The idea of starting your own business has never become more possible and closer to grasp than in this day and age thanks to the power of the Internet. And what’s more, the idea is beginning to catch on quickly with many people. You can feel the shift in thinking.
If you look throughout history, you will always find pendulum shifts in terms of the mentality of the masses.
In the 1970s, there was the popular theme of living the simple life, the hippie era, connecting with Mother Earth, etc.
Then came the massive materialism shift in the late 80s and 90s.
Now we are beginning to see the pendulum shift back – back to “green” due to all sorts of things going on right now – global warming, high oil prices, environmental protection, etc.
The same kind of pendulum shift with regard to the mentality of many people when it comes to work can also be seen in this day and age.
Before industrialization was introduced in the U.S, everyone ran their own businesses in one way shape or form – the farmer, the barber, the blacksmith, but once industrialization was established, the security of a job and pension was more than enough to lure people to long term employment.
Now we see that the notion of working for the same company for the rest of your life and being given a fat pension after you retire is quickly becoming a pastime. Loyalty is no longer rewarded in corporate America where the bottom line is the almighty dollar.
The entrepreneur bug is beginning to itch again and the pendulum is shifting back. People want to build their own businesses and technology has finally leveled the playing field so that the average Joe can do just that.
There are many reasons why an online business is one of the best types to start building.
Let’s start with the most obvious of all.
Low start up costs.
Lack of capital and funding is probably the biggest dream killer when it comes to starting your own business. But with less than $100, you can buy a domain name and hosting and email for one full year. $100. There’s no need to build a Powerpoint presentation to pitch to venture capitalists, no need to go to the bank, no need to borrow from friends and family. Just $100 (probably half that) is all you need to start.
Level playing field in terms of location
When it comes to the Internet, everyone is on the same level on the playing field. There’s no such thing as “prime” real estate, unless you’re talking about advertising. So long as somebody has a computer and an Internet connection, they have the potential to access your site. And there are millions who have just that.
Instantaneous change and feedback.
One of the great things about the Internet is that you can make changes instantly and track what happens as result. There’s a lot of experimentation you can do within a short period of time to maximize the results you want.
For example, you can change the layout of your site to get more traffic to one particular page you’d like people to go to. You can track to see how long people stay on a particular page. You can track to see where they click and how often.
There’s a lot of statistical “behind the scenes” mapping going on that you can leverage to your advantage to gain some insight into your website visitors.
Efficient systems.
One of the best things about having an online business is that when you finally do all the work and get it the way you want it, you can set it and forget it.
You can build systems in place to capture leads, sell, market, etc. The site is always on 24/7 working for you even when you’re not even there. This brings us to:
Separation of time from work
As an employee, the only way you can make money is to trade time for work. But because the Internet allows you to separate that link through system efficiency, it allows you to work on the business, instead of in it.
Working in the business would entail doing the routine stuff that has to be done just to maintain the business – taking orders, customer service, data entry, etc.
Working on the business entails thinking of new products/services, marketing strategies, joint ventures, sales strategies, etc.
Previously, the only way to be able to separate time from work was to hire people to take care of the routine stuff so you could focus on building the business. Thanks to technology though, most of the routine stuff can be handled directly through system efficiency.
Economies of scale
When you find that you have ample time to work on the business – the sky is the limit when it comes to growth.
The potential for growth online is HUGE. It can grow exponentially within a matter of months once the foundation is set in place.
Think of Facebook, Myspace, Google – just to name a few.
The ability to work from home
Let’s face it. It’s the ultimate dream job for many to be able to work at home. You get to spend more time with the family, there’s no commute, you can set your own hours, you can even take a day off whenever you wish – the advantages are numerous indeed.
But as good as this all sounds, it’s not as easy as it seems.
The same problems you run into when building an offline business are the same as building an online one – namely marketing and sales.
Marketing and sales is the lifeblood of any business. Without it, any business is doomed to fail.
But even before all that, the real million dollar question on everyone’s mind is:
How do I start?
What kind of online business should I build?
How can I really make money online?
It’s a good thing I wrote an article about just that.
