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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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    Last Updated on April 3, 2019

    How to Nix Your Credit Card Debt in Less Than 3 Years

    How to Nix Your Credit Card Debt in Less Than 3 Years

    Debt is never a fun thing to be in. But, there are many actions that you can take that will help you rid yourself of the burden of debt once and for all.

    By coming up with a set plan, eliminating your debt can feel much easier than constantly thinking about it.

    This post will provide some tips on how you can do this to help you nix your credit card debt in less than 3 years.

    Hint: there are ways that are easier than you think.

    1. Consider Consolidating Multiple Credit Cards If Possible

    This may not be applicable to you, but if you have multiple cards – it is something to consider. Keeping up with multiple bills is time consuming.

    It will depend on the balance you have on each. Consolidate ones you can but do not do it to the point that you get too close to the maximum limit. Also, it is ideal to pick the card with the lower interest rate.

    Consider if there are any fees or alternatively, rewards, with transferring a balance to another card. Watch out for fees. Note that some cards offer rewards for transferring a balance to them. This is extra cash that can help go towards paying off your debt.

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    Having one or two cards can make nixing your debt much simpler than keeping up with the balance of a bunch of cards. Keeping track of paying the minimum towards a bunch of cards is time consuming. Spend the time to consolidate instead to make the overall process simpler going forward.

    My tip: Have one main credit card. Have a second one that you use for necessities – such as groceries or gas – that offers rewards for those purchases (a lot of cards do) and set the second one on auto-pay. You should be able to pay off a smaller amount on auto-pay if it is a necessity. If you think you cannot, then you may need to cut down a lot on expenses.

    Why do I suggest doing this? Having one thing set to auto-pay is one less thing to think about. One less thing to waste time on. Same idea with consolidating to one main card. Tracking down too many is a hassle.

    2. Try to Pay the Full Balance You Spent Each Month at the Very Least

    You need to pay off the amount you are spending each month when that bill comes in. This is the amount you spent THAT month.

    Do not let the debt keep accruing while you work on paying any unpaid debt that has accrued. It will become a never-ending battle. Try as best as you can to be current on paying for each month’s expenses when that month’s bill comes out.

    If this is a strain, consider why. You may need to cut expenses. Or you may need to consider other cards. Or look at where this money is going.

    3. Pay Extra When You Can – Every Small Amount Counts

    This cannot be emphasized enough. If you are looking at a lot of credit card debt, it can look daunting, but each extra amount that you can put towards the debt will really add up – no matter how small it is.

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    It does not just reduce the principal amount that you have left to pay off, but it reduces the amount that is collecting interest. You will always save money with that reduced interest.

    4. Create a Plan on How to Pay Extra

    Back to the main point, having this plan is giving you one less thing to think about.

    This plan should be a plan that works for you. If it does not work for you, your spending habits, and your views on debt, then it will not be an effective plan.

    For instance, if a set plan of an extra $50 (or another amount that you know you can afford) works for you, then do that. Set that aside every month and pay that extra amount. Treat it like a bill. Choose an amount that works for you and pay it like clockwork as though it was a bill you had to pay each month.

    Little amounts will not nix it entirely, but they will help tackle it and having a set plan can make it less of a chore. Creating a new plan of how much to put towards it each month is an unnecessary added stress.

    5. Cut out Costs for Services You Do Not Use

    If you are signed up for subscriptions that you do not use because of some free trial or for some other reason, cut it out. Your overall financial position will look better.

    In turn, that will make cutting your credit card debt easier. Look at your statements to find these expenses. If you do not use them, you may forget you are paying some unnecessary amount each month. Cutting it out can really add up in savings that you can put towards other needed expenses.

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    6. Get Aggressive About It

    Consider these points:

    Depending on the interest and the level of debt, you may need to give up a few indulgences. For example, instead of ordering delivery or going out to eat, cook at home. Everything adds up.

    Other things may be more of a sacrifice. It may be a trip you wanted to go on, or a daily latte habit you’ve picked up. In these instances, consider how important it is to you and if it’s worth the sacrifice. And if it is a costly expense, think whether you can wait to indulge.

    Cutting an extravagant expense can really help make a dent in your overall debt. Try not to add to debt when you are trying to pay it off. It will be a never-ending battle. Make it less of a battle with these tips and it will feel easier.

    Bottom line: Do what you can to make this process easier for you. Implement steps that do this. It takes time now, but will help overall. Also, keep track of your spending and paying down of your debts. Which is the next point.

    7. Reevaluate Your Progress at Set Intervals

    Doing a regular check-in can help you see your efforts pay off or maybe indicate that you need to give this a bit more effort. If you check every 3-6 months, it will not feel so much like a chore or feel so daunting.

    By doing this, you will be able to better understand your progress and perhaps readjust your plan. Bonus: if you see it pay off, it will feel great to do this check-in. You will get there.

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    Finally (and most importantly)…

    8. Keep Trying

    Do not get discouraged. Pushing it off will make it worse. Just keep trying.

    Once your debt becomes lower, each monthly payment will reduce the balance more. Why? You are paying less towards interest. It will be a snowball effect eventually and it will become much easier to manage. Just get to that point. And know once you do, it will feel easier and motivating.

    Start Knocking out Your Debt Today

    The best way to eliminate debt is to get started right away. Begin by implementing the above steps and watch your debt just melt away. Try out some of the above strategies and see what works best for you. Soon you’ll be on your way to a debt free life.

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    Featured photo credit: Pexels via pexels.com

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