As of 2024, the number of internet users around the globe has reached around 5.4 billion, accounting for 67.1% of the global population, as reported by Statista, which means, there has never been a better time than now to start an online business.
And, while the internet is only getting bigger and bigger, it’s also getting easier and easier to build a professional online presence, without needing to know how to code.
With the development and growth of lots of different web creation tools, as well as using social media to drive free traffic to your website, it really doesn’t matter where in the world you are… The benefits of starting an online business can be huge, and can also be inexpensive and very easy to get started.
Starting an online business
Below I’ll list a couple of good reasons why I recommend starting an online business or a side hustle which could hopefully grow into a full time income and eventually give you the freedom to work where you want, when you want.
1) Starting an online business can be inexpensive
One of the amazing aspects of starting an online business is that it typically has minimal startup costs and lower operational expenses in comparison to starting a brick-and-mortar business. Not having a physical storefront or warehouse significantly reduces your overheads when running a business.
For starting an online business, your main business costs would be your laptop, website hosting, brand identity (which you could do quite cheaply), and the platform which you choose to build your website with, which nowadays you can also get away with very good prices for building a website.
The ongoing costs with running an online business are usually web hosting & domain (annual), website platform subscriptions (monthly or annual), and also other optional costs such as advertising, marketing, other useful tools to speed up work and performance.
In my experience, these online business costs can be kept very low until the business has a flow of income, which will then easily cover all business expenses and allow for extra methods to improve the business and exposing it to more users.
2) An online business can give you time freedom
Are you not the 9 – 5, “be here, leave then, eat your lunch at this time, and I’ll pay you this much” kind of person? Who is…right?
I don’t believe in the mundane, fixed location on a set time schedule kind of life, and that is why I have refused to do it for the last 15+ years… But don’t get me wrong, when you need to work, you need to work!
When working for yourself, being disciplined is vital to successfully balancing your freedom and your work responsibilities… But starting an online business where you’re working for yourself really does give you a lot more flexibility and freedom, and allows you to work from anywhere and usually at any time of your choosing.
3) Start an online business to be location independent
Being location independent in your online business is great because it means you can work from anywhere as long as you have your laptop and an internet connection, it does also take a little discipline blocking out the distractions, but it’s a lot better than being in the same office at the same set schedule, every day.
The freedom of working where you want to lets you balance work and life better, and it also allows you to tap into a diverse pool of other talented friends or people by working in the same spaces.
You also save money by not needing a fixed office space, and you can be more flexible in serving customers in different time zones and cultures.
Plus, if you really get it right, it can give you the freedom to travel and explore new places while still running and growing your online business.
4) An online business runs 24/7
Another great aspect of having an online business is that it can keep running even when you’re not actively working, and it can make money while you’re sleeping, or while you’re on holiday.
The fact that an online business can run all the time offers you, as the business owner, greater flexibility in terms of when and how you work, as it ensures that viewers and customers can always access your information, products, and services when they need them.
5) An online business has great growth potential
Depending on the type of online business you’re running, your online business can have large growth potential and scalability.
Unlike traditional brick-and-mortar businesses, online ventures have the advantage of reaching a more global audience 24/7.
While growth and scaling your business will not happen over night, and it usually takes advertising and/or a decent marketing strategy, the potential can be huge… And, as your online business grows, you can easily expand by adding new services or new products without the constraints of taking up more physical space.
With the ability to automate many processes and tap into a vast online marketplace, the potential for growth is substantial, making online businesses an attractive and dynamic choice for most entrepreneurs.
6) Work for yourself!
You get to call the shots, you set your own schedule, and you get to pursue your passions!
There’s no boss breathing down your neck, and you have the freedom to choose how you want to tackle your tasks.
Whether you’re creating a lucrative side hustle or building your dream career… Just having the flexibility to balance work with life, being your own boss is very rewarding and also lets you reap all of the benefits of your hard work that you put in.
Who should start an online business?
So, who should start an online business? The answer is… You!
Starting an online business is an excellent option for those who want to pursue their entrepreneurial dreams without a huge upfront investment. Anyone with a good idea and the determination to make it work can invest and get an online business up and running.
I think anyone with creative ideas, a strong work ethic, and a willingness to adapt and learn in the fast-paced digital world. Whether you’re a young entrepreneur with limited capital, a stay-at-home parent looking to balance work and family, an established business owner seeking to expand and/or start a side hustle, or even a retiree looking for an exciting second career.
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