Many people have thought about starting an online business to earn some extra money to cover expenses and do some development projects. Having an online business has its own pros and cons. Below are the pros and cons of starting an online business.
Freedom: If you’ve thought about becoming your own boss, then an online business can give that opportunity. With an online business, you can plan your time to work when and how you want. You can also work from anywhere you want, just ensure you have access to an internet connection. Whether you prefer to work from coffee shops, pubs or restaurants, you’re free to do so. Some people prefer to work on weekdays only and rest on the weekend, whereas others want to work every single day. The choice is yours.
A sense of achievement: Starting an online business will give you a sense of achievement once you get out of your comfort zone and start experiencing growth. Once you get a lot of tasks done and your business can move forward, you’ll realize that your effort was worth it. Small achievements along the way can be very rewarding, as the work you put in will drive business growth.
You can start with a small amount of money: The best part about starting an online business is that it is highly scalable and you can start with a small amount of money and watch your business grow. For instance, you don’t need to pay hefty costs for a rental space. In some cases, all you may need is a laptop and an internet connection. There are several freelancing sites you can use, including Fiverr and Upwork or any other site you’re comfortable with and start looking for clients. The amount of capital you may need to start your online business will depend on your business idea and how you want it to be.
You can easily outsource labor: You can outsource to overseas talents and have skilled professionals do the work for you as you focus on your core business. Take advantage of free collaboration software and tools to organize your team to work more efficiently.
Access to a global market: When you start an online business, you can tap into the large global market to sell your products or services. If the business you operate is not restricted to your location, you can sell to clients outside of the U.S. and grow your business fast.
Isolation: Working from home can be boring and lonely. This is where you need to get creative and work from public places once in a while. Sometimes, you’re the only one with an online business and you feel there is no one to look for advice. You may also feel like no one understands your struggle or what you’re going through. Just find creative ways to make your work more sociable and interactive.
Balancing work and leisure can be difficult: Some people also find it difficult to balance work and social life, as they tend to lean too much toward work and forget they have a social life. Others take advantage of the freedom and work only when they want to, thereby leaving a lot of opportunities on the table. Be prepared to spend long hours working on your business, with few hours of sleep and no time off.
You won’t get employee benefits: As a self-employed individual, you’re neither entitled to holiday leave nor sick leave. If you get sick and fail to work, you’ll not get paid, unless you’ve automated your business and earn a passive income.
These are some of the pros and cons you should know before you start an online business. If you still want to be your own boss remember that consistency and a strong desire to succeed will help you achieve your business goals.