Being my own boss and having my own business has always been a dream of mine. Setting my own work hours, doing what I would really love, and complete freedom in how I do things - that’s exactly what I wanted. So in 2016, I took a leap of faith, and together with 2 friends I opened a bar with a 50’000€ investment - long story short we failed. We could barely cover all the costs at the end of the month, so shortly after opening we already had to close doors. A few months later we wanted to give it another try and invested another 20’000€ to open a barbershop - but once again, we failed. It was honestly really hard to see all that time and money go to waste. But I wasn’t ready to give up just yet…
In 2018, Raquel and I decided to start our Instagram account and after a few months, we realized the potential it had. It opened the door to the digital world for us. We started collaborating and selling presets before creating our first fashion brand and now we are offering online courses! It was completely different to what I had in mind when I said that I want to run my own business. From working in a physical location to going fully digital, our work life has completely shifted.
If you ask me right now if I regret my first attempts at opening a business, my answer is definitely not. Even if it didn't work out, it taught me a lot. However, if I had the chance to do it all over again, without a doubt I would jump right into the digital world and create one, or as many online income streams as possible. If you still need some convincing to do the same, then keep reading because I will share my top 5 reasons as to why you should have at least one online income in 2022!
You can start with an extremely low investment
One of the many great benefits of having an online business is that you need nothing more than a skill, talent, product idea and a computer and you’re good to go - anyone can do it. You can spend as little as 50€ to get started and that’s just for buying your domain to host your website (definitely a much lower investment than my first physical business!).
Even when it comes to the products or services that you want to sell, you won’t have any high costs either. Especially as digital products and services can be created with little to no cost which is what makes them so popular. You won’t need to pay for production, rent, inventory, or shipping. With the right marketing and SEO you can make a lot of money, which brings me to the next point:
You have huge income and growth potential
Another big reason, if not the biggest reason, why making money online is awesome, is because your income potential is nearly endless. There is not really a limit on how much money you can earn. You can potentially make more money in one month than many people make in an entire year working at a normal in-person job.
The secret to this is diversifying your income streams, or in other words, creating more than one income. Most online entrepreneurs don’t just have one business, but several. This allows them to earn money from different sources, which can of course give you massive income potential. The more sources of income you have, the closer you get to becoming financially independent.
Also, don’t forget that your income won’t simply be determined by the number of hours you work, but by your level of productivity during the hours you do choose to work. By spending your time on the right activities, you can significantly reduce the number of hours you have to work in order to generate a sustainable income. And, depending on the path you choose, over time you can automate certain processes and you won’t even have to be present in order for a transaction to occur. You will basically be able to make money in your sleep.
You can focus on what matters to you the most
The next great thing about starting an online business is that it allows you to focus on the very things that you are most passionate about. The digital world has no limits to what you can and cannot do. You make money however you want in whatever niche you choose. This means you can do what you love each and every day of your life.
Whether you want to be a graphic designer, copywriter, programmer, tutor, virtual assistant, or photographer; you will be able to do it - the possibilities are endless. The flexibility and ability to start a business that matches your personal and professional interests is probably one of the most fulfilling things. Because as they say:
But it doesn’t stop there. Aside from working on what matters most to you, you can also create your ideal lifestyle. You are your own boss, so you get to decide how you plan and organize your day. Maybe you want to invest more time in your personal development, or you could choose to continue building additional sources of income, or you may want to travel the world and enjoy it with your family. Whatever it is that you want your life to look like, having an online income will get you one step closer.
It gives you more stability and safety in the long run
Now, I am not saying that having your own online business will come with a guarantee that it’ll work out. Many digital entrepreneurs fail with their first and even second business idea, simply because it wasn’t viable enough or because there was no demand.
But once you find something that works you will be able to have much more stability than with your usual 9-5 job. If the business that you’re dedicating all your efforts to goes bankrupt, fails, or you simply get fired, you will lose your only source of income, and you will be left empty-handed. The pandemic has shown us how fast things can change and that you can never be too cautious. Having multiple sources of income can decrease your risk of losing it all.
It’s the future
Last but not least, online work is the future. Because of digitalization, our everyday lives are shifting towards the digital world. Through social media, you are connected to the entire world and the internet offers you incredible opportunities. Anything can be found online nowadays and you have a huge audience that you can use to your advantage. This is a key reason why you should not miss this chance and build an online business. And besides, with the development and growth of easy-to-use website creation tools and social media, there has never been an easier or better time to start your own business!
Alright, this completes my list of reasons why you should have an online income! Of course, there are many other reasons in addition to these, but to me - these are the most important. No doubt you have your own reasons and whatever yours might be, you’ve probably already discovered that the online world is an amazing way to earn a living, but I hope this gave you the courage to take matters into your own hands.
So, what do you say? Are you ready to get started? All you need is some time, ideas, and a whole lot of dedication, as is the case for anything at which you want to succeed. Even if you aren’t in a position to go full-time right away, you can still get started and make some money in your spare time and work your way into it.