More Freedom With an Online Business

Wouldn’t you want to wake up when ever you want, spend more time with your children, hang out at home or go to the mall when ever you want? Wouldn’t you want to sleep in as much as you want or take a vacation if you want? Would you like to have more control over your life? Would you like to dictate when and how to work? If you answered yes to these questions, the solution is starting an online business. When you start an online business, you get a lot of business and flexibility and freedom. You pretty much own your time. You don’t have to worry about clocking in somewhere, working 9 to 5 or whatever the regular schedule is. You can pretty much do what you want. You can go offsite, hang out at Starbucks while working or work while enjoying the sun at the beach. The good news is that online business owners have done this ahead of you and they are doing it now. There is nothing stopping you from joining you. If you are still not convinced, here are the top 3 reasons why you should start an online business.1. Future-proof
It is easier to future-proof your online business than an offline one. With an offline business, your costs are fixed. Office rents, insurance and employee costs are fixed. The problem is when businesses go through up and down cycles, you might get crushed. In other words, you didn’t contingency-proof your business. With an online business, you have a lot more of flexibility with your costs so you can take more shocks. More importantly, you can adapt to these changes. So your business survives through the challenges.2. Your personal life
You can devote more time to your passions when you don’t have to stick to a schedule or report to a particular office. You can learn a new skill, go back to school, spend more time with your children, put in more time with your church or anything that is important to you when you have an online business. Your online business makes money while you are sleeping.3. Scalability and flexibility
Some online businesses are more scalable and flexible than others. Some allow you to work only once but make money many times over based on that one time you worked. For example, if you sell online books, you only worked once to write, but you make money many times over when people buy it. Do you see where I am going with this? So you have to figure out a way if you want greatest freedom and flexibility to scale up your business in such a way that you don’t have to work again to produce that income. There are many business models online that meet this need.

7 Ways to Expand Your Online Business

So you just started your online business, congratulations! But you’re not yet sure of how to expand them. Here are 7 ways to help you. Read and be motivated!1. Consider opening another location. This may not be a great choice for expanding internet business. But according to business consultant and writer Frances McGukin, opening another location for your online business is just the same thing as traditional business. Moreover, McGukin recommends online-based business owners to:
Look closely at the trends (both consumer and economic-based) to indicate the staying power of your business.
Ensure that the management team (including its administrative systems) is extraordinary in setting a location before keeping it running.
Maintain the “bottom-line” profits that have been steady for the first 2 – 3 years of the business.
Determine how and where you’ll obtain your finances.
Set up a separate business plan for the new location.
2. License your offers. This may be a low-cost medium for many online businesses. According to Larry Bennett, head director of the International Center for Entrepreneurship Studies at Johnson & Wales University, these businesses can receive upfront royalties and dues from consistent sales or software use through licensing. This helps control the risks of losing product or service control.3. Sign a government contract. Rep. Nydia Velazquez of the Democratic Party wrote in her August 2003 article the importance of getting the approval of the federal government in expanding an online-based business. Coordinate with your local SDBC and SBA offices before signing a government contract. The US Chamber of Commerce offers a special matchmaking program for small or online-based entrepreneurs.4. Target other people. Your present market is serving you well, and that’s understandable. But McGukin suggests that having multiple markets is an advantage in expanding your business online. Think about it! If your market ranges from young adults to professionals, chances are you’ll be able to earn over hundreds (or even thousands) of bucks and make a name in the online business realm. Sponsor speaking events, entrepreneurship programs and other offerings that can generate a multitude of revenue streams to your business.5. Place your business website in search engines. According to SEO expert Sally Falkow, 85% of traffic comes from Google and Yahoo. Falkow adds that as of June 2011, about five billion business and traffic doubles every 200 days, making the visibility of these sites crucial to the needs of people.6. Expand your business globally. FatWire is among the few online-based businesses that successfully expanded its services to over 60 countries. Since then, the company has already established offices in Italy, France, Holland, Spain, United Kingdom, Singapore, Japan and China. To expand the business outside of your country, you need a foreign distributor who will carry the inventory of your product or service to resell them in your target domestic markets.7. Merge with other online businesses. It’s an advantage if the business you chose to join forces with is also up for expansion.