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Episode #106
Here’s the short version. To listen to the full episode with more stories, examples and insights, click on the play button above!
This time I’m talking about online business and why I believe it can be a great option for aspiring entrepreneurs. Especially those whose drive for wanting to escape their employee life is about freedom, and flexibility, and who want to make more of an impact in the world,
A purely online business or digital business operates completely in the digital realm, using the internet and various online platforms to reach customers and deliver products or services. Everything is done online from the type of product you are selling, marketing and sales, to the delivery of the product or service to the customer.
You can sell your skills for services like copywriting, design or accountancy to create solutions for your clients. Or use them for coaching or teaching in a particular niche or specialism. This allows you to share your passions with others to teach or inspire them.
And you can sell other digital products like video courses, ebooks and written and audio guides. If you know about a particular subject there are many ways in which you can share it with your potential customers online.
You might have some offers that include face-to-face contact with people, like you may host a retreat or a one-off VIP day in person, but they are the exception, your business can thrive without them.
OK, let’s get into the reasons why an online business is an option that should be considered.
FREEDOM & FLEXIBILITY
First is the big one, freedom! One of the most exciting and compelling reasons to start an online business is the absolute freedom and flexibility it provides. Unlike a traditional brick-and-mortar business, an online business allows you to work on your own terms, at your own pace, and from anywhere in the world.
By harnessing the power of the internet and digital tools, you can create and manage your online business with just a laptop and an internet connection. Whether you're working from the comfort of your home office, sipping coffee at a local café, or exploring exotic destinations while running your business remotely, the choice is yours.
Imagine the freedom of not being confined to a fixed schedule anymore. You have the flexibility to structure your work around your life, rather than the other way around. After the initial start-up period, which I’m not going to lie is more time intensive, you can work out a way of working that suits you.
All this flexibility also means it’s perfect to start building during evenings and weekends, without disrupting your current job. You can gradually transition from the employee world to full-time entrepreneurship without taking a leap of faith. You can validate your business idea, build your customer base, and if your employer is ok with it you can generate income while maintaining the security and stability of your job.
GLOBAL REACH AND IMPACT
Next up is the opportunity to have a wider global reach and impact. In other words, to be able to reach more people across the word with your ideas, products and services. In today's interconnected world, the internet has transformed the way we connect, communicate, and do business. An online business allows you to tap into this global network and unlock a whole new level of possibilities.
Think about it: with a few clicks, your products or services can be discovered by people in different continents, cultures, and time zones. Your online storefront is accessible 24/7, meaning you can generate revenue even while you sleep. The Internet allows you to transcend physical boundaries, making your business accessible to anyone with an Internet connection.
And here’s my favourite part, not only does an online business provide the opportunity for a broader customer base, but it also gives you the platform to make a meaningful impact on a larger scale. Whether you're passionate about environmental sustainability, personal development, or social causes, an online business enables you to align your entrepreneurial journey with your values and create positive change.
LOW START-UP COSTS AND SCALABILITY
One of the common problems people face when starting a business is the upfront capital needed. The good news is, with an online business the costs are far lower making it a more attractive option if you don’t want to invest too much at the start.
An online business can be launched with minimal financial investment. All you need is a computer, an internet connection, and a compelling idea. There are a host of readily available digital tools and platforms from all price levels, you can build a professional website, create engaging content, and sell products or services online without breaking the bank.
This low startup cost allows you to test and validate your business idea without risking a significant amount of money. You can experiment with different products, pricing strategies, and marketing techniques to find what resonates with your target audience. This approach allows you to fine-tune your business model and adapt based on real-time feedback, increasing your chances of success.
Longer term, the scalability of an online business is unmatched compared to a brick-and-mortar business. Digital technologies, automation, and outsourcing mean you can efficiently grow your online business as more people want to buy from you.
The Internet allows you to serve an ever-growing customer base without incurring significant overhead costs. This scalability opens up the potential for exponential growth and financial rewards. There really is no limit to the profit you can make.
INNOVATION & AGILITY
One of the key benefits of an online business is the ability to leverage cutting-edge technology and stay ahead of emerging trends. As an online entrepreneur, you have the opportunity to tap into the digital tools and software that can streamline your operations, give your customers a great experience, and drive business growth.
By learning and embracing technology, you can improve efficiency, gain valuable insights, and deliver amazing value and experiences to your customers.
One thing you see a lot of in the online entrepreneur community is people pivoting to new ideas and even new businesses. If you notice a new trend emerging, you can adapt what you offer to this new trend without the need for a major upheaval internally.
Also, if you decide after a few years that the business you have is not as fun anymore, and your customers have been asking for something else, you can pivot your business to another topic, or start a new one up entirely. This agility allows you to stay relevant, capture untapped markets, and position yourself as a forward-thinking entrepreneur.
MINIMAL ENVIRONMENTAL IMPACT & SUSTAINABILITY
In today's world, sustainability and environmentally conscious practices are gaining increasing importance, and an online business inherently aligns with these values. Because it doesn’t require physical space, transportation, and energy-intensive operations, an online business has a significantly lower carbon footprint.
By doing business digitally, you eliminate the need for commuting, reduce paper consumption, and minimize energy consumption associated with a physical business.
You can also use your brand and values to raise awareness about environmental issues and promote sustainable practices. Through your online platforms, you can share educational content, inspire others to adopt eco-friendly habits, and support causes that align with your business's values. This ability to advocate for sustainability and make a positive impact on a larger scale is a unique advantage of online businesses.
So there you go, the 5 reasons why an online business can be a great option.
I know I’ve mentioned digital systems and tools a lot. And I totally understand that learning and using technology platforms and systems can feel overwhelming. But let me reassure you, that it's not as complicated as it may seem.
Remember, technology is not an obstacle but a powerful tool that can enhance your business operations and fuel your growth. Embrace the journey of learning and implementing technology at your own pace, and trust that you have the capability to adapt and succeed.
THE BOTTOM LINE IS
An online business allows you to break free from the confines of the traditional work environment. You can design your own schedule, work from anywhere in the world, and build a business that aligns with your passions and values. The flexibility and autonomy that come with an online business empower you to live life on your own terms, enabling you to strike that elusive balance between work and personal life.
Stay committed, be resourceful, and never lose sight of your dreams. As you embark on the path of online entrepreneurship,
