Top 13 Benefits of Starting an Online Business

Top 13 Benefits of Starting an Online BusinessAre you thinking about starting your own business?  In this blog post, I want to share with you the Top 13 benefits of starting an online business

I have started my own business since year 2011 and it has been one of the most amazing, rewarding and life-changing experiences of my life  (you can read more about my story HERE) – I highly recommend it! 

I hope that after you read this blog post, you will also see the benefits of starting an online business and get started right away!  With that being said, let’s dive right in! 

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How To Start a Purpose-Driven Online Business


In this FREE course, I show you how to start an online business that not only fills your wallet but also your heart.  From finding the right business idea, to creating your website, all the way to earning your first income and attracting readers. Join now!

Top 13 benefits of starting an online business

(1) Low Start-Up Cost 

One of the most obvious benefits of starting an online business is its low start-up cost. 

Compared to traditional brick-and-mortar businesses or franchise businesses, most online businesses can start off with just a website.  Typically, you can get a website up and running with less than US$100.  If you want it to be professionally designed, it will cost more, typically from a few hundred dollars to a few thousand dollars depending on the level of complexity. 

Compared to most brick-and-mortar businesses and franchises, you are literally looking at saving tens of thousands of dollars upfront – which makes turning a profit much easier and a lot less stressful especially for a first time entrepreneur.  

(2) Low Ongoing Operational Costs 

Online businesses also tend to have much lower ongoing operational costs compared to most traditional brick-and-mortar businesses or franchises. 

Ongoing operational costs could be less than US$10/month for a simple website that is just starting.  Of course, as your website builds up and you need to get more tools, resources or support to expand, your expenses could increase.  However, overall, online businesses still do have significantly lower operational costs compared to most other business models. 

(3) Live & Work Anywhere

This is one of the main reasons why I love online businesses! With your laptop and an internet connection, you can literally live and work anywhere in the World ~ definitely a key benefit of starting an online business!

That means if you want to work from home, at a Starbucks or on the beach, you can totally do that (Yay!). 

On a bigger picture, are you tired of the constant heat and humidity where you live?  Or are the long winters starting to wear you down?  Are you thinking of moving to a new country in the future?  Perhaps you simply want to cut the commute and be able to work from home. 

Starting an online business gives you the ability to have location freedom so you can live and work anywhere you want.  So, live where you want to, and let your business adapt to your lifestyle instead of the other way around! 

(4) Flexible Time

Not being tied down to working nine to five can be very empowering.  Having your own online business allows you to choose your own working hours. 

That means if you are a morning person and tend to be more productive in the morning, you can choose to work in the morning.  If you are a night owl, then by all means work at night!  For the Mompreneurs, if you have a young child to attend to and can only work during your child’s nap time or when your child is at day care or school, then that works perfectly as well.  Having your own online business allows you to select your own working hours and do what works best for you. 

If you are working full-time now, I would recommend you to start your online business part-time as a side hustle first. Continue to build your business part-time until it gets to a full-time income before you consider quitting your full-time job.  This would help to take off some financial pressure on you and your family compared to quitting your job right away.  Some entrepreneurs don‘t know how to balance the time flexibility and fail miserably, while others use the flexibility as a motivation to work even harder.  Don‘t mistaken your flexibility to work as time to slack off though.  Starting a business takes time, hard work and determination. 

Check out my blog post if you need more strategies to stay motivated as an entrepreneur.   

Top 13 benefits of starting an online business

(5) Global Market 

A beautiful thing about having your online business is its ability to reach a global market.  There are no geographic boundaries. 

If you have a traditional brick-and-mortar business or a franchise business, your reach is typically less than an hour drive distance from your retail location.  However, with an online business, you can reach anyone who has access to the internet!  There are billions of people in the World.  With more and more people getting online and becoming more comfortable with shopping and buying online, this is a huge market that is growing at a rapid speed. 

(6) 24/7 

With an online business not only can you reach a global market, your business can also operate 24/7 (and without your presence!)

In order words, when you setup your online business correctly, you can connect with your target audience, provide value, build trust and credibility, promote your products and services, close a sale, accept payments, earn passive and residual income, deliver your products, and follow up with your customers all on autopilot.  It is an amazing business model when you leverage on the right tools, system and team.  

