Is now a Good Time To Start an online business?

The truth is, it depends. In many ways this economy is providing some great and lucrative opportunities to many people, some of whom may never before have considered a home based business online.

While we hear about traditional businesses failing, companies closing, and layoffs, there are still industries thriving in the midst of all this chaos.

The key to your success in your online business is to align yourself with one of the growing, thriving industries.

So, if you do your homework and research, there most definitely are opportunities for success out there in the online world.

For some people, the dream of working from home is very appealing.

The Vision of walking from the bedroom to home office, with a cup of coffee in hand, feeling the carpet under your feet – still clothed in pyjamas, to begin the day’s work…

Sounds pretty good – doesn’t it?

Others, having experienced the unpleasantness of a layoff or downsizing, are choosing to take back control of their financial future.

Investment pro, Robert Kiyosaki, puts it this way… “It’s time for people to begin minding their own business. A job means you’re being paid to mind someone else’s business. In this new economy, you’re paid to mind your own business.”

3 Reasons To Start a Home Based Business

  1. Job security is declining. No longer can someone expect to stay with the same company their entire career, and then retire 40 years later with a pension.
    I used to envy the people who worked in government jobs, thinking they had the most security of all. They don’t even have that security anymore – not with budget cutbacks, and the current economy in the mess it’s in.
    What good is an IOU from the government?
  1. Technology is growing and expanding quickly. This has allowed home-business owners to expand their customer base from a local level to global.
    Communication now is so much easier, quicker, and efficient through the internet.
    Instead of flying around the country for meetings or training, an online business owner can do a webinar on the internet! That saves a lot of time and money!
  1. Quality of life. More and more people are really wanting more from life than living paycheck to paycheck.
    Robert Kiyosaki says in Rich Dad Poor Dad “Financial Struggle is often directly the result of people working all of their lives for someone else. Many people will have nothing at the end of their working days.”

    The shake-up of this economy has served as a wake-up call to many workers who are starting to understand the true benefits of entrepreneurship.

Why Do Business Online?

The internet has provided an ideal way to move goods and services in a cost-effective, quick and efficient way. Businesses that were once limited by location, can now service larger geographic areas.

Jane had a thriving business at the beach

She used to have a very nice little store, where she would sell jewellery and trendy purses. Folks in her town would stop by to shop, and she’d also get a good crowd of tourists during the summer months. When the economy started slowing, Jane’s clientele stopped shopping as much. Her tourist customers weren’t travelling like they used to.

Her sales dropped off significantly. She began struggling to pay her lease. Then a friend of hers suggested that she open an online business and sell her items on the internet. She took this friends advice, and with some hard work and determination, she learned how to run a successful online business. She closed her store, and works from home. Now, customers from all over the world can visit her online store. Her clients are no longer limited to the tourists who happen to visit her town and the locals who want a new accessory. Now, Customers from all over the world can shop day or night.

Jane’s story is oversimplified – there is a lot that goes into setting up that type of business. Our point is just to illustrate why online business is growing. People love to shop online and companies know this.

Many brick and mortar stores are being replaced by cyber-shops. Customers can shop in their PJ’s in the middle of the night if they want to – from virtually anywhere in the world.

Also, overhead costs are significantly lower for online home businesses.

Leases on office or store space, employee salaries, high taxes, employee taxes in some cases, and bank loans are costs that can sink a traditional small business owner.

Often the startup costs is huge for a traditional small business or franchise, and all the owner can expect at most is a moderate salary.

Depending on the type of home business you are considering, often all that’s needed to start an online business is a phone, fax, internet and computer.

And if you select wisely, your online business can be very lucrative.

Why Many are Choosing Non – Traditional Business Models

Considering the growing industry of network marketing, this might be a good option for some. 

If you hadn’t considered this option in the past, now might be a good time to reconsider.

Network marketing or Multi-Level-Marketing (MLM), is becoming a global force. Worldwide, more than 60 million men and women are building their home based business through network marketing.

Close to 20 million people just in the United States are part of this growing trend. Retail sales worldwide through MLM is close to $111 billion! This isn’t even including the service industries in network marketing.

This business model is snowballing and many traditional businesses are taking note, adopting some or all of the features of network marketing.

We are seeing a growing trend in corporate America of traditional companies buying network marketing companies, starting their own divisions, or creating alliances with existing network marketing companies.

Why is this happening? Network marketing is a cost effective, efficient way for companies to distribute goods and services.

This method saves companies money by cutting down distribution and warehousing costs, advertising and marketing expenses.

You might be thinking…”That’s great for the companies but what does this mean to me?”

The best Network Marketing companies are passing their savings on as higher income to their distributors, so it’s a win-win situation. In some companies, the earning potential is limitless.

The nature of network marketing makes it ideally suited to an online home based business.

That’s great, but How do I know it’s time for me to start one?

Here is a brief overview of how to determine if this is a good time for you to start a home based internet business. Many of these points are covered in more detail in other articles.

  1. Researching what industries are growing, expanding and profitable in this economy is necessary.
  2. Next, you need to focus on what you love to do. It takes vision and determination to run a successful online business, so you’ll be happier and more motivated if you select something you like and are interested in.
  3. Look at yourself. There are a lot of things to consider when working from home. Is running an online business really a good choice for you?
  4. Find a niche. If you select a service or product that everyone else seems to be selling too, the competition may reduce your chance for success. So, find something that is unique.
  5. Plan. Know what you’re getting into. We’ve all heard the saying “Those who fail to plan, plan to fail”. This is especially true when you are dealing with something as big as the internet.
  6. Consider if you want to do a traditional business or non-traditional home based business.

So, the answer to “is it a good time to start a home-based internet business?” is – Yes!

For some people!

There are people making lots of money out there doing it, and there are some that are failing miserably.

Please read our other educational articles to help you get into the first group and stay far away from the second!

Planning, research, hard work, determination, and passion… You’ll need all of these for success. Keep on reading, learning and having fun!