Do you want to start your own business, but don’t think you can afford it? Think again! Online businesses are becoming increasingly popular and more affordable to start. In this blog post, I’ll discuss some of the advantages of starting an online business and share tips on how to get started. So whether you’re a stay-at-home mom looking for a way to make extra money or a seasoned entrepreneur looking for a new venture, read on for some helpful advice.

1. Online businesses are more affordable to start than traditional businesses

When it comes to starting your own business you have to think about capital to start the business. How much money should you have in reserves before starting? That depends on the kind of business you are trying to start. I remember my husband asked me not too long ago why we haven’t launched an e-commerce store. I explained to him that the overhead cost for e-commerce is more than a skill-based business. You have to take into consideration the costs of goods sold, shipping, and tools to run the business, plus the marketing budget. And even if it’s dropshipping – you still have to consider the profit margins.

Regardless, whether it’s e-commerce, coaching, or skill-based online businesses these are so much more affordable to start than traditional businesses. With traditional businesses, you may have to acquire licenses, rent a locale, invest in inventory, etc. Plus, you also have to divide your marketing focus as well. You have to think about how are you going to drive foot traffic as well as online traffic to your business. Whereas, with online businesses, your focus is just on driving online traffic.

2. You can reach a larger audience online than you could in person

Speaking about traffic, as an online business you can sell your products or services around the world. It’s so interesting to see the users on my site. At 2 am people from Australia are consuming my content, considering my digital products, signing up for the free material I share or the newsletters, and of course purchasing! At 8 am, on a Sunday morning, I see people from Virginia doing the same. The point is that your net is cast wide and therefore you have more opportunities when you focus on the global market rather than on foot traffic and the local market. Now, don’t get me wrong – I believe there’s a special place for local business in our economy. In fact, they are essential. But if you are looking to make money fast and have high-profit margins, I recommend that you consider starting an online business first.

3. Online businesses offer more flexibility and freedom than traditional businesses

If you are looking for more time freedom – then starting an online business is what you should be considering. You get to set your own hours and basically arrange the time you spend producing (making money) around your lifestyle. I do want to caution you though, a lot of influencers try to sell you this dream scenario where you are basically -not- working at all and just making money. I’m here to tell you that true passive income is rare and super difficult to attain. You have to have way more discipline as a business owner who sets your own schedule than if you were to be working on a 9-5 or if you had a traditional business. The perks are undeniable though! I rarely work on Fridays, allot 20 hours a week to focused work, and if I need to do something in the middle of the day, I simply move my tasks around.

4. You can run your online business from anywhere in the world

This is true! Right now, I am in Costa Rica, writing this piece of content for you! Next month I will be in the United States. As long as you have good internet and a laptop you can make a really good living. But please don’t think it’s easy to do this or that you can move to Chile in 30 days after quitting your 9-5. If you are looking to leave your 9-5 or want to start traveling the world – I recommend that you lay out a solid plan and make sure that you build stability within your business so that you have a safety net around your lifestyle.

5. Online businesses have lower overhead costs than traditional businesses

When I first started my online business I used my gaming rig to do the work. Since then, I’ve purchased a MacBook Air, a Canon camera for High-Def videos (which I rarely use), a printer, and a desk. Most of my expenses come from subscriptions like ContentCal and Metricool for social media automation, Quickbooks for bookkeeping, ActiveCampaign for email automation, ShowIt for WordPress hosting, etc. All in all, the overhead costs to keep my business running (without including contractors and employees) are around $1500. And I probably could lower that cost even more if I sat down and did a monthly expense review.

6. Online businesses are easier to manage and require less time commitment than traditional businesses

If you are running solo, then yes – online businesses are easier to manage. And of course, by having a good sense of time management and experience in delivering your product or service, you can streamline your processes enough to require significantly less time to run your business. But, as you scale your business to multiple six-figures and beyond, you are going to need to outsource some of the work.

I tell my students and clients that almost all problems or challenges you will face in starting and growing your business will revolve around The 3 P’s: Profits, People, and Pricing. So while, yes – for a while you will feel like running an online business is super manageable, once you begin to grow you will experience obstacles around the 3 P’s – therefore, I wouldn’t say that one type of business s easier to manage than the other – it really depends on the size of the business and the goals ahead. If you are in need of support as you go through these challenges in your business, I want to invite you to check out my group mastermind program called The Prominence Mastermind.

So, if you’re looking for a more affordable, flexible, and freedom-driven way to start your own business, an online business is the perfect solution. And don’t forget, you can run your online business from anywhere in the world! Have I convinced you yet? If you’re ready to take the plunge into the exciting and ever-growing world of online businesses, leave a comment below and share your business idea or your Facebook or Instagram business page so I can follow your journey!