The Malta Independent on Sunday
6 reasons why you should start an online business
With three months still to go, 2020 has already delivered us a tidal wave of changes to life as we knew it. At our workplaces and at home, from schools to places of leisure, across the economy and our society - so much of what we always took for granted suddenly became a question mark.
2020 showed us that even the most foundational parts of our lives are never set in stone. And this is evident now more than ever in the way we work and create our careers.
Over the past few years I became a firm believer that the traditional 9-5 corporate job we always considered a “safety net” is not a safe bet anymore.
In fact, by relying on someone else for your career and income, you effectively put your destiny completely in someone else’s hands.
Decisions are made for you, changes happen without your sayso, your income is governed by a pay bracket and a redundancy is always a very real possibility (especially in challenging times).
Back in the day, landing a corporate job and working your way up the ladder was considered the safest and most sensible way to create financial stability and success for yourself.
Today, salaries barely meet the skyrocketing cost of living, pay rises are a near fantasy and being a hard-working and trusted employee no longer guarantees a long and rewarding career.
And yet at the same time, a new generation of entrepreneurs is raking in the millions online.
The truth is there’s never been a better time to start a side business. I would go as far to say that in today’s world of uncertainty and rapid change, it is a NECESSITY to create some sort of additional income stream - and there’s nowhere better to do it than online.
Starting an online business doesn’t mean you need to quit your job - in fact, most online entrepreneurs build their business on the side until it becomes viable as a fulltime gig.
The hard work you put into your own business and the success you create is yours to pocket - and that’s what I call a real safety net. Betting on yourself is the safest bet you can ever make.
So whether you’ve been thinking of creating a part-time income, or building something that could become a full-time career, there’s literally no reason NOT to try and start your own online business. In fact, here are seven strong reasons why you should:
1 You don’t need a lot of money to get started online… in most cases, just a few hundred euros will do. Many digital businesses, especially the ones that do not sell physical products, require very little overhead or start-up capital. A domain name, cheap website hosting software and free social media platforms is often more than enough to get started.
2 You get unlimited scalability: What you start out as a part-time online business has a very real chance of growing into a full-time income and from there, your income is never capped. There are always new customers, new ideas and new opportunities to pursue.
3 You have access to more platforms than ever before: If you are creative and willing to learn, the sky is the limit with an online business. Online tools, platforms, communities, marketplaces and solutions have made it easier than ever to create an online presence and reach customers without any tech knowhow.
4 You have access to a global reach: By tapping into the power of the internet you are also tapping into a global market. Gone are the days of worrying about footfall and investing in the right location - through the internet you can reach people anywhere in the world who are interested in what you are offering.
5 Education and learn ing opportunities are low cost and available to all: We are well and truly in the age of information, and you can now learn anything and everything online. No matter the skill you need to master to successfully build your business, it’s always just a Google search away.
6 You get ultimate flexibility and freedom: Starting your own business can lead to a better lifestyle and more freedom, as well as the choice over what to work on and who to work with. Location independence is another big freedom you get. You can manage many types of online businesses from anywhere in the world (or from home!). All you need is a laptop and an internet connection.
Over the past two weeks I have repeated the same mantra in this series: Practically anyone can create financial freedom nowadays with just an idea, a wifi connection and a willingness to take action.
More of our shopping, learning, working and even socialising is taking place online and as more people around the world gain internet access, this trend is only set to continue. The opportunity is there for every single one of us.
I hope that these seven reasons are enough to encourage you to bet on yourself, your ideas and your potential. The best ideas are born out of the biggest time of change and uncertainty. So start today - nothing is out of your reach.