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7 Reasons Why You Should Start Your Own Internet Business

7 Reasons Why You Should Start Your Own Internet Business

    Too many people view Internet business through an extremely narrow lens – either you’re pawning off your personal possessions on eBay or you’re trying to be Mark Zuckerberg with the next big Internet thing. The reality, of course, is that there are as many different ways to do business online as there are people making this lifestyle work for them.  For example, as an Internet business owner, you could:

    • Sell your handmade arts and crafts on Etsy
    • Run an informative site that generates revenue through advertisements
    • Provide professional services to clients around the world
    • Generate client leads for offline businesses
    • Sell other peoples’ products and earn a commission for each referral

    But the “how” of Internet business isn’t important – there are enough different Internet business models out there to suit any particular combination of strengths and weaknesses.  What really matters is the “why” – that is, why you should consider pursuing online business in the first place.

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    The following are just a few of the benefits of owning your own Internet enterprise to help encourage you to make the leap:

    Reason #1 – Find the ultimate job security

    Ask a handful of people what they think about the idea of pursuing Internet business, and you should hear at least one person respond with, “It’s too risky!” I have to disagree. When you learn how to do business online, you’re actually training yourself to create ultimate job security. If you learn how to sell products online, chances are you’ll be able to repeat this process – even if your original idea doesn’t pan out.

    The same goes for finding freelance service clients, sending traffic to ad-based sites and successfully re-launching every other Internet business model out there. Now, contrast the ability to generate income online over and over again with a steady day job held at a single employer. Considering how many companies go under these days, putting all your eggs in that single basket ultimately sounds much riskier to me than learning how to make money online!

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    Reason #2 – Work on projects you’re passionate about

    As someone else’s employee, you aren’t working on the projects you’re passionate about – you’re completing tasks in order to increase somebody else’s bottom line. And while this arrangement works for some people, most chronic employees don’t know what they’re missing when they trade the passion of working for yourself on projects you care about for the “security” of the daily grind.

    If you aren’t personally satisfied by your current day job, you owe it to yourself to at least investigate the potential fulfillment that comes from running your own online enterprise.

    Reason #3 – Access a wider network of clients and buyers

    If you already operate an offline business that either sells products or takes on freelance clients (for example, as a freelance writer, web designer, programmer or accountant), transitioning your business online will give you access to a much wider pool of clients and buyers. No longer are you competing against other agencies in your area for the same small network of customers – instead, as an Internet business owner, you’re free to think as big as you want. This could mean accessing buyers a few towns away from your own or even “going global” in order to expand your business’s reach dramatically.

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    Reason #4 – Cut your child care expenses

    With childcare costs rising steadily and often topping thousands of dollars a month for the full-time care of infants and toddlers, you may find that running an Internet business allows you to both cut your costs substantially and spend more time with your children. For most dual-income families working today, that’s a pretty big win-win!

    Reason #5 – Explore your interests

    One of the greatest advantages of running your own Internet business is the flexibility this arrangement provides. When you work a day job, you’re tied in to a set schedule that in no way corresponds to the amount of work you have or the hours in which you’re most productive. Unless you have a very understanding boss, you aren’t able to drop everything for a two-hour hike when the weather’s nice or start your day at noon because you aren’t a morning person.

    Running an online business gives you the flexibility to set your own working arrangements based on your particular needs. It allows you to travel more (as most Internet businesses can be operated from anywhere in the world), to work when you’re most productive and to pursue the hobbies and interests you care about alongside your business pursuits.

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    Reason #6 – Enjoy low startup costs

    If you’ve always had an entrepreneurial bent, know that business owners who choose to launch their ventures online enjoy substantially lower startup costs than those in the real world. Think about it – the “real world” business owner must pay for commercial space, physical inventory, printed stationery and more.

    As an Internet business owner, your only real expenses will be a domain name and hosting account. Even if you do decide to purchase inventory outright or invest in tools that will make running your Internet business easier, your overall investment will still be much less expensive than maintaining a physical presence offline.

    Reason #7 – Increase your earning potential

    If you’re employed in a full-time day job, your earning power is limited by your field and your experience. If you work as a teacher, for instance, you can accrue all the experience and certifications you want – you’re still never going to hit the same million dollar salaries that investment bankers or lawyers will. But with online business, the sky’s the limit.

    If you sell one product online, you can train yourself to sell fifty. If you decide to expand your service offerings significantly, you can always take on additional employees to help manage the workload. Instead of negotiating a pithy 3% raise with your boss, you’re essentially creating this increase (and much, much more) for yourself – a truly empowering experience that makes all the risk and uncertainty of Internet business worth it.

    (Photo credit: Close-up of male hand over black keyboard via Shutterstock)

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    Published on November 20, 2018

    The Best Ways to Save Money Even Impulsive Spenders Can Get Behind

    The Best Ways to Save Money Even Impulsive Spenders Can Get Behind

    The truth is, there are many “money saving guides” online, but most don’t cover the root issue for not saving.

    Once I’d discovered a few key factors that allowed me to save 10k in one year, I realized why most articles couldn’t help me. The problem is that even with the right strategies you can still fail to save money. You need to have the right systems in place and the right mindset.

    In this guide, I’ll cover the best ways to save money — practical yet powerful steps you can take to start saving more. It won’t be easy but with hard work, I’m confident you’ll be able to save more money–even if you’re an impulsive spender.

    Why Your Past Prevents You from Saving Money

    Are you constantly thinking about your financial mistakes?

    If so, these thoughts are holding you back from saving.

