Five 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 to go anywhere in my day job.

I dreaded the thought of working for someone for the rest of my life.

So I did 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. It’s the types of business models that allow me to work just 20 hours a week from anywhere in the world.

Here are 5 major perks I see of an online business:

1. Location independence. I did a 6-month trip around the world living as a “digital nomad”, and it was only possible because of my online business. 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. Even if you had a physical business, you would still need to be there to run the business. 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 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 making sales from local customers. Your website is your 24/7 salesman. I specifically chose to start a “digital business” because you can receive payments and fulfill the orders 100% handsfree. With a payment processor like PayPal and a shopping cart system, you’re all set.
4. 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.
5. Outsource your business. You don’t need to have people on your payroll, paying them wages, extra taxes and renting an office. You can outsource almost anything you can think of: administrative tasks, accounting, design, content, marketing, and more. I built a team of 10 people who are from all around the world. They handle the day-to-day tasks of the business and are more than capable of doing the jobs local employees would do.

Whether you’re someone who’s currently in a job or running a physical business, the perks of an online business should definitely be considered.

Sure, there are drawbacks of an online business too, but the benefits outweigh the disadvantages by miles.

And don’t get me wrong, building a successful online business that provides the lifestyle that you want doesn’t come easy. It sounds all glamorous but just like everything, you have to work for it.