Home based business opportunities. This seems to be the latest catch phrase. The gig economy. Freelancing. Whatever you want to call it, more and more people are looking for ways to have financial freedom by taking their earning power into their own hands. This all sounds well and good, but is it a reality for everyone? Perhaps not.
Working for yourself is not for the faint of heart. While there are so many great things about being a business owner, there are also some downsides. Here are a few pros and cons to starting your own business.
Success won’t come overnight. Working for yourself is hard work. I’m sure you’ve heard people say that before, but it’s absolutely true. You have to be ready to give everything you have in order to be successful. When you’re starting a business on your own, you’re no longer competing with the people in your office for a promotion, you’re in competition with everyone in the world who has decided to start a business in your space. Changes things a little bit doesn’t it?
It’s like having a child. Sometimes things are great and everything is going exactly the way that you want. You’ve built your website, you’re drawing in traffic, you’re getting subscribers, and you’re making some sells or have found a few new clients. You’re making money working from home and all your dreams of having a house on some paradise island are just around the corner. You can retire in six months and head to the beach and spend the rest of your days figuring out exactly how you’re going to spend all your money.
And then there are other times when nothing seems to be going right. Your computer has a virus, no one is visiting your site. The affiliate program you decided to join has discontinued, and no sales are coming in. IT’S GOING TO HAPPEN.
But that’s okay. Most days are neither of these extremes, but you’ll want to be prepared. Most days you’re making progress, gaining momentum and moving forward.
If you are not ready to put in the hard work and build those successes and failures, then owning a business is not for you.
If someone promises you that you can make millions of dollars overnight, then the first thing you should do is Google them. Anyone who can pull money magically out of the air is a magician, right? They should have a massive following and their own reality TV show, right? They should be using those millions to create huge companies and be able to show you all the wonderful things that they’ve done with their money. If you meet one of these people, please give me their contact information. I’d love to interview them. I want to learn all their secrets.
What’s more likely is that they are working to enrich themselves on your hard earned money. They offer pie in the sky dreams with nothing to back them up.
Part of our work together on this site in addition to finding legitimate ways to make money is to expose those opportunities that are nothing more than smoke and mirrors and to help get the word out to avoid them.
Getting wealthy is not going to happen overnight. I wish I had the magic formula, but I don’t, but if I find it, I promise that you’ll be the first to know. Online success won’t arrive at your doorstep tomorrow.
I’ve been working online since 2012. I would by no means consider myself wealthy, but working online has afforded me the opportunity to be home when my kids get out of school. I can be at all their school functions. I can do all of those things that never could have happened when I was working in corporate America. But it is work. You can get there, but you have to be ready to roll up your sleeves and get dirty.
The only thing you should have in common with those people who tell you can be a millionaire overnight is bunny slippers.
You’ve heard the old saying that in life there are no guarantees. Nothing could be more true, especially when you have your own business. There are truly no limits as to what you can make. Some days I’ve made more than I did at my six figure salary job and other days……well, not so much. But, it’s mine. I give it direction, I breathe life into it and you can as well. No pain, no gain.
You don’t know what you don’t know. When you start your own business you have to be ready to do EVERYTHING.
- Learn how to build a website
- Write Your Own Content
- Promote Yourself on Social Media
- Interact With Your Community
- Serve Your Audience and Clients
…and the list goes on.
If you’re like me, you didn’t have a clue where to start. Over time, I’ve slowly built up my expertise and now I know how to get things done.
If you’re currently working for someone else and you don’t particularly love what you’re doing, why in the world would you want to trade that for a business that you feel the same about? You should be passionate about the process of making life better for you and your family. Pick something that you can’t wait to talk about every day. If you love what you do, you never feel like you’re working.
I’ve worked as a CPA for years. I love it, but I wouldn’t say it is my true passion.
I found selling on Ebay by accident. I only do it part – time, but it is definitely a fun way to earn some extra income.
I love to help people and I hate to see people being taken advantage of. So how did I turn that into my passion? I wanted to help people find legitimate ways to make money online, save time doing things at home, while exposing those looking to take advantage of others. What’s your passion?
I hear all the time, where people recommend that you go all in and dedicate every waking moment that you have to building your business. While I do agree that you should dedicate as much time as possible to your business, I don’t think you have to jump off the proverbial bridge. We all have to eat and as I mentioned, it’s going to take some time to get up and running. If you have substantial savings to get you through that period, great! But if not there are other options.
Side hustling has become a huge trend over the past few years. Books by authors like Nick Loper of Side Hustle Nation, show you numerous ways of starting a business while still working for your employer.
Before the internet, you had to have substantial money or investors with substantial to be able to start your own business. You had to purchase or lease a space, purchase inventory, hire employees, pay for advertising, and all of the other expenses that go into starting a brick and mortar business. You could spend thousands or even hundreds of thousands of dollars on your business idea without knowing whether or not your idea is viable.
The internet has leveled the playing field. Now with enough passion and dedication, just about anyone can start their own business.