Starting an online business is a big decision; honestly, it’s only for some. Is starting an online business worth it now in 2023?
It could be if you’re looking for things such as:
- Financial freedom
- Income unattached from working time
- And no upper limit on potential earnings
But before taking the plunge into your next business idea, there are very BIG things that not too many talks about.
You could call it “the dark secrets of entrepreneurs”
Okay, that was a bit over the top, but you need to expect to work hard consistently for a long time to achieve meaningful results.
How long? It can take anywhere from months to years with little return on investment (in the short term).
So is starting a small business, startup, or even an e-commerce business really worth it?
Read on to find out my personal reasons as to why I think it is, as I gave up my 10+ years of an engineering career to pursue and become a full-time content creator!
1. Freedom (if successful)
Financial freedom is living on your terms without worrying about money. It’s a state of financial independence that allows you to control your finances and make decisions based on what’s best for you, not just what pays the bills.
Financial freedom provides many benefits, such as increased flexibility in lifestyle choices and peace of mind of not having a boss to answer to.
You get to invest in yourself or others, travel freely without worrying about expenses, and pursue passions with greater ease.
Additionally, it can provide an opportunity for personal growth as one learns how to manage their finances better and become more financially savvy.
And you will learn… A LOT!
To have a successful online business, hard work, and dedication are a must, along with a clear understanding of how the business model works in depth.
This will enable one to maximize earning potential while minimizing risks associated with a new business.
2. Income Detached from Time
Generating income without spending a lot of time working is one of the most significant advantages of running an online business if set up in that way.
You can make money while sleeping or doing other activities with passive income streams. This means you don’t have to be tied to your computer all day long and still make a decent living.
So what’s the inverse dark secret to this?
The flip side is that you’ll most likely spend more time in front of the computer anyways!
It’s a funny thing that happens when you work for yourself, you just keep going, and there are no time constraints or work hours.
There are many ways to generate income through an online business such as
- Amazon affiliate marketing
- Creating digital products and online courses
- A dropshipping online store
- A Shopify ecommerce store
- Email marketing
- Selling ad space
- Influencer deals and sponsorships
The list is endless ways you can create an income with your own online business.
You essentially create multiple passive income streams by diversifying into different areas so that if one stream slows down, you will still have others generating revenue for you.
They say that the average millionaire has seven different income streams, and I can see why.
To maximize your time working from home on your business plan, it’s vital to set clear goals and prioritize tasks based on importance and urgency, and I think this is something that many beginners struggle with this.
Breaking up large projects into smaller tasks makes them easier to manage and complete on time. Regular daily breaks help keep focus levels high, leading to better productivity.
By having an income that is not dependent on the time you spend working, you can reap the rewards of passive income and have more freedom to pursue goals that you personally desire.
3. No Upper Ceiling on Revenue
When running an online business, there is no upper limit on what you can make.
Everything you do directly impacts how much you earn, and the entire world can be your potential customers.
And that’s the beauty of having an online business, you can reach more people than ever and increase your chances of making money, even as a blogger.
Technology advancements, especially Artificial Intelligence, make it easier than ever to scale up quickly and efficiently without significant upfront investments or overhead costs.
To maximize your earning potential, focus on creating quality content and products that appeal to your target audience.
In essence, solve a problem that the market already has, either through apps, physical products, or even your own products.
Additionally, invest in marketing campaigns such as social media ads or organic traffic acquisition through search engine optimization (SEO) so that more people find out about what your ecommerce website is offering.
As your customer base grows, look for ways to automate workflow processes such as order fulfillment or customer service inquiries so that you don’t have too much manual labor involved in managing the day-to-day operations of your business.
Additionally, explore opportunities for partnerships with other companies who can help promote yours in exchange for a commission fee or other benefits like increased visibility within their networks/audiences.
The potential for success with an online business is truly limitless. Still, it requires almost universally extreme hard work, consistency, and dedication which not too many are equipped to handle.
Let’s look at staying motivated and committed when working from home and strategies for balancing life and work.
How To Succeed With An Online Biz
When being involved in entrepreneurship, having an unbreakable mindset and being prepared to fail several times are qualities that become more critical than ever.
To succeed in the world of online business requires long hours of hard wor, without fail, daily.
I created an image that perfectly displays what’s going on when starting a new side hustle 👇.
Most people give up before the big explosion happens, and this is not just for blogging; it’s more like a universal law.
You must remain consistent with your business strategy, or you WILL fail.
It can also be challenging to stay motivated when working from home due to the lack of structure or accountability typically found in an office setting.
One way I found around this is by creating specific goals you want to achieve each day, a daily checklist so that you have something tangible to measure your progress.
Additionally, setting deadlines for yourself helps develop a sense of urgency which can help keep you focused on completing tasks efficiently while still maintaining quality standards.
But remember to take breaks throughout the day and reward yourself after reaching milestones; both activities will help keep morale high when motivation may be low.
Hitting the gym is a fantastic way to stay productive while getting a mental break from the work-from-home environment.
It’s very easy to slip up on other aspects of life, such as family time or leisure activities like hobbies outside of work when striving towards success with our businesses.
But as long as you’re mentally aware of this will help you to avoid WFH burnout.
How Much Do Online Business Owners Make?
The amount of money online business owners make varies greatly depending on the type of business, how much time and effort they put into it, and their level of success.
Generally speaking, successful people can earn anywhere from a few thousand dollars to tens or even hundreds of thousands per month.
One of them is Adam Enfroy, who is making a killing through organic marketing with blogging. You can learn more in Adams’s free Blog Growth Engine masterclass.
Is Running An Online Business Hard?
Running an online business can be challenging. It requires a ton of upfront effort without seeing any Return on Investment for months at times.
Additionally, there are many different aspects, such as creating content, managing finances, marketing strategies, customer service, etc.
The key is to stay organized and have a clear vision for what you want your business to achieve.
Anyone can make their online venture thrive with the right mindset and determination.
What Kind Of Online Business Is Most Profitable?
Content marketing is an excellent online business idea for those with solid writing and communication abilities, as it involves creating content that will draw in customers.
Software development can be lucrative for those with coding knowledge, and artificial intelligence (AI) has become increasingly popular among businesses looking to scale content.
With content marketing, software, AI, and the ability to work from home, countless opportunities are available for those looking to make money online.
A biz can provide financial freedom, income unattached from working time, and no upper limit on potential earnings. However, it requires a ton of effort without any guarantee of success.
Starting an online business is worth it if you are ready to take on the challenge and reap the rewards.