Why You Need an Online Business Right Now

Many people either hate their jobs, put up with them, or regret not pursuing their passion. And for such people, an online business is a great way to make money and follow something they genuinely want.

Regardless of your age or any excuses you give yourself, you can start your online business today.

You know anything is possible when you hear examples like Sam Walton, who started Wal-Mart at 44, or Moziah "Mo" Bridges, whose company made over $100,000 in sales when he was only 12.

The point is, whatever excuse you give yourself today is probably not valid.

In a world where the internet dominates almost everything from entertainment to production, many people would instead take charge of their lives than continue to slave for someone else.

On top of this shift, more businesses are switching to an online model. And more customers are online today than at any other time.

With these points in mind, it makes sense that now is probably the best time to build an online business. This post will show why you must have an online business right now.

Why Build An Online Business Today?

In 2020, the world's system turned upside down. The COVID deaths, government lockdowns, and the state of mass panic stopped the operation of many brick-and-mortar businesses.

Brick-and-mortar companies still feel the effects today.

In a situation like this, larger, more experienced enterprises have a more decisive advantage. But, these companies still struggle because of the pandemic.

But the fantastic thing is, despite the pandemic's resulting panic and chaos last year, the Wall Street Journal reported more applications for Employer Identification Numbers (EIN) the previous year than the year before.

What does this mean?

Economist John Haltiwanger explained it best when he told the Wall Street Journal that:

"This pandemic is actually inducing a surge in employer business startups that takes us back to the days before the decline in the Great Recession."

In other words, the pandemic caused more people to realize the value of starting a business and are building more startups today than ever before.

This data is GOOD NEWS!

With the power of the internet, you no longer need to take on a stupid amount of overhead -- like paying for rent -- to succeed as a business owner.

The shift from the pandemic is why it's essential to build an online business right now.

But there are even more reasons.

An Online Business Is Relatively Cheap To Setup

Starting an online business is pretty low-cost. Unlike a traditional company where you pay thousands of dollars upfront to get set up, most entrepreneurs don't spend much cash setting up an online store.

For example, Shopify charges just $29 per month if you sign up for its basic plan. This setup means you could be making money within weeks after launching your website.

And since you're already using the web to sell products, you'll likely find ways to save some costs too.

Also, there are so many technologies popping up for online businesses. So you reduce your workload, which helps you to further cut down on cost.

But what's most impressive about starting an online business is the scaling power.

You can start small based on how much you intend to invest in your business and then grow over time depending on your audience and how they respond to your brand.

And once you set up your business, you're always open, 24/7. This scenario is very different from any other type of business because the amount of money you make depends not on how many hours you work but on how productive you are during those hours.

You don't need to be there for every business transaction to proceed. All you need to do is show consistent effort and create value for your customers.

Your Time Is Yours

You can choose from so many online business ideas. But depending on your choice, you can set up your business in a manner that gives you more flexibility.

If you set it up correctly, an online business typically allows you to choose when you want to work, for how many hours, and what days of the week.

Does this mean you can choose to relax 100% of the time?

No way!

But you can choose when you want to remain focused on work. Whether you prefer to work from Monday to Friday, in the mornings, evenings, or weekends, the choice is yours.

There is no limit to how much you can make in an hour, week, or month. Your income depends solely on you, how productive you are, and how well your business systems work.

And with this flexibility, you can spend more time on essential things in and out of your business. You also get to spend more time on the most important things.

Location Does Not Affect You As Much

For a brick-and-mortar business, location matters. If you have a physical storefront, people will come by foot, car, bus, bike, etc., to buy from you. And if your business is near public transportation hubs, you may attract new clients who would otherwise drive miles to reach you.

However, these factors aren't nearly as significant for an online business.

You can run your business from any location as long as you have a source of internet and a computer to access the internet.

You can visit family in another state or take a trip and still work while you're away.

Your business will continue to exist.

And because of the freedom to choose where you want to work and the little to no time spent commuting, you become more productive and efficient.

Conclusion

There are indeed so many good reasons to start an online business today. There are also a million online business ideas open to you.

But that does not mean success comes easy.

If there's any similarity between a brick-and-mortar business and an online business, both require effort and a good strategy.

But it's worth the effort. According to a Statista report, you can expect more than 2 billion people across the globe to buy goods and services online this year compared to more than 1.5 billion people reported in 2016.

In simple terms, many more people are purchasing both products and services online this year than ever.

With all the stats and data presented in this article, it's not difficult to see why you need an online business right now.