Business

Are Online Businesses Worth It?

We get asked this all the time….

Are online businesses worth it?

It’s a loaded question, but a good one. Is it worth it to start an online business?

In our option, YES!

Starting an online business and venturing into entrepreneurship can be incredibly rewarding, but like all things rewarding, it comes with a certain amount of sweat and effort.

In our podcast episode a few weeks ago we dug into “Is Now A Good Time To Be An Entrepreneur?”

The answer to “is it worth it to start an online business?” is about the same.

Entrepreneurship can be an incredibly rewarding experience. Working from home has a ton of perks. You have the ability to flex your schedule. You can take off early to spend time with your kids. You have the ability to be flexible with childcare. You don’t have to answer to anyone. Your vacation time is seemingly unlimited.

But there is a trade off.

When you take the time off for your kids or vacation, no one is there to fill in for you (unless you enjoy the perks of a partnership). There is inherent risk with entrepreneurship. And if you don’t produce clients, you don’t produce a paycheck. Plain and simple: it all comes down to you.

So what makes a successful entrepreneur?

You need to know your purpose and reason for doing this.

And your purpose and reason needs to be more than a monetary value. Monetary goals are important – it’s what will keep you doors open. But you need a purpose bigger than a paycheck. That’s the thing that will get you out of bed in the morning and through the tough days as an entrepreneur (and there will be plenty of them).

You need to be real with what your strengths and weaknesses are.

This is no time to not be self aware. You really need to dig in to know what it is in business that you do well, and how are you going to outsource the rest. You will spend either time or money to make up for your weaknesses. Now is the time to decide which is more valuable.

You need a clear runway.

How long do you have before you need to make money? The shorter your runway, the faster you need to make money. A smart business owner understands what their cash flow is, how long they have before they need to pull it, and how they are going to spend their capital. Once the runway is out, (and ideally before) you need to be able to pivot.

Which leads me to….

You need to be able to pivot.

At a moments notice. As soon as there is a problem. You need to be able to course correct and make changes quickly and nimbly when something is no longer serving you as a business. The status quo and fear of change can be death to online business owners. Don’t fall prey to it. When there is a problem. When things are no longer serving you, it’s time to pivot. Not sure if now is a good time? Check out our free guide.