When I was a Senior in high school, I spent an entire school day at my Grandfather’s hardware store in Indiana. It was “career shadow day” and I wanted to see what it was like to run a business.
Since I was young, I had always been fascinated with what it was like to run a business. That day my Grandfather taught me many lessons. I remember learning for the first time about hard costs, profit margin, and managing inventory.
“You must have a minimum of 33% profit margin if you ever hope to be successful in business,” my Grandfather replied.
In many ways, I really admire the “brick and mortar” entrepreneur. There is a lot to manage in order to be successful.
However, today anyone can be in business and relatively fast. Profit margins can be as high as 90-100% for digital products.
3 Reasons You Should Start an Online Business
“Yeah, but why should I start a business?” I can hear you ask. Well, here are at least 3 solid reasons you should consider it.
1. To Become Location Independent in Your Work
This was a big motivation for me. Every personality test I’ve taken have shown my need for “high variety” in my work. Maybe you are a lot like me. You need to change up your surroundings in order to do your best work. Right now I ‘m writing this blog post while sitting in Panera Bread.
We live in an amazing time. You can open and operate your business completely online. With a laptop, mobile phone, and wifi access, you can manage your business from anywhere in the world (See my post: “The Minimalist Guide to Starting a Portable Business“.)
2. For the Pursuit of Writing Your Own W-2
Tired of just getting a yearly 5% living increase in your salary? Starting your own online business affords you the opportunity to write your own W-2. You have the power to create additional income when and how you want by launching a new program, offering a new service, or meeting a need your audience has.
3. You Can Build Your Business In the Margin of Your Life
Wait, I have no margin. That might be what you are thinking right now. Let me challenge you a bit. We all have the same number of hours in a day. We all have a few hours every day in which we have the power to choose how we will spend it.
I remember when I first had this realization. I finally made the hard decision to work for myself first each day. Before anyone else demanded my time, I intentionally chose to work for myself each day. For me, this was the hours between 5:00-7:00 AM.
It is amazing what you can accomplish in two uninterrupted hours each morning. Each work session builds one on top of the other until you have built something great. An online business allows your doors to be open while you are at work doing something else.
An online business allows you to attract and serve new customers without your need to be present. It is a great side hustle business for you to work on in the margin of your life.
Truly, anyone can be in business. Is it easy? No. Is it possible? Yes.