If there is a cliche that I have heard countless time from both employed and unemployed people is that they should start a business. The young people want to start a business but have no capital while those advanced in age believe they are too late for that. They have kids in school and quitting their jobs would only open up a can of problems. With a physical business, these claims are slightly valid. But with an online business, these are just excuses.
While starting a physical business can be very lucrative, I believe the best business to start today for anyone is an online business. Here are six reasons why you should start one today.
1. Little Capital investment
Everybody loves real estate businesses because they generate passive income. However, a set of houses that generates $5000 in a month would cost you $200,000+ to build. Few can people can afford that. But did you know creating a online business that generates the same income would not even cost you $3,000? Take for example, baremetrics, a software that generates revenue statistics for companies that use stripe, was build in 8 days and brought in $2000 in the first month. The owner created the site himself but if he had hired a programmer, the website would not even have cost $1500. Today, it makes more than $50,000 per month, which is 10 ten times what the rental houses would be bringing in. That growth occurred in under 3 years.
2. Grows much faster
Dangote, Africa’s richest man, started his business empire in 1977. 39 years later, the business is worth 14.4Billion dollars. Google was founded in 1998, and 18 years later, it is worth $498billion. Facebook which is only 12 years old is worth $350billion. What does that tell you?
You have a higher chance of becoming the next millionaire with an online business.
Running an online business is surprisingly simple. For instance, if you start up a shop in your local area and it does very well, you will soon be compelled to hire a huge number of employers to keep the business functional. However, a website that sells an ebook for say $10 can sell 1000 copies to different people while you sleep! See that would be $10,000 with no extra effort besides creating the ebook, hosting the website and marketing it. The best part is you don’t have to be an expert to create an ebook. You just have to know a few things that someone else would love to know. For instance, here is a course that teaches people how to use Microsoft excel for $30 and has 35,000 students enrolled! That is $1M+ from just 10 hours of video. Also, read John Wards story of how he made $1M travelling the world.
4. Wider reach
When you create an online business, you can have customers all over the world. All you need to do is to solve a global need. For instance, facebook and whatsapp solve a global social need. Remember, your business does not have to be that big. It could just be a simple website that teaches people what you already know. For instance, if you started a business and overcame so many hurdles, you can have a website that educates people on what you have learnt to date. Trust me, there is always someone stuck in step 1 of what you are doing when you have made it to step 4. If you help 100 people and each pays you $10, that is $1000 from the same effort. These people can be in any country in the world. Don’t believe me see how Pat Flynn makes $120K every month from online business
5. Easy Entry
To start most successful physical businesses, you need to know so many influential people. That probably explains the largest majority of very successful people with physical business are quite advanced in age. Well for an online business, you only need to know one: Mr Google. If you can understand how google ranks websites, then you have all you need to be an internet millionaire. The best part is you don’t have to enroll for any Bachelors or Master degree; Google will teach you. All you need is a computer, an internet connection and the will to learn.
6. Thats where the world is going
If you have been following events around you, you should have noticed that technology seems to take over everything. People shop online, chat online, work online and even read online. If you still doubt, look at the statistics for the 10 richest people in the world. 5 of them run internet companies and the youngest two are Facebook CEO at 32 and Amazon CEO, Jeff Bezos at 52.
So what is your excuse for not starting a business? Capital? Time? Well, there you have it. An online business needs almost 0 capital to start and frees up so much time once it is running. If you start today, people could be shopping in your eCommerce store or using your app to do something you help them do. Maybe it is reading more books, shopping faster, learning a skill or whatever. All you have to do is start learning today and add value.