Do you know that if you have a day job you are exchanging your time for money?
Time is a finite resource; we all have 24 hours every day and we cannot exchange all of them for money as we have to devote our time to other activities like sleeping, eating etc.
This means that if you sell your time then your earning potential is limited because you can only work so many hours in a day. This is why it is impossible for the bulk of us to attain financial freedom whilst holding onto a day job.
On the other hand, you can build your own online business of selling products.
If you sell products your earning potential is virtually unlimited because there is no limit to the number of products you can sell and how many people you can sell them to!
You can also create any number of products and each product will be a new income stream for you. The products we are discussing here include e-books, videos, training courses and audio files, also called digital products, that you can sell online.
With an online business, you have access to a global market and you can automate your business and earn money while you sleep! This is called passive income and once you taste it trust me, you won’t stop looking for creative ways to keep earning it.
Another advantage of having an online business is that your earning potential is not limited by your boss. With a regular day job, you are at the mercy of your employer. They decide how much they want to pay you and when to give you a raise etc. This, in effect, means that your boss literally controls your financial livelihood. That’s rather risky for obvious reasons.
Your own online business the situation is different. Your efforts into product creation and marketing are the ones that determine how much you can earn. You can even scale up your business eg by entering into new markets or creating follow up products. This puts you in charge of your finances. Isn’t that a better situation to be in rather than giving your boss the reins?
Another thing with having a regular day job is that you do not have control over your time. Your boss tells you what time you can be home, what time you can spend with your kids etc. They do this by stating your working hours and days. With an online business, on the other hand, you will have more control over your time. You can work from home, at night, over the weekends etc. You will be your own boss and you will have a more flexible schedule. You can read my post that explores the advantages of having an online business in-depth.
Can you be an Online Entrepreneur?
You may be excited about what has been discussed thus far but you wonder how you can create these products and run your own online business. You may not fancy yourself as a writer, or you may be lost as to how you can create those e-books for sale online. Well, the beauty of having an online business is that you can model your business around your passions and hobbies.
Suppose you like dogs, you can write an e-book covering such topics a caring for your dog, training your dog, addressing dog behavioural problems etc, and sell the e-book to other dog lovers who have a need for the information you provide.
Let’s also suppose you like organic gardening, you can write about the benefits of organic gardening, challenges faced in organic gardening and probable solutions, how to market your organic produce etc.
If you model your e-book on your experiences with a view to covering some of the information gaps you faced and addressing some of the challenges you have faced you can be sure that your e-book will have value to people all over the world who are interested in organic gardening and these people will be willing to pay you for that value.
Don’t get me wrong, setting and running a profitable online business is by no means easy but the payoff can be tremendous. In the same vein, working for someone isn’t fun or easy for a lot of people I know. I was once there as well were I absolutely loathed my job and the working conditions. I decided to do something about it and sacrificed time and effort into learning and setting up my own business and now I am in a much much better position. You can read my full story here.
My aim in this article is to show you a different way of generating income that may interest you. You can begin by asking yourself what you are passionate and good at that you can monetise online.
You can also read my other article on demystifying the myths around making money online.
You can also listen to my podcast as I discussed online entrepreneurship as a viable income generating initiative.
So what are your thoughts? Do you think that having an online business is better than working a day job? Do you think YOU can run your own online business and have it successful to the point of quitting your job? Share your thoughts in the comments below!