As a single thirty-something, I worked hard to climb the career ladder and earn a good income. I was a highly respected IT consultant, but I felt like something was missing. I knew I couldn’t face spending another 30 years in an office, working for someone else, watching life pass me by through the office window. I knew there had to be more to life than just working to pay the bills.
If this sounds like you, and you’re someone who would love more freedom in their life to pursue their passions & dreams, then perhaps an online business is the answer you’ve been looking for.
Read on to find out what an online business is, how an online business could work for you, and the pro’s and con’s of running your own business online.
- What is an Online Business?
- How does an Online Business work?
- Why start an Online Business?
- What I like about having an Online Business (Pros)
- What I don’t like about having an Online Business (Cons)
- Conclusion
What is an Online Business?
Essentially, an online business is any business that allows you to leverage the power of the internet to reach customers or clients. Any business that runs entirely online could be classed as an online business.
The beauty of an online business is that it allows you to create a flexible income stream (or multiple income streams) that can give you the freedom to work from anywhere and set your own hours.
Making use of tools & technology, it’s never been easier to start a business, or run a business by yourself, than it is in today’s digital world.
Examples of online businesses are:
- an e-Commerce business that sells physical products through an online store
- a service-based business that provides services remotely such as coaching, consulting or freelancing services
- an e-Learning business that sells online self-study courses and/or live online workshops
- a community or membership-based business that provides members access to exclusive content or experiences around a particular topic or theme
- a middle-man business that connects customers to products & services for a fee, for example through an app or website
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How does an Online Business work?
One key aspect of an online business is having an online presence. Typically this takes the form of a website, but it could also be:
- A blog or vlog
- An online store
- Product listings on platforms like Amazon or eBay
- Freelancing services offered through sites such as UpWork or Fiverr
- An mobile app
- A private Facebook community
- A social media following
This online presence allows you to connect with people who might be interested in your business, and provides the conduit through which you can promote & sell your products & services to them. Once they make a purchase, other web-based tools then ultimately deliver them the goods or provide the service.
So many businesses were forced to go online during the Covid-19 pandemic, which accelerated the rate at which new tools & technologies were created to support people connecting, shopping & transacting online. There’s not much you can’t do online these days!
Using tools like email & instant messenger to chat & communicate, scheduling tools to arrange meetings, video conferencing to connect people via video, social media for communities to connect and hang out, and e-Commerce & payment services to take payments and initiate shipping processes, almost anything can be transacted online.
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Why start an Online Business?
With over 4.5 billion people on the internet the online marketplace is so huge, that even a 0.0001% slice of this very large pie could net you a very tidy income. And since the Covid-19 forced everyone to stay at home, an increasing number of people are turning to the internet to shop online, so that market is only going to grow.
The Great Resignation is a trend where an increasing number of employees are quitting their jobs and seeking to improve their quality of life. Many of these are turning to the internet to earn income, demonstrating that working online is becoming ever more commonplace.
While there are many challenges and risks associated with starting an online business, the start-up costs are typically much lower than a traditional business, making it a less risky proposition.
It can be an incredibly rewarding venture for those who are willing to put in the time & effort.
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Read on to find out the Pro’s and Con’s of generating your income via an online business.
What I like about having an Online Business (Pros)
✔ Flexibility: You can set your own hours and work from anywhere in the world, so you can fit your work around your chosen lifestyle.
✔ Freedom: You’re not tied to a physical location or office, so you are free to travel, or work from your home office, a coffee shop or your parents’ house if perhaps they’re reaching an age where they need taking care of.
✔ Control: You’re in charge of your own business, so you can sell only products that you believe in, to people you care about serving, while creating a work environment that suits you.
✔ Passion: You can build a business around something you’re passionate about and truly love what you do.
✔ Adaptability: With all your assets being digital, it’s relatively easy to flex, adapt and pivot your business as you grow or the market changes, so you won’t get bored, feel trapped or get caught out by shifts in the market or economy.
✔ Automation: You can leverage technology & systems to automate large parts of the business, such as finding clients, scheduling calls, taking payments and delivering digital products, so you can free up your time to do more of what you enjoy and what you’re good at.
✔ Uncapped income: Depending on the business model and types of products or services you choose to sell, there’s no limit to the number of people you can serve or the quantity of products you can sell, so it’s possible to create a hyper-profitable business online.
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What I don’t like about having an Online Business (Cons)
❌ Isolation: Running an online business can be lonely, especially if you live alone and are used to working in a team.
❌ Uncertainty: Starting a business comes with risk, and there’s no guarantee that it will be successful.
❌ Responsibility: As the owner of the business, you’re responsible for everything from marketing to finances to customer service.
❌ Self-motivation: Without a boss or colleagues to keep you accountable, it can be hard to stay motivated and focused.
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Conclusion
If you’re someone who’s looking for more freedom and flexibility in your work life, an online business could be the perfect solution. But only if you’re the type of person who has the self-discipline to commit & see things through.
While it comes with its own set of challenges, the rewards can be immense. You may need to learn new skills, but once you master the art of marketing & selling online, the possibilities are endless.
Just make sure to do your research, create a solid business plan, surround yourself with people who support you & your vision, and stay focused on your goals. With hard work and determination, you can create a life you truly love.
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Thinking of starting an Online Business?
Click the button below to sign up for a free training that explains how anyone can get started by learning the 6 steps to market & sell anything online – and get introduced to the same training program that got me started in the online business world:
About The Author
Leaving the corporate world and starting my own online business was the best decision I ever made.
It hasn’t been an easy journey – it has been very confronting at times, has challenged me in so many ways, and can be quite lonely – but every day I get to wake up when I choose, work with clients who value what I offer and bathe in the sunshine in the middle of the day, I thank my past self for having had the courage to choose this path.
It wasn’t always this way. Stepping back in time to 2015, I was a loyal, dedicated hard-working employee. Without a partner or a family to come home to, my life revolved around my work… until one day I got laid off.
Suddenly I discovered what it was like not to have to set an alarm to wake up, battle with the morning commute or stumble bleary-eyed into an office every day pumped full of caffeine.
Sitting in the garden in the sunshine, listening to the birds and enjoying the feeling of the warm sun on my skin, I knew this was my opportunity to choose a different path.
I started my online business training in 2019 and knew I’d never go back to working for someone else ever again. The freedom, the control, the creativity, the people I’ve met from all over the world… I’d found my tribe, and finally felt understood. These are people who share my values of living life to the full and doing work that’s meaningful.
Life is meant to be lived, not endured.
Having explored & experimented with various different business models (affiliate marketing, consulting, coaching, training), I’ve fallen into coaching as my primary business model of choice, but am also still dabbling with other business models on the side.
My work gets me out of bed in the morning, lights me up and puts a spring in my step. I find serving people and making new connections all over the world extremely fulfilling. And even better – it pays enough to cover my modest lifestyle, while only needing to work 2-3 days a week, so I can spend the rest of my time learning, studying, visiting friends & family and playing with my camera.
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Start again . I’d like to do consultations online for TCM healthcare . Also publish my education articles
Hi Joshua 🙂 That sounds great! What do you need in order to be able to do those things?