Starting an online business has truly transformed my life for the better. My journey began in 2009 when I launched Financial Samurai. It wasn’t a moneymaker at first, but I persevered, and today I want to share the incredible advantages of starting an online business, especially in these trying times like a pandemic.
Before founding Financial Samurai, I hesitated for a few years, uncertain if I could dedicate myself to a long-term project. I’d heard it takes a decade to master something, and I feared committing without following through. However, the financial crisis forced my hand, and I thought it was time to act.
Fast forward over 12 years, I can’t imagine a day without this website. Some of you might think you don’t have a good business idea or knowledge to start, but let me assure you, I was in the same boat.
The secret is to launch and learn on the fly. With today’s low starting costs, it’s much easier to take a chance. Imagine trying to figure things out with a $5,000+ monthly rent for a physical store or restaurant!
Here are the top 10 compelling reasons to start an online business.
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Best Reasons To Start An Online Business
- Being Your Own Boss As you age, following orders becomes less appealing, especially if you’ve mastered your field and have financial stability. Even the best boss can’t compare to being your own boss. The autonomy is incomparable.
- Control Over Your Schedule Without needing to set an alarm, you can wake naturally, leading to a healthier, more relaxed lifestyle. Enjoy an afternoon game or a siesta if you desire. You can spend quality time with your kids and work at your preferred hours.
- Increased Work Efficiency I realized working in a large corporation was inefficient due to constant meetings and bureaucracy. Startups often innovate faster. From my freelance experiences, I’ve seen deals dragged out for months that could’ve taken an hour if I were in charge.
- No Daily Commute Commuting is a draining waste of time and money, adding stress and even danger to your day. Cutting out the commute was always one of my primary reasons for seeking a different work path.
- Benefit from Expense Deductions While corporate cards have their perks, running an online business allows you to write-off various expenses, like team-building trips to exciting destinations. And the low operating costs give your business greater scalability.
- Earn All Income and Equity Unlike an employee earning a salary, owning a business lets you profit directly from your success. Your equity can also be sold for a lucrative sum in the future. Equity ownership is the path to substantial wealth.
- Effort Directly Correlates to Reward In corporate life, success often involves playing politics. Owning a business eliminates this game, rewarding you directly for your hard work.
- Potential Tax Benefits Expense deductions can reduce your effective tax rate, allowing deductions for car payments, internet usage, travel, meals, and more.
- Higher Pre-Tax Retirement Contributions As a business owner, you can save substantially more in your retirement accounts compared to an employee.
- Freedom to Work from Anywhere The ability to operate from any location is liberating. Whether relocating to a more affordable country or just enjoying extended vacations, the flexibility of online business is unbeatable.
In summary, starting Financial Samurai has given me a new lease on life. It was a slow start, but the benefits I’ve reaped have been tremendous. From the freedom of being my own boss to the flexibility of location independence, the transformation has been remarkable. Whether you’re contemplating taking the plunge or just starting, I hope these insights encourage you to take control of your professional life.
