There has been no better time than starting an online business than NOW. Global economies are shifting a lot, with a lot of attention been given to newer forms of technology being able to replace certain jobs.
BUT, more and more people are looking for a way to promote their passion or interests and make money at the same time. The traditional way of starting an offsite business (like a franchise) has many inherit risks, some of which I have evaluated myself.
I am not advocating not invest in the normal type of business like a franchise, but I would be obliged to let you know of the 5 reasons you should look to build an online business I like have.
So here are the reasons:
1) Doesn’t require MASSIVE investment:
Ok, let me clarify one point here before making it sound like an easy start. ANY business, offline or online does require some investment, whether it is in terms of money to invest or time to spend.
The benefit of starting an online business is that it doesn’t require a major business investment like a franchise (these can really range, sometimes going at $100,000 as initial investment). With an online business you could start a business anywhere from $25 upwards (like the business I started which I could start with $29.25). So if you a very risk averse to money, an online business is great for you.
2) Can be setup to run 24 hours, 7 days a week:
Since the internet is always operating, 24 hours a day, 7 days a week, naturally your online business will also be able to operate the same. The key is to setup the foundation well in the beginning.
The foundation normally includes aspects such as how you market to customers, how they receive correspondence and how they can buy your product or service. What’s nice about this is you can automate it through various platforms so that you are not always present like in offline business where you need to check with your managers if they are running your business well. Think of how much stress you will relieve yourself of doing this.
3) Can operate globally:
The internet is a wonderful place because it is open to the world. Someone in Australia can buy a product or service from America any time of the day. It has opened up the opportunities for people to work from anywhere at any time and also sell to anyone in the world!
It’s no surprise then that a lot of people are beginning to setup an online business, while giving them the flexibility to travel and operate in different locations during the year. It’s much more difficult to scale such a business offline unless you have millions to invest and start a major company like a McDonalds.
4) Easy to scale:
What’s great about an online business is that you can scale a certain business in terms of earning revenue once you know what works and what doesn’t for that business. It’s much easier to re-invest your online profits and scale it as opposed to a traditional business which may not yield a very high profit margin.
Profit margins in an online business can vary, but some businesses like the one I run can help you earn a 40% profit margin. Such a return will help me to re-invest and scale up the amount of revenue I want to earn monthly from my online business.
5) You don’t need your OWN product or service to start:
Most people don’t venture into online businesses because they feel they need to have their own product or service. Well thanks to Affiliate Marketing, that is not the case.
Affiliate Marketing is where you market someone else’s product or service and earn a commission from every sale you make. Affiliate marketing can help you earn a full time income if you dedicate yourself well to it.
I started my online business through being an Affiliate Marketer for Six Figure Mentors. If you are not sure what to start with, try Six Figure Mentors for 30 days and you can earn while your learn if you become a member.
Note: Everything in life that brings you success requires you to put dedicated attention and focus. I want to stress you don’t become an overnight success with online businesses unless you have the drive and will to achieve the results you want. However, once you are consistent and starting to get the results, the rewards to your life can be amazing!
To Your Success & Beyond,
Siddharth