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Top Reasons Why You Should Start An Online Business

Starting an online business is no cakewalk. Anyone who suggests that an online business is easy to run or one can make a million dollars in no time is not being realistic. There are serious challenges in running any type of business, be it offline or online. Yet, it is better to start an online business. Here are the top reasons why you should start an online business. 

There are innumerable people in the world who have great ideas, but they are unable to manifest those ideas owing to lack of funds and resources. Starting any type of traditional or conventional business requires substantial investments. Most online businesses can be launched with very little investment. Even a neighborhood convenience store requires a handsome investment, and that money is locked in for years. The storeowner doesn’t recuperate the entire investment in one year or even five years. You don’t need such massive capital to start an online business.

I started my online business with an investment of $125, and that was just the fee to record my LLC.  With most print on demand (POD) businesses outside of a marketplace like Merch by Amazon (MBA) or Redbubble, you do have to have a credit card on file to purchase the goods sold before you get paid from the merchant account.  So, there could be a period where you have accounts receivable on your books.  But for the most part, no inventory means no significant upfront investment.

Most traditional businesses have a significant threshold that must be attended to. You cannot start very small and expect to become a medium sized enterprise or a major brand in a few months. An online business can be launched as a very small initiative, and it can grow quickly. This growth doesn’t have to be fueled by a fortune in investment or tremendous expansion in sheer real estate. Expansion of online enterprises is much easier and hence a business can become sustainable in a much shorter period of time.

As we’ve focused on POD, you have a relatively large amount of online real estate to work with, but it can be saturated, so make sure you’re doing your niche research properly and you’re selling what buyers are buying.  You can have the greatest designs out there, but if nobody can find them or nobody is looking for them you will not be successful.  I started with Etsy, which was the biggest marketplace with built-in traffic that I could get access to (still waiting on my MBA approval…), then branched out to Redbubble and Spreadshirt (two low barrier to entry/high competition marketplaces), then took my show to my own Shopify store.  Shopify is where I have seen the most success, but what I do there is not passive by any means.

An online business can be started by anyone, from anywhere and it can make its presence felt anywhere in the world. You don’t need to be in a particular state or country to sell your digital products or services. Conventional businesses are bound by location, the immediate target audience and local influence. An online business can start local and become global in a few months.

I am located in the Carolinas in the USA, but I have shipped POD merch to as far away as Australia, with many items going to European countries as well as states across the USA.  I am not bound by a geographic location.

The sheer scope of online business opens up a colossal realm of opportunities. Ideas that wouldn’t have made much business sense a few years ago are now gold mines that can make one a millionaire, if not a billionaire. There is room for every innovative idea and every type of business that can add some value to the lives of people or companies around the world.

An online business allows entrepreneurs to make as much or as little money as one want depending on the time, effort, and resources one is willing to invest in the enterprise. There is of course the life work balance and personal freedom, both of which are unmatched perks of running an online business.

I don’t know exactly where my online business will take me, but I admittedly only invest 1-2 hours a day, 5-6 days a week, so 5-10 hours a week total.  And I consider my side hustle successful to this point.  I cleared a profit in year one, made a second investment in branching out to a second revenue stream in year 2 and continue to set the bar for monthly sales revenue for the overall business.  Will it replace my regular full-time income?  Probably not any time soon, and that’s OK because I am not sure what I want out of it yet.  Maybe it’s just a hobby-job, maybe it will grow into a family side hustle and fund vacations and fun money, maybe it will replace my regular job someday.  But the beauty of it is that I can control that, I am in complete control of this destiny.

For more information on starting your online business journey, check out our Internet Business Start-up Kit, an instant download eBook with all you need to get started, including a step-by-step checklist and resource cheat sheet.