Pros And Cons Of Starting An Online Business

Starting an online business can be the cause of an overflow of joy, but it can also be the cause of frustration.

Building an online business has its pros and cons, but do the pros outweigh the cons or do the cons outweigh the pros?

Let’s start out with the cons first and end with the pros and you can decide if starting an online business is worth it.

Cons

  1. Self-motivation and self-discipline is a must.

    If you’re not much of a disciplined person, and you’re lacking self-confidence, starting a business will be a challenge.

    When I started my business I was lacking the necessary self-discipline and self-confidence needed to be successful, but I was able to develop those traits through the process of building my online business.

  2. You need to sacrifice time and/or you need a lot of money.

    You can build an online business by using a lot of time, or you can build your online business by spending a lot of money to speed up the process.

    Both time and money are valuable, so you will have to decide how you’re going to build your business, and what you’re willing to sacrifice.

  3. You will be married to your computer for the first couple months.

    You will be spending a lot more time on your computer or laptop than normal, and there is no other way around it.

    Just like any other business, you will have to spend hours marketing your products, building your brand, making changes, and studying the market. Once you know how to do those things, then you can outsource some aspects of your business to other people so you can free up some of the time you spend on your computer.

  4. Information overload, shiny object syndrome, will slow down progress.

    When I first began to build my online business, I was affected by information overload (taking in too much information at one time) and shiny object syndrome (buying product after product looking for something that will help me get rich quick).

    Don’t fall into the trap. When you buy a training course or ebook, study it, apply what you learn for a few months, and then go on to learning something else. Don’t try to be the jack of all trades, because you will end up wasting a lot of time feeling overwhelmed.

  5. You’re taking a risk.

    When you start an online business, there are no guarantees. You might make $100 or you might make $1,000,000 but you never know until you try.

    If you don’t have faith in the process, you will probably end up quitting every business you start, because normally you won’t see any decent results until months have passed, and sometimes even years.

Pros

  1. Unlimited income potential.

    Unlike working a 9-5, an online business allows you to make an unlimited income. You can get a raise whenever you want, and you’re in full control of how much money you do and don’t make.

  2. Financial and personal freedom.

    When you own a successful online business, you will be able to achieve financial and personal freedom. Your money worries will go out the window, and you will have more time to travel the world, hang out with family and friends, and engage in your hobbies.

  3. You will be able to help a lot of people including yourself.

    Not only will you be able to change your own life for the better, you will also be able to change the lives of others. By creating products and services that people love, you will be making a positive difference in the world.

    You will get thank-you emails daily, and you will actually feel good about what you do.

  4. You’re your own boss.

    Nobody tells you what to do. You work your own hours, and you make your own decisions. What could be better than that?

  5. Passive income.

    A passive income is money that is received on a consistent basis without much effort on your part to maintain. This is what makes the hard work worth it. When you work the 9-5 job, you won’t be able to make a passive income.

    A 9-5 job requires you to always be working if you want to make more money. I think you can see why I chose to become an online business owner.

  6. You can work on your business in the comfort of your home or pretty much anywhere around the world.

    In order to start and maintain your own online business, all you need is a laptop and an internet connection. That is it.

    You don’t need to drive through traffic every day to get to and from work. You can build your entire business at home in your pajamas.

The Decision Is Yours

Those are some of the most influential pros and cons that you can use to determine whether you want to start your own online business.

Creating an online business isn’t for the faint of heart, but if you’re the type of person that is willing to do whatever it takes (within ethical means) to create the lifestyle you have always dreamed of, an online business is one of the many vehicles you can use to make your dreams a reality.