(7) Scalability 

Another amazing benefit of an online business is scalability.  That means you can sell to one customer, but through the right tools, system and team, you can also sell the same product to a hundred customers, a thousand customers or a million customers.  This is particularly true for online digital products such as ebooks, downloads, online courses, membership site etc. 

(8) Unlimited Income Potential

In a job, your boss or your company controls what salary you make and whether or not you get a pay raise this year.  However, when you start your own online business, you get to call the shots and have more control over your financial future.  In my opinion, this is a very important benefit of starting an online business! 

By instilling the right mindset, learning the right skills, leveraging on the right tools, system and team, and taking massive actions, there is unlimited income potential.  Check out my blog post, Success Mindset8 Secrets of Building a Successful Business

You can have everything you want in life, if you just help enough other people get what they want.

 

Always remember, the reason for a business to exist is to solve a problem.  When you solve a small problem, you earn small amount of money.  When you solve a big problem, you earn big amounts of money.  And when you solve enough problems, deliver enough value and help enough people, you will achieve financial freedom. 

(9) Work on Things You are Passionate About

Follow your passion. Do what you love, and the money will follow. Most people don't believe it, but it's true.

 

One of the best things about starting a business is that you get to pick what that business is! So, if you have a passion on a certain topic, then that could potentially be an awesome online business for you! 

Love cooking? Love painting? Yes, you can build your business on that.  Love camping?  Love doing craft work?  Yes, that work too!  Do you have special tips on parenting or on organizing your closet?  Or do you love gardening or have special ways to train your dogs?  That work too.  Or do you have topics that you would love to learn more about?  You can learn about that topic and build your business as you progress too.  

Truly, an online business allows you to work on things you are passionate about and get paid to do it!  

Top 13 benefits of starting an online business

(10) You Are Building An Asset

As you continue to build your online business, it can start to earn an income.  This means you can literally turn your ideas, creativity (and sweat equity!) into a real income-generating asset. 

Moreover, should you want to do something else in the future, you can always have the option of hiring someone else to manage your website, or you can sell it off to someone else.  People purchase established stores and restaurants all the time.  Once you have set up your online business as an automated and profitable operation, it is also possible to sell it to someone else.  So, you are truly building an Asset! 

(11) It Forces You To Learn 

You may say, Millie, is this even a benefit?!  Haha… yes, to me, this definitely is (especially if your business is something that you are passionate about!).

I think one of the coolest things about starting a business is that it forces you to learn.  If you want to consistently deliver more value to your audience and customers, you will have to keep pushing the envelop, creating new content, creating new products and improving your processes and system. In other words, there are always more things to work on and more things to learn – so your business forces you to constantly learn more! 

(12) Build Something Meaningful

As I said earlier, the reason for a business to exist is to solve a problem.  So, with time, hard work and determination, you can truly build a meaningful online business that helps a lot of people.

Want to also contribute to causes that you care about?  Consider donating part of your profits to non-profit organizations that support those causes.  For me, supporting education and building schools for underprivileged children is something that I care deeply about, so over the years, I have donated part of my business profits to this cause.  You can read more about my giving back initiative here. 

Can you imagine that your online business is helping to transform someone’s life?  That feeling can be truly fulfilling and completely priceless.  

(13) Tax Benefits 

Last but not least, starting your own business can bring certain tax benefits.  For example, you may be able to write off expenses like phone bills, laptop, insurance, dining out, travel, education, entertainment, and even portions of your car or your house payments. 

These tax benefits can vary depending on your situation and can vary from country to country, so be sure to talk to your Accountant or Tax Advisor on what you may be eligible for.  

Final Thoughts 

With building your own online business, putting in time, hard work, dedication, creativity (and lots of love!), the sky is truly the limit. 

You can create something you are passionate about, something meaningful and impactful, earn a soulful income and create a lifestyle that you truly love at the same time.

So there you have it ~ Top 13 benefits of starting an online business.  I hope you have enjoyed this post!  If so, please LIKE and SHARE this to your friends too.  Sharing is caring!

How To Start a Purpose-Driven Online Business


In this FREE course, I show you how to start an online business that not only fills your wallet but also your heart.  From finding the right business idea, to creating your website, all the way to earning your first income and attracting readers. Join now!

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