We’ve all heard that starting an internet business is one of the fastest and smartest ways you can make money online.
One of the attractions of working from home is the vision of freedom it invokes, no time clocks, and no micro-managing boss to report to. If you are able to pull off becoming successful in an online venture, you’ll have total control over how you spend your time.
That’s the positive.
Here’s the negative…
Nowadays, finding ways to make extra income or even replacing a full-time job is becoming a necessity and not a luxury.
Because the old strategy of going to school and getting a good job in which you stay employed for 30 years isn’t applicable anymore.
Most of the corporate environment is no longer structured in a way that supports that old-school way of thinking.
If you have a conversation with the average adult about their job history, they’ll tell you how many jobs they’ve held down over the years.
It's mind-blowing, most adults over the age of 35 have had multiple jobs.
And the reason is not that they enjoy job-hopping, it’s because the majority of positions are short-term and low-paying.
How can you build a future with temporary jobs that offer no benefits, a 401(k) retirement plan, or a pension?
At best, you’re hustling on a day-to-day basis only to come out on the other end barely making it to your next paycheck.
You know that what I’m saying is real-talk!
You’re not building any type of assets when working these temporary jobs.
Now, of course, you have to do what it takes to survive because most people do the best they can with what they’ve got.
Today’s corporate environment no longer offers stable and secure ways to ensure that you maintain your livelihood.
You are the only person that’s going to care about you and your family’s well-being.
So, you must focus on solutions that can help you secure your financial survival.
Of course, this is easier said than done, but you’ve got to go for it for the sake of your sanity in these tough uncertain economic times.
Let’s get into a conversation about the 10 Reasons Why You Must Start An Online Business…
Reason 1: Pensions Are Almost Non-Existent
I already briefly mentioned this, when you were younger do you remember your parent’s advice about how you should finish K-12, go to college and graduate, then find a good job in which you could work and retire after 30 years of service?
If you answered with a resounding, YES, you are not alone.
The problem with this strategy is that most corporate jobs no longer offer a pension plan, which means that they’ll not contribute any money towards a retirement account.
Decades ago, companies offering a pension was standard practice.
Fast-forward to the present, you’d be hard-pressed to find many companies that offer pensions to their employees.
Pension Fund Defined by Wikipedia: Known as a superannuation fund in some countries, is any plan, fund, or scheme which provides retirement income. Pension funds typically have large amounts of money to invest and are the major investors in listed and private companies.
Do you recall earlier when I talked about building assets in the companies you’re employed by?
Well, that’s exactly what a pension is, an asset.
But if it’s not available because your job doesn’t offer it, how can you build that asset that can take care of you in your golden years?
This is the first reason why you must start an online business.
Reason 2: Industries Come and Go
Emerging industries is nothing new because it’s simply advancements in technologies and methods, which ends up replacing old outdated and inefficient ones.
When this advancement takes place, entire industries are born which makes the older technologies obsolete.
A good example of this happened in the music industry over decades where we started out with Vinyl Records, which got replaced by 8-Tracks, which got replaced with Cassette Tapes, which got replaced by CDs, which got replaced by MP3s.
Now think about how many people lost their jobs almost overnight when one technology replaced another.
Do you see where I’m going with this?
Some of the biggest factors today that are causing people to lose their jobs are Outsourcing, Automation, and of course the advancements in technology.
The advancement of technology will continue to put people out of work.
None of us have any control over this progression.
So what can you do?
Start an online business!
Reason 3: Pay Is Decreasing and Cost of Living Is Increasing
I can’t tell you how many people that I’ve spoken with whom have expressed how they’re making less money today than they were 20 plus years ago and are doing more work.
Companies across the board are adopting a “Skeleton Crew” environment where they’re having each employee perform the work of several people.
These folks are overworked and stressed to the limit.
And to top it off, they’re getting paid peanuts.
On the positive side, I can say at least they have a job.
On the flip-side, they’re still living pay-check-to-pay-check despite working harder.
If you’re working harder and getting paid less, how can you ever get ahead financially?
Especially when the cost of living is increasing?
The numbers just don’t work out at the end of the day.
What’s the solution to combat this, starting an online business?
Reason 4: College Tuition Is Sky High
Let’s not get started with the ridiculous cost of college tuition. Can you believe that there are people young and old who have over $100,000 worth of student loan debt?
You can purchase a home in some countries for that amount.
Over decades those huge balances will skyrocket to a point in which a person will never be able to pay them off and will probably go to their graves still owing the financial institutes they’re indebted to.
I personally know several people who have student loan debt balances over $100k.
What’s disturbing is that most of those loans started out at around $45 to 50k, and the interest caused the balances to double.
Some people are paying over $1000 or more per month on student loan debt.
How can you ever get anywhere financially when you’re paying a thousand dollars per month on student loans plus the rest of your living expenses?
This is a recipe for stress and a financial disaster.
So, how can you start digging yourself from underneath a pile of student loan debt?
That’s right, start an online business!
Reason 5: Most Jobs Are Short-Term
In reason#2, I explained how emerging technologies replace outdated methods. There are several reasons why most jobs are short-term, which does you no good for long-term financial stability.
One of the biggest reasons that jobs are so short-term is because they are trying to save money by hiring only when they need specific projects completed.