    I get it, you wish you could go back in time to avoid your financial downfalls. But dwelling over your past will only rob you from your future. Instead, reflect on your mistakes and ask yourself what lessons you can learn from them.

    It wasn’t easy for me to accept that I had accumulated thousands of dollars in credit card debt. Once I did, I started heading in the right direction. Embrace your past failures and use them as an opportunity to set new financial goals.

    For example, after accepting that you’re thousands of dollars in debt create a plan to be debt free in a year or two. This way when you’ll be at peace even when you get negative thoughts about your finances. Now you can focus more time on saving and less on your past financial mistakes.

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    How to Effortlessly Track Your Spending

    Stop manually tracking your spending.

    Leverage powerful analytic tools such as Personal Capital and these money management apps to do the work for you. This tool has worked for me and has kept me motivated to why I’m saving in the first place. Once you login to your Personal Capital dashboard, you’re able to view your net worth.

    When I’d first signed up with Personal Capital, I had a negative net worth, but this motivated me to save more. With this tool, you can also view your spending patterns, expenses, and how much money you’re saving.

    Use your net worth as your north star to saving more. Whenever you experience financial setbacks, view how far you’ve come along. Saving money is only half the battle, being consistent is the other half.

    The Truth on Why You Keep Failing

    Saving money isn’t sexy. If it was, wouldn’t everyone be doing it?

    Some people are natural savers, but most are impulsive spenders. Instead of denying that you’re an impulsive spender, embrace it.

    Don’t try to save 60 to 70% of your income if this means you’ll live a miserable life. Saving money isn’t a race but a marathon. You’re saving for retirement and for large purchases.

    If you’re currently having a hard time saving, start spending more money on nice things. This may sound counterintuitive but hear me out. Wouldn’t it be better to save $200 each month for 12 months instead of $500 for 3 months?

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    Most people run into trouble because they create budgets that set them up for failure. This system won’t work for those who are frugal, but chances are they don’t need help saving. This system is for those who can’t save money and need to be rewarded for their hard work.

    Only because you’re buying nice things doesn’t mean that you’ll save less. Here are some rules you should have in place:

    1. Save more than 50% of your available money (after expenses)
    2. Only buy nice things after saving
    3. Automate your savings with automatic bank transfers

    These are the same rules that helped me save thousands each year while buying the latest iPhone. Focus only on items that are important to you. Remember, you can afford anything but not everything.

    How to Foolproof Yourself out of Debt

    Personal finance is a game. On one end, you’re earning money; and on the to other, you’re saving. But what ends up counting in the end isn’t how much you earn but how much you save. Research shows that about 60% of Americans spend more than they save.[1]

    So how can you separate yourself from the 60%?

    By not accumulating more debt. This way you’ll have more money to save and avoid having more financial obligations. A great way to stop accumulating debt is using cash to pay for all your transactions.

    This will be challenging, depending on how reliant you are with your credit card, but it’s worth the effort. Not only will you stop accruing debt, but you’ll also be more conscious with what you buy.

    For example, you’ll think twice about purchasing a new $200 headphone despite having the cash to buy them. According to a poll conducted by The CreditCards.com, 5 out of 6 Americans are impulsive spenders.[2]

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    Telling yourself that you’ll have the discipline to not buy things won’t cut it. This is equal to having junk food in your fridge while trying to eat healthy–it’s only a matter of time before you slip. By using cash to make your purchases, you’ll spend less and save more.

    A Proven Formula to Skyrocket Your Savings

    Having proven systems in place to help you save more is important, but they’re not the best way to save money.

    You can search for dozens of ways to save money, but there’ll always be a limit. Instead of spending the majority of your effort saving, look for ways to increase your income. The truth is that once you have the right systems in place, saving is easy.

    What’s challenging is earning more money. There are many routes you can take to achieve this. For example, you can work long and hard at your current job to earn a raise. But there’s one problem–you’re depending on someone else to give you a raise.

    Your company will have to have the budget, and you’ll have to know how to toot your own horn to get this raise. This isn’t to say that earning a raise is impossible, but things are better when you’re in control right? That’s why building a side-hustle is the best way to increase your income.

    Think of your side-hustle as a part-time job doing something you enjoy. You can sell items on eBay for a profit, or design websites for small businesses. Building a side-hustle will be on the hardest things you’ll do, be too stubborn to quit.

    During the early stages, you won’t be making money and that’s okay. Since you already have a source of income, you won’t be dependent on your side-hustle to pay for your expenses. Depending on how much time you invest in your side-hustle, it can one day replace your current income.

    Whatever route you take, focus more on earning and save as much as possible. You have more control than you give yourself credit for.

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    Transform Yourself into a Saving Money Machine

    Saving money isn’t complicated but it’s one of the hardest things you’ll do.

    By learning from your mistakes and rewarding yourself after saving you’ll save more. What would you do with an extra $200 or $500 each month? To some, this is life-changing money that can improve the quality of their lives.

    The truth is saving money is an art. Save too much and you’ll quit, but save too little and you’ll pay for the consequences in the future. Saving money takes effort and having the right systems in place.

    Imagine if you’d started saving an extra $100 this next month? Or, saved $20K in one year? Although it’s hard to imagine, this can be your reality if you follow the principles covered in this guide.

    Take a moment to brainstorm which goals you’d be able to reach if you had extra money each month. Use these goals as motivation to help you stay on track on your journey to saving more. If I was able to save thousands of dollars with little guidance, imagine what you’ll be able to do.

    What are you waiting for? Go and start saving money, the sky is your limit.

    Featured photo credit: rawpixel via unsplash.com

    Reference

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