Statistics indicate that most people do not like their jobs. Even individuals who have a degree that works with a reputable company would love the idea of establishing their own business. Even though starting an online business has its own sets of cons and pros, most online business owners can agree that the pros far outweigh the cons. If you are on the fence about the possibility of starting your own online business, this article is for you. Let’s take a look at some of the benefits and advantages you stand to gain if you decide to create your own online business.
1) MORE TIME
Time is the most invaluable commodity we have. Life is short and every moment should be spent doing what you want on your own terms. Contrary to popular belief the process of establishing your online business is very time-consuming in the initial stages. However, once you have actually built your business, you only need a small amount of time throughout your day to maintain it and keep it running. This, in essence, will give you an abundance of freedom in retrospect to time, which will allow you to pursue different hobbies and activities you wouldn’t otherwise pursue as a result of the abundance of time that most 9-5 jobs require.
2) FINANCIAL FREEDOM
By establishing a web-based business it can provide financial freedom. Unlike a traditional job where you have a set amount of income that you are able to earn, owning your own business means there is literally no limits to the amount of income that you can earn. This in essence will allow you to purchase items you wouldn’t be able to otherwise due to the income restraints of your job as well as to allow you to have peace of mind knowing that you are in control of your income and that you don’t have to subjugate yourself to the authority of other people in order to maintain it.
3) GEOGRAPHICAL FREEDOM
Having a traditional job means that you need to remain within close proximity of said job so that you can commute to it back and forth on a daily basis. If you plan to take a vacation out of state, the requirements of your job may force you to limit the amount of time you spend on said vacation. One of the most beautiful aspects of having a web-based business is that you can conduct it from anywhere in the world. All that you need is an internet connection and your laptop. As such, you can bring your business with you where you want to go.
4) NO COMMUTING
When someone works for 8 hours a day, they not only allocate 8 hours of their time towards their shift, they allocate an additional 2-3 hours of their time as a result of showering, eating and commuting beforehand. Not only is commuting to and from your job time consuming, but it also adds to your overall expenses as well. This in itself has led to an abundance of stress in the workplace, especially if you typically get caught in traffic before/after work. You also risk getting into an accident, each and every time you go to work as well. When you are your own boss, the word “commute” eventually becomes a foreign concept as you will be able to conduct your work from the luxury of your home.
5) LOWER TAXES
Another big misconception about running your own business is that you will have to pay more taxes. However, as an entrepreneur, your expense deductions can lower your overall tax rate. For instance, the amount of electricity you use to run your business can be listed as a tax-deductible as well as any supplies you may use, a portion of your home you allocate to running your business and any expenses you have to commit to, in order for you to keep your business running. In fact, statistics indicate that small business owners may experience 5%-15% lower tax rates than W2 earners.
6) LONG TERM FINANCIAL SECURITY
Over time, an online business can be developed to the point where it provides a stable, semi-auto piloted source of revenue. As a matter of fact, there are several avenues you can approach to creating a business that leads to six figures per year. Statistics also demonstrate that Social Security’s reserves will run dry by 2033. As such, the younger generation is in a position where they need to consider alternative sources of income they could get when they hit retirement age. Alternately, instead of relying on a typical 9-5 retirement plan, an online business owner has complete control over their finical future.
7) PURSUE PASSION
As a 9-5 employee, chances are that you are not working on projects that you are truly passionate about, but rather working on mundane tedious tasks. This may very well work out for some individuals, but most people would agree that they would rather work on something they love. The internet gives every individual the opportunity to take something an individual is passionate about and to broadcast it to the world and get paid for it.
Before the advent of the internet, it was particularly difficult for someone in their 20s or 30s to establish a business. Lines of credits, bank loans and property leases were not easily accessible to the younger generation. Online business requires a lower financial commitment to start than a brick and mortar business. This, in essence, gives the younger and older generation the opportunity to pursue their dreams whenever they actually decide to take the action into creating their own business.
9) EXPEDITED MATURITY AND GROWTH
Younger individuals in particular stand to gain the opportunity to turn into an adult quicker, due to the responsibilities that are associated with creating a business. The reality of the fact is that a business owner in their 50s has the same responsibilities and risks as someone who is in their 20s. This higher level of risks and responsibilities can help to introduce them to various life lessons and help to develop them into a more mature and balance individual much sooner.
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