another job that paid enough to replace the lost income?
I know these are some serious questions that may make you uncomfortable.
So they should….
I’m very big on people taking stock of their financial reality.
Not their hopes, dreams, or even excuses, that people give themselves in order to feel comfortable.
I’m talking about the 100% reality of your financial situation.
Do you realize how many people live paycheck to paycheck?
It may not be your fault if you are in that situation, but it is YOUR FAULT if you CHOOSE to remain in that position.
People say ignorance is bliss.
I personally see no bliss in ending up homeless and living under a bridge, knowing it was through my own neglect of my financial reality.
So, as you have probably guessed by now, I encourage people to create their own incomes in order to provide themselves and their loved ones financial security.
In the old days people used to say “Go to college, get an education, and then get a nice secure job”.
Newsflash……There is no such thing as a secure job!
Technology evolves towards ever increasing efficiency.
Products, brands, and companies fall out of favor or simply become obsolete.
Companies down size their work force in order to satisfy profit margins and investors, or simply to remain in business.
Businesses close down all the time in today’s competitive global market.
These are just facts and the list is far from comprehensive.
You can lose your job for a variety of reasons as you well know.
Top 3 Positive Reasons Why You Should Start Your Own Online Business
Even if you are confident your job is secure for the foreseeable future, a risky assumption in my eyes, you can always benefit from extra income.
Perhaps you have some debt you may want to reduce or eliminate.
It could be credit cards, loans, or even your mortgage.
Wouldn’t it be nice to have extra income every month to help kick debt out of your life?
After all, if you eliminate your debt using your online income, then you will have extra money left from your job paycheck due to no longer having to make monthly loan payments.
You can also use the extra income to build up your cash reserves for emergencies or to invest into assets such as stocks or real estate.
It may just be that you want extra money coming in so you can treat yourself to the finer things in life such as vacations for your family or perhaps a purchase you have been promising yourself.
Extra income is never a bad thing and something everyone should aim to create in their life.
Most people would quit their job today if they knew for a fact that they would be able to replace their income.
I quit my job and now live from my own online skills and stock trading.
Is it easy?
Am I far more happier and less stressed than when I had a regular job?
I now set my own schedule and literally do what I want…. All day, every day.
The truth of the matter is that it takes a lot of courage and also confidence in yourself.
It also takes a hell of a lot of self discipline.
If I don’t feel like working tomorrow and want to just relax all day, have fun with friends and family, or simply just jump on a plane and travel….
I can, I have, I do, and will do so again whenever I feel like doing any of the above.
However, I also have days, weeks, and months, when I have to buckle down and work on my ventures.
But, I do as I please while I work.
If I want to listen to music while I work, I do.
If I want to take a break and go out and grab food or text people on my phone.
I can, I have no boss standing over me telling me whats what and when I can stop to eat etc.
I am my own boss.
What a tyrant he is sometimes!
Truth be known, I used to work 5 days a week at my last job, and it was the usual 8 or so hours a day.
Factor in getting ready for work, traveling to work, getting back from work and unwinding.
You are looking closer to 12 hours a day.
Now, sometimes, I work 12 hours a day and 7 days a week.
But, like I said, I’m my own boss.
So, the more I do, the more I earn.
I do not have to put up with co-worker moods or drama, rude customers, corporate visits, schedules, boring training sessions, arranging vacations around other peoples desired dates, etc etc.
Just writing that above sentence makes me so glad I quit my job!
Best decision I ever made.
Was it scary?
But rest assured, putting my financial security in the hands of other people and also selling my life off 2 weeks at a time for a pay check is far more terrifying to me.
The freedom that comes from being self employed by creating my own online business is something I intend to NEVER give up.
In order to do so does not take setting up a multi million dollar business as some would claim.
You simply have to replace your job income.
If you earn $50k a year, then you need to set up an online business that brings in roughly $1000 a week.
Doesn’t that sound more attainable than trying to earn $100k a month online?
It is, and is very attainable if you are prepared to learn the skills needed and do the level of work required for success.
Did you know that some people actually travel on a permanent basis and pay for it all from their online business?
They are called Digital Nomads.
Here is a video to show you exactly what living their life can be like.
The video is from YouTube and from the channel ran by Chris Mosek
I have also written an article on that topic should you wish to learn more.
Family and friends
One thing I hated about working a regular job was the impact it had on my ability to spend time with my family and friends.
I look back at just how many occasions I had to miss out on spending time with them purely due to job schedule obligations.
To put it into perspective I did not spend a Christmas or New Year with my family for 12 years….
That is a lot of special occasions missed so I could instead spend that time working to make someone else rich, most likely while they sat enjoying their holidays with their family.
Time I cannot get back and missed memorable occasions.
You yourself may have been, or currently are, in that position.
I feel your pain, it’s horrible to look back and realize how many special times you missed with your family due to a job schedule.
It was one of the key reasons I quit my job and set up my own online business.
Another aspect that is rarely mentioned in my experience when it comes to being self employed, is the ability to learn skills and set up a business that you can pass on to your children.
Rest assured, the internet and e-commerce are not going to die out.
On the contrary, as I mentioned at the beginning or this article, online businesses are set to flourish and the internet is going to become ever more integrated into day to day life.
Children whose parents encourage them to learn how to harness the power of the internet will be successful in the future.
It would be more than a little wise to learn these skills so you can pass them on to your children.
Also, if you have an online business, you can teach them how to run it, and even how to create their own!
You could then help your children avoid the financial need to have their life dictated to them by a job schedule enforced on them by someone else.
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How To Start A Online Business
Answering this question with any degree of detail is beyond the scope of this article, so below I have linked to some information you may find useful.