Making Sense of Earning Money from Online Business
Earning money from online business – Nowadays, almost everything is connected to each other by various methods and standards of digital communication. The way we live now is impacted by these applied technologies that make so many things much easier. It also introduces emerging stake holders of these new ways that ultimately disrupts established methods of doing things including also the way we do business which in turn also impacts the dynamics of the economy that growingly shifts it into the online world.
That being said, the statistics for the online transaction value of retail e-commerce – read as : the total value that regular people are spending – by the time of writing this – is about $5.6 Billion ( per day ). Note that it’s only from the retail part of the whole online business. Obviously there are many other aspects of online businesses as a whole. With advancing technologies still on the rise, it is also obvious that the trend for online businesses will also grow stronger accordingly.
So, how can I tap myself into that in terms of income, you say? Read on to get on.
In a simple thought : one of the options nowadays is to start working online. Find an online job and start getting paid for your work. Next, you want to set aside some of your time and some of the money you’ve earned to start investing in your first online business. Of course it’s not as simple as it sounds because it involves many details and effort along the way, but you get the point, it’s kind of a goal you can work on : the way to go is online business.
But before you jump straight on, you need to know this : Online Business requires a different set of resources and perspective than if you are working online jobs. Much like any other businesses you need to prepare quite a few things before your business can actually start rolling. Part of the preparation on your side, that will reside in you, is getting some required knowledge and skills so that you know what are doing in preparing and getting your actual online business up and running effectively.
The starting point from preparation and work needed to start an effective online business can be compared to as if you would decide on to get college education, finishing this education and then getting on a job to work and then working on for years and years up to a point where you would get paid to a certain level that hits the highest value you can get for being the professional you are in the related industry.
Lets get in some figures to visualize a bit on this. Let’s say you pay up to $50k times 8 semesters : that’s $400k for you college. Then you get on your first job and work on afterwards for another 5 years, say as a medical doctor for a high paying profession, and get paid about $120k – $180k annually. So, you would spend 4 years of college at about $400k and another 5 years to work yourself 40 to 60 hours a week to a level where you get paid $120k to $180k annually where the number then somewhat sticks on that figure more or less according to the industry you’re in and the expertise you have achieved for the total 9 years you spent. Compare that to the average income from the other various industries of say on average $50k-$100k annually and you would say that it would sound quite worth spending the time, effort and money as such.
But as mentioned earlier that things have changed, now compare those to this potential ( income-wise ) : you spend 12 to 18 months doing 10 to 20 hours ‘work’ per week and very much less than $4k in learning and preparing and setting up your online business; read that safely as EFFORT. At the same time you also practice on what you learn while running and improving your business and maybe even start getting a few bucks along the way. Then within the 12 to 18 months you alone could achieve a typical ( of somewhat pessimistic actually ) figure in the online business of say about $40k to $60k annual income.
Add to that the fact and common practice in the online business that with the same set of knowledge and skills you posses you can rinse and repeat the processes and apply them to target another market or niche of your liking. Every time by repeating this process, you could potentially add yourself another income stream and thus grow your business extensively, not to mention that by repeating a process you would usually find it more easier to do than the first time. Within the next 2 or 3 years further maybe you could get an annual figure of $120k to $180k and this doesn’t have to stop there does it?
Ok, but here is the weight of this : Of course there is absolutely nothing wrong in staying in the professional or employment lane as many of you, if not most, are choosing. The comparison touches the income aspect only, and not the whole value of living. By this I mean to have a full life! It’s not just about money. Money can give you more options and can make things easier for you in going by your living, but it’s definitely not the value of life itself. Live a full and meaningful life that matters.
It really comes down to each person’s heart of preference, needs and dreams and values that matters you most.
But if you find yourself to be in one of the circumstances or scenarios below that maybe :
- You are longing to have more time for your family having a healthy life with them while still being able to enjoy your lifestyle, or
- you’re looking for available options to progressively move on to secure your future life looking ahead at after the productive years of your professional contribution or employment life is setting.
- you happen to be a college student who wants to be able to pay part or even all of your tuition fee or just having extra money to fund your hobbies
- you have any other life goals to fulfill in helping others
- or any other personal reasons you want to fit yourself into because it matters
Looking from that perspective then, wouldn’t it be a good time to start considering having a go in establishing your own online business?