Is Starting an Online Business Right for You?
Have you been thinking about starting an online business?
- The freedom of having
- No boss
- Making Your Schedule
- Earning Unlimited Income
Or maybe what appeals to you more is the ability to help others. You know, you have what it takes to help others on a larger scale than what you are doing on a daily basis in your “JOB.”
The beauty of the internet has allowed so many of us to start an online business which before was not a possibility because the overhead cost is minimal compared to a brick-and-mortar (physical location business). Plus, who doesn't love the idea of working from home and avoiding those long commutes so we can spend more time with our families?
But the question remains, is it right for you?
Here are some things to think about before you start your online business.
You're Your Own Boss
One of the biggest challenges of starting your own business (especially from home) is that you have NO Boss! or coworkers to keep you on track.
So guess what? If you decide to spend the morning on Facebook or Tiktok, no one is going to tell you to get to work.
Sometimes that sink of dishes in the sink will just be calling your name…
You have to be Self-Disciplined.
You have to focus on Money Making Activities.
Some people will thrive.
Unfortunately, some won't…
It's kinda hard to know if this is you or not before you even start your own business.
This is what I found to help:
- Surround yourself with other entrepreneurs(community is super important) to keep you motivated
- Hire a good coach who has done what you want to do
- Set daily and weekly goals
Maintain a Work-Life Balance
This was one of the hardest lessons for me in building my business and probably is something I still struggle with today (and I have had a business from home for 20 years!)
You need to learn to have a work-life balance. When you work from home, especially when it is your business and you need to make money it is hard to shut it off. There are going to be so many times you will be tempted to keep working. There are also going to be times when you face interruptions from your personal life while you are working; you need to learn how to juggle both at the same time.
This is what I found to help:
- Set a working schedule (stick to it as much as possible)
- Be flexible; life happens.
- Have a sense of humor (things happen, naked kids and dogs come in during zoom meetings)
- Have a separate office if possible
- Let family members and friends know what to expect when you are working/busy (all of my children from a young age knew what it meant when mom put the finger up to her mouth… they needed to be quiet, I was on a call)
- Share your business goals with your family and make them a part of it so they will be excited when you reach your goals and they are encouraging you along the way
- Set rewards for the whole family when you achieve those goals, even if it is as small as going out for ice cream.
- Resist the urge to check email when you're not “on the clock” and turn off notifications
Working at Home Can Be Lonely
I think many people, through the pandemic, when they switched to working from home, got to experience what I had felt over the years for the first time. Working from home can be lonely at times. You lose social contact with the outside world. On the other hand, you also lose the need for all those expensive, uncomfortable clothes and pantyhose and high heel shoes. I can wear what I want every day, which is usually blue jeans and my favorite flannel.
However, as humans, we do need social contact, so make sure you schedule human interaction. Schedule time for fun lunches with friends and family members. Remember, you are the BOSS. So you can schedule it on YOUR time!
Do You Have Space?
One of the main reasons businesses need a physical location is the production and storage of inventory. If you start an online business based on your skills or knowledge, you don't need inventory.
That is exactly what I did. I started my online business in my bedroom, and eventually, I was able to have my own office (which I highly recommend). It is much easier to shut your business off at the end of the day when you have a dedicated space just for business.
When starting your own business, your income is not guaranteed, and you will need to invest some money to get up and running.
If you are in a situation where you need money right now to pay your bills, you probably need a job. I suggest your build a 3-month expense cushion before quitting your job.
This does mean your dream of owning your own business is impossible. It means you need to build your business alongside of your job.
Starting a business requires work to get the money rolling in, and your income is based on how much work and effort your put in. With that said, you can earn far more than you will ever be able to earn with any job. Your income potential is limitless, and it is so rewarding!
Starting an Online Business Can Be Challenging
Starting your own online business can present challenges.
You need to have an entrepreneurial spirit & drive. If you have a passion and desire, it can be one of the most rewarding decisions you will ever make in your life.
I would love to hear from you; what type of online business are you thinking about starting?