After which, the temporary employee is let go.
Since most companies are using the “Skeleton Crew” approach to save money on payroll, they’ll usually only hire out for special short-term projects that either their regular employees aren’t skilled in or may not have the time to complete.
Once again, how can you build a stable financial future when you have to hop from one temporary job to the next?
You already know the answer, start an online business, you’re catching on!
Reason 6: Social Security May Not Be Enough Or Around
Financial experts have been saying for years that Social Security may not be around in the future. You and I know that this would be a disaster because, for millions of people, this is their only source of income.
It’s no secret that the money most people receive from Social Security is not quite enough to allow them to maintain their same standard of living while they were working.
Can you imagine Social Security not being around?
This is not far-fetched and we all need to be prepared no matter how young or old we are.
Just imagine working your whole life and knowing there’s no Social Security Fund for you to collect a check from.
That sounds grim to me.
Have you heard the stories about some cities running out of funds to pay retirees?
The solution, start an online business to create your own personal financial security.
Reason 7: 401(k) Retirement Plans Can Be Risky
The biggest reason that 401(k) retirement plans can be risky is that they’re embedded in the Stock Market.
Historically the market has been on a steady incline for decades, but all it takes are a few “Bear Markets” to wipe out your 401k fund.
Besides, you have no control over your investment.
You’re at the mercy of the market and hopefully, the fund managers have the employees’ best interest in mind.
You don’t have to gamble with your financial future.
What’s the going theme in this article?
That’s right, start an online business!
Reason 8: Allows You To Create Your Own Financial Ark
I’m always in conversations with people about what they’re doing to plan for retirement.
And sadly to say, most of them admit to not having a clue as to what they’re going to do because they don’t have enough finances established for all of the reasons that I’ve discussed today in this article.
I always mentally make the following statement to myself, “If I Don’t Have Any Money While I’m Young, And Do Nothing About It, I Won’t Have Any Money When I Get Older.”
I wanted to share that with you, just in case you may not have thought of your finances from that perspective.
This puts me in a solution-based mindset, rather than a victim-based mindset so that I can become resourceful and connect the dots that lead to answers that I can use to earn extra income.
I encourage you to do the same.
Starting an online business can help you bridge the financial gap between where you are and where you need to be in order to build your own retirement fund.
Since money never sleeps and neither does the Internet, it’s the perfect vehicle to get you from A to Z, all from the comforts of your home.
If you duplicate a proven money-making system, you’ll be able to build your own Financial Ark that could weather any economic storm.
Reason 9: Provides Geographic Freedom
Have you ever heard of the “Laptop Lifestyle?”
This simply means being able to run and grow your business from anywhere in the world that provides an Internet connection.
Can you imagine being on vacation and logging into your bank accounts seeing that money has been deposited from running your own online business?
That would be one of the greatest feelings in the world!
An online business allows you to travel, go to your children’s activities, spend time with your significant other, hang out with your family and friends, participate in your favorite hobbies, and etc.
You’ll be released from the ball and chain of your day job if you decide to go full-time online.
Reason 10: Build An Asset You Can Sell
Depending upon the type of online business you build, you’d be able to sell it in the event that you get burned out, tired of it, decide to retire, make the decision to go into another niche market, or launch another type of business.
Owning an online business affords you these options.
When you work for someone else, you have no options to sell the business, because you’re just an employee.
A successful online business is an asset in which others are willing to buy from you because you’ve already done all of the hard work.
Usually, you can sell a business between 2 to 6 times what it earns on a yearly basis.
For example, if you owned an online business that generated $10,000 per month, you could probably sell it for anywhere from $240,000 to $720,000.
Keep in mind that this is just a general range of how profitable businesses are valuated.
Now are you seeing why building a successful online business is an asset?
Just imagine being able to sell a business and make several hundred thousand dollars.
What if you build several online businesses and sold them for large payouts.
Do you think you’d have a problem building your own Financial Ark?
Of course not!
You just learned the 10 Reasons Why You Must Start An Online Business…
I purposely wanted to shine some light on the grim reality that millions of people are facing who feel there’s no hope for their financial futures.
Painting a rosy picture doesn’t help anyone.
The only way to solve a problem is to first admit something is wrong, which is what I did in this article.
Even though I barely scratched the surface on the seriousness of the economic crisis being felt globally, it was my intent to make you do some critical thinking.
While starting an online business could be your golden parachute if you model success and avoid reinventing the wheel through trial and error.
If you attempt to, you’ll most likely fail multiple times and waste a small fortune.
I’m a huge fan of online businesses, but there’s NO such thing as a Push-Button Riches system.
You have to put in the work to make any business model successful.
So, don’t believe the hype.
The best advice that I can give you is to pick a proven business model that has been systematized and stick with it until you make it successful by solely focusing on it. Ignore all the other shiny object business opportunities that show up in your inbox, as they will only distract you from what you’re currently working on.
Yes, some of those opportunities that will be showing up in your inbox will be legitimate but will cause you to stop working on your existing online business.
Hopping from one business opportunity to the next like a frog on a Lilly pad is one of the biggest mistakes that cause failure.
Do yourself a favor and choose one business model, make it successful, start another, and use some of your profits to build your own retirement fund.
I hope this article helps!