Advertising
Advertising

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.

    Advertising

    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!

    Advertising

    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.

    Advertising

    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.

    Advertising

    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)

    More by this author

    50 Positive Quotes for Work That Will Put Your Motivation on Overdrive 7 Reasons Why You Should Start Your Own Internet Business

    Trending in Money

    1How Much Money Do I Need to Retire? Find Your Answer Here 2The Ultimate Guide to Make Saving Money Fast and Easy 36 Easy Ways to Treat Yourself 4A Random List of Unique Gifts 525 Things to Sell to Make a Lot of Money

    Read Next

    Advertising
    Advertising

    Published on June 12, 2018

    How Much Money Do I Need to Retire? Find Your Answer Here

    How Much Money Do I Need to Retire? Find Your Answer Here

    It is never too early nor is it ever too late to start planning for retirement. It ultimately depends on your way of life, where are you living, and whether you need to let go of anything. A successful retirement strategy is to have enough pay to cover your expenses with a little cash going into a savings account for sudden financial needs.

    With regards to retirement, we all have an alternate vision in mind. In fact, some think about traveling throughout the world, while some think of a peaceful life with their grandchildren. Whether we get ready for it or not, we will one day turn to retirement age and so, we should be prepared for it. I’m going to tell you how in this article.

    Benefits of early ventures for retirement

    The way this works is you figure out where you need to live, the amount it will cost you to live there (rent/food/transportation), and the various expenses you will need to account for, like travel/insurance/medical bills and taxes. Many people are struggling to put aside money for their future savings and some haven’t started yet. Think you can put off thinking about retirement? The reality is that you need to start thinking about it right now, and putting aside some money from today.

    There are a lot of benefits of taking early steps towards retirement. Utilize the power of compounding, low investment for targeted corpus and you can create more corpus investing the same money:

    • If someone saves $100 every month and starts investing for 30 years at 10% return, initially you will see that within 5-10 years, your investments will not multiply. However, after that period, the corpus will increase immensely with the impact of compounding. The investment period expands the extent of profits increments in the corpus.
    • Suppose there are two people, one aged 30, and the other 40. Both need to resign at 60 with the same retirement objectives of $300,000 USD each. Both will put resources into an investment with 10% of the return. Thus, to accomplish their retirement objective, the younger one needs to save $100 USD / month and the older one needs to collect $300 USD / month. Since the older one has started investing ten years later than the younger one, he will pay more than double what the younger one will pay.
    • If someone saves $100 USD every month and starts investing at 30 years old till 60 and gets 10% annual return, his corpus becomes around $170,000. Otherwise, if he starts the same amount spending at 40 years of age with the same 10% return, he will have around $57,000 USD. He can profit by just investing ten years early.

    You can’t invest too much money in retirement during the early stage of your career since you may have different objectives. However, you can increase the investment gradually if you start investing just a small amount.

    Advertising

    Average retirement age

    For many people who are nearing retirement age or recently resigned, one of their most significant financial regrets is that they did not focus on saving for their golden years. As per the Consumer Reports study, it demonstrates that only 28% of investors with the age of 55 years or older are pleased with the way they have saved for retirement.

    As per the report, The Economic Policy Institute breaks down how much Americans have put away.[1] Since you know that when the majority of people retire, you can subtract your age from that more significant number and check down what number of more years you need to work.

    But many retirees go back to work. Some of them do part time job while others do seek for a second career. Some even come back to full-time work and then retire again in a couple of years. So deciding their retirement age could be tricky.

    Average retirement savings

    To get retirement started, saving is pretty easy, though it can seem complicated. These simple five steps will make you go on retirement now. So, you don’t need to stress over having the same regrets as today’s retirees.

    1. Invest 15% for your retirement

    Your initial step is to save 15% of your income. This will depend on your gross income and does not include any coordinating assets you get through your employer’s retirement plan.

    Advertising

    It’s sufficient to enable you to achieve your retirement investment funds objectives, but not too much to keep you from enjoying your income today.

    2. Utilize tax-advantaged retirement plan

    Yes, we utilized the T-word; however, don’t daydream! Split your 15% retirement contributing budget between charge conceded retirement plans like your 401(k) or after-tax plans like a Roth IRA.

    3. Invest your money around

    To put it all in one place is the most significant risk that you can take with your retirement money. With mutual funds, however, you can invest in the biggest and most recognizable brands as well as that new organizations you’ve never known about but has a lot of growth potential.

    Opt a growth-stock mutual fund with background marked by solid returns for both your 401(k) and Roth IRA speculations.

    4. Stay with it

    Since mutual fund investing is less risky than investing in single stocks, it is not risk-free. You can see your savings grow in the long term as long as you can leave your money where it is and keep adding to it.

    Advertising

    5. Work with an investing professional

    It is essential to look for an investment professional, as you must have a lot of queries concerning your retirement plan during 30 or more years of investing,

    Never make due with an investment professional who recommends or patronizes you to turn over all your investment choices to them. Since this is your retirement, nobody will think or care about it more than you do!

    You might analyze or compare your savings against the average retirement savings for your age group to check whether you’re falling behind or getting towards of the curve. On the other hand, it might be conceivable to hang up the work boots and hit the shoreline with fewer savings if you live easily or below your means.

    How to achieve your financial goals?

    An ideal approach to achieve your financial goals is to stay focused on what you need for your future, ignore everything (and everyone) else that may divert you. There’s a significant business culture out there that requires you to stay in debt, live for the occasion and stress over your future later on.

    You need to start planning for your future from now, not when you have more time or money to invest. You can even talk to a financial advisor for any help. Cooperate to set your money goals and make an action plan to reach them. You can retire younger than you thought you could if you create a project and follow up on it.

    Advertising

    Start planning for your retirement

    A lot has changed in the last 30 years; our previous generation had an career goal and they would join either a large private company or a government organization immediately after school or college. Then they would spend the next 38 years in the same organization and the form of provident fund and gratuity. They would retire with a decent corpus and they would later spend the remaining time with their pension benefits. It’s a bit different now, but with the above information, you’ll be well prepared.

    Whether you can afford to retire now or not, you need not bother with a retirement calculator to get a rough estimate. You should have the capacity to closely approximate your daily spending habits to figure out how much money goes out the door every year.

    Featured photo credit: Pexels via pexels.com

    Reference

    Read Next