Because of this online work home based entrepreneurship is becoming an increasingly attractive option for many people seeking a virtual lifestyle.
In this post I’ll cover the pros and cons of starting a home-based business as opposed to finding another J-O-B online.
Online Work Home Opportunities Are Competitive
While there are usually a lot of legitimate opportunities for working online, I’ve found that many of the most common options (such as writing, graphic design, or other consulting work) are under paid because you wind up competing against international workers willing to bid 1/10th of your normal wage.
This means that you end up spending endless hours of your time searching and applying for relevant jobs, only to find you’ve been out-bid by a contractor in India or the Philippines. I can’t tell you how many times I’ve taken 2 or 3 rounds of phone interviews only to learn I was outpriced for pennies on the dollar!
Not only is this frustrating, but it further cuts down on your overall wage, since in addition to accepting lower bids than you would otherwise, you have to factor in the time you’ve spent sourcing those leads.
This frustration was one of the main reasons I decided to stop consulting and move towards developing my own portfolio of web projects.
The results were far better than I’d ever imagined.
The Benefits of Home Based Entrepreneurship
I absolutely love running my own set of projects virtually.
Since making the mobe away from online jobs and into running online businesses, I’ve not only reduced the number of hours I work, but have also structured those hours such that I work on my own terms, not someone else’s!
I have no office to go to and I never have to be online for a conference call at a fixed time. I take full advantage of this freedom to work where and when I choose, whether that’s from my apartment in San Francisco or a white sandy beach in Mexico.
In addition to the freedom to choose when and how I work, building an online affiliate business has led to a passive income stream, which means I also have the ability to choose how much I want to earn, as long as I plan ahead.
The Downside of Home Based Entrepreneurship
That leads me to the biggest negative of online entrepreneurship as opposed to an online job: delayed revenue.
Really, this is both a plus and a minus. The bad part is that it usually takes several months to see a financial return on my time investment. This can be a prohibitive aspect for many people when they’re beginning, but once you break past the initial hurdle it also provides a powerful upside.
That upside is the ability to earn recurring income over time. So while you may have to wait a few months for that income to kick in, once it does you’ll find your earnings will compound over time.
This means that affiliate marketing is an extremely powerful business model that will allow your business to grow sustainably and predictably over time.
Taking the Leap
Starting an affiliate business isn’t for everyone. If you’re not sure whether or not it’s the right move for you, click here for a few tips on how to decide.
Otherwise, you can read this post for a more detailed overview of affiliate marketing and what it takes to be successful.