The recent boom in online shopping has seen an increase in new businesses as well as consumers. An opportunity has been presented and people are jumping onboard in their thousands.
As economies change and jobs are lost during the pandemic people are looking at the vast amounts of money being made in online businesses and wondering if they can get some of that wealth for themselves.
It might be through choice, or necessity, regardless of the motivations, the results are the same. More people than ever are starting their own online business.
“With consumers resorting more to online shopping amid pandemic restrictions, entrepreneurs have embraced the digital phenomenon for online shopping even more,” says a KPMG International article entitled ‘The “New Normal” Of Increased Online Business’.
“Technology has already transformed online business transactions into an infinite marketplace where conducting business has become more convenient and efficient for both vendors and vendees. “The COVID-19 pandemic has made this marketplace a more obvious necessity.”
The market is there and its looking good but before you go all in it’s best to look at the pros and cons of running your online business from home.
There is government guidance on running a business from home and you may need permission or separate insurance to run a home business.
Being the boss of your own online business provides you with a lot of freedom. Everything is down to you. You make the decisions. You decide when and in what way to work. And all you need to do so is a good internet connection and a phone.
Being the boss puts you in control. It gives you a sense of accomplishment and an increased drive for success. All your successes, and failures, come down to you. You dictate your terms, work and live according to your own rules, and probably feel a lot happier in doing so.
There is no denying that running your online business from home is cost saving in a number of ways. It immediately cuts down on your overheads.
Gone are the costs of office or storage space. You also don’t have to worry about travelling to work costs or paying for lunch out every day.
An online business is probably one of the cheapest you could run thanks to the minimal overheads and requirements. For the tech savvy amongst us the costs are lesser still as they are able to do things like website creation and marketing themselves.
There is a lot to be said about being satisfied with the job you do or have. We spend a lot of our time working so it makes sense to want to earn a living doing something that makes us feel satisfied and fulfilled. Working for yourself in your own business certainly can give that to you.
Neils Larrsen has been running his online family furniture business Kalusto Furniture for several years. “When working to provide for your family and yourself you feel an immense sense of pride,” said Niels. “It is more than a business. “It is a way of living.”
Work satisfaction isn’t necessarily about earning great riches. Some of us are happy to just have enough money to keep us living in the simple means we are used to if it means doing something that makes us feel content.
The World Is Yours
A massive benefit of running an online business is the amount of customers you are exposed to. The global marketplace is as huge as your potential for making a lot of money. Thanks to social media and the various social platforms it has never been easier to get you and your product out there.
For someone who has never been self-employed the prospect of it can be quite daunting. You no longer are entitled to the security blanket of sick or holiday pay for example.
All the responsibility is yours. From the most basic and mundane of tasks, to the most essential business requirements, its all on you. All the time. That freedom that is so cherished in the pros comes with a caveat. Knowing there is no-one to blame but yourself can be taken in two ways. It either fills you with strength and courage, or it fills you with fear.
The great thing about working somewhere else is that when you leave your workplace you tend to leave your work worries behind. There is a distinct boundary between your work and social life. You might even have to dress and act a different way at work than you do at home.
When you work from home those boundaries get blurred. By not having to get changed or present your public face, and then trying to get your daily chores done between your online business tasks, it can be hard to focus or know when to switch off from work.
It can be especially difficult if you are trying to raise a family and run a business at the same time in the same place. Ask any parent. Children are the best at disrupting any plans you may have had.
Trying to maintain a healthy work/life balance can be difficult when working by yourself from home.
Personal Details Exposed
The problem with using your home address for your online business is exactly that. It is your home address. And in the age of data and privacy that is the type of information you should minimise accessibility to.
There are some smart, and suspicious, people out there who can use your address for negative ends.
As with any business venture there are always going to be pros and cons. Starting an online business from home is no different. When it comes down to it, it is all about what you want? What you hope to achieve? And what you’re prepared to do to get there.