I’ve worked a lot of jobs… I mean a lot.
I remember one of my bosses actually saying that he’d be surprised if I made it past 6 months anywhere…
Not because I lacked work ethic or was a poor employee. It was actually the second time working for this company after taking a few year hiatus to pursue other en devours.
I’ve worked at a wide range of places… Everything from construction companies where I was doing physical labor all day to working at a hole in the wall Chinese restaurant where I was the only employee that spoke fluent English…
And I didn’t really even grasp the power of having your own online business until I ran my digital marketing agency full time for a year and ended up making some major mistakes which lead me back to having to temporarily join the 9-5 rat race again…
So why start an online business? This was a question I asked myself for years..
The 5 Best Parts About Quitting Your Day Job! Why Start An Online Business?
1. Passion
In my opinion we live in the most amazing time in history.. A lot of people will say that people my age are entitled but I feel like it’s just that we have more options than others did even 20 years ago..
We can now make money online doing just about anything and are able to monetize on things that aren’t even imaginable…
The reason that passion happens to be the first reason on my list is that if you’re able to find a way to make money off of something that you are truly passionate about it is no longer work.
This point will really start to shine when you’re first transitioning into turning your side hustle into a full-time income…
Say you’re working a full-time job while trying to build your online business, getting yourself to come home after working all day just to hustle even more and put time in on your online business can be done but if it’s not something you actually enjoy doing it is going to take serious will power to continue to do day in and day out.
Because naturally, you’re going to want to come home and relax, decompress from your day, especially if your day job isn’t something that you particularly enjoy doing… But if you can find a way to start an online business that revolves around something that you’re actually passionate about you’ll be able to come home and decompress by doing it because it’s something you want to be doing.
And I know some people will say “Nobody is going to buy anything that’s related to what I’m passionate about” or “How can I make money with that?” but there is literally a market for anything, it’s just a matter of finding the right customers or people to see it.
An example that I always like to highlight.. One of the most successful entrepreneurs right now / influential people in the digital space right now actually started their journey online selling products related to potato guns while he was in college. Now he owns one of the biggest landing page software companies called Clickfunnels..
2. Residual / Passive Income
Up until recent years, the only true forms of passive or residual income was the stock market and real estate. While one could wipe out your entire life savings if you didn’t know what your doing the other will require you to have a huge upfront investment or an 800+ credit score.
As technology continues to advance different avenues to make a full-time income online have opened up, and with that has created real opportunities to create a passive or a monthly recurring income after you do some initial work upfront.
One of my favorite quotes: If you don’t learn how to make money while you sleep, you’ll work until you die.. It is actually how I got the idea for the name of my website.
Some will say that a true passive income doesn’t exist and if your definition is doing very little work for a high reward then that statement would be accurate. However, there are so many options at this time to actually start generating an income while you sleep.
Everything from selling products on Amazon, starting your own digital marketing agency, E-commerce, or my personal favorite affiliate marketing can become forms of residual income that pays you every month. All of these things do take a substantial amount of work upfront, but once the ball is rolling it is just a matter of maintenance and up-keep to consistently get paid!
Creating and selling a digital course teaching something is an amazing way to make an income online, over the last few years this industry has blown up and is only going to continue to grow more as people continue to look for ways to achieve financial freedom.
As I’ve mentioned before, you can create a course on anything you’re interested in and someone would buy it or gain value from it. I personally know someone who made over 100k USD creating and selling a course on how to do a handstand.
Starting a blog is also a great way to make a monthly recurring income and has various ways that you can monetize from it..
Looking for more ideas to create a passive income? Get my Ultimate Recurring Affiliate Marketing List Here!
3. Self Sufficiency
One of my favorite parts about starting your own online business is the fact that you don’t have to rely on anyone other than yourself to make sure that you’re able to provide for yourself, your future and your family.
I felt that this was a very important topic to touch on, especially as I’m writing this blog post because we’ve recently had a global crisis leaving millions of people to be laid off and losing their jobs.
Left to figure out how they are going to survive without the help of anyone else. (I’m writing this blog post in the midst of the COVID-19 Crisis)
The beauty of having your own online business is that you are in full control of what goes on. Whether you’re in the midst of an economic collapse or things are booming in the economy.
Yes, things might get harder at some times compared to others but everything will in life and having something that is yours is that much more rewarding.
You’re not going to have to worry about being “trimmed” because you’re no longer an asset to a company once they’re starting to tread water because the last thing on their mind will be the food in your mouth.
But having those types of challenges will force you to get creative and think outside the box..
Over the last few months, millions of people have been laid off due to COVID-19 which has actually worked out really well for my blog and my digital course, because people are gravitating towards making money online more now than ever!
4. FREEDOM
One of the most prevalent parts that tend to get mentioned by most people that teach people how to start their own online businesses is financial freedom.
The ability to work wherever, whenever and however you want..
Over the last couple of years, I’ve heard terms like lifestyle entrepreneur, laptop lifestyle, and digital nomad which can all basically sum up any type of online business. One of the best parts is that you actually aren’t physically required to be somewhere.
Some people tend to get the notion and relate online entrepreneurship as something easy or falls into some type of getting rich quick category. When the reality of it is, in the beginning especially it is a ton of work..
A lot more work than you would be putting in if you went and worked a 9-5 for someone… With that being said though. Once you do create yourself something that continues to make money while you sleep you do have the freedom to maintain what is already working.
I’ve even seen some entrepreneurs go out of country or spend a few years in a country that the cost of living is really low while they are in the process of launching their online business.
Doing something like this gives you the ability to reinvest into your own business more and scale quicker because you’re not having to spend all of your profits on the cost of living.
An example that I also like to make when people are starting to ask the “why start an online business?” question..
When I first started my digital marketing agency, I spent months cold calling business owners..
Convincing them that they needed to be spending money on social media and specifically with me.
Finding clients and getting them set up with online billboard ads that were performing well took a significant amount of time, but once they were up and going I actually had to do very little work to maintain them.
I actually remember being in a little town off the coast of Oregon for a parade.. I made more money in that weekend doing around 45 minutes of work each morning than I would have an entire week at my day job.
5. Self Capped / Control
I wasn’t sure how I was going to word this section.
What I mean by “self capped / Control” is that your success is a direct correlation of the amount of work that you put in..
However, success can mean something different for every person you ask..
To one it could be a tiny home on some land and to someone else could be a loft in the city with a fast car..
For the first time in history, we can actually craft everything to our lives exactly how we want them.
We can choose how little or how much we want to make / How much we want to work or how much time we want to spend doing other things.
Unlike working for a company, where you’ll be paid an hourly rate or salary which will eventually cap out at some point.
You’ll stop making more money and that’s basically the end of it.
Well having your own online business alleviates all of that, if you want to work your butt off and get that fast and flashy car you can but if you want to live a minimalistic lifestyle and make just enough to provide for yourself you also have the freedom to do that as well. Which answers the “why start an online business!”