Now, there’s still 24 hours in a day – obviously nothing has changed there. But while we’re stuck at home many people are seeing this time as a golden opportunity to start a new project, like an online business. And it’s totally normal to have a looming thought in the back of your mind: “is this really the best time to start a business?” even if you’ve always wanted to do it. We hear you. And that’s why we’re going to break down all the things that you should consider when deciding if it’s the right time for you to start your own online business. We’ll talk about finances, time, commitment, and more.
First Think About Your Financial Situation
It might sound obvious, but it needs to be said; you need to consider your current financial situation when you’re thinking about starting your own online business. That’s because you’ll need to spend some of your hard earned money to get your business off the ground. So, think about the initial costs that you’ll likely incur when you’re getting started with your business. You’ll need to spend money on a platform to run your business (and purchase a domain name for your website). Then, you’ll need to find products, and a place to store them – that is, unless you’re drop shipping. And of course, you’ll need to dedicate money to marketing your business, through channels like Facebook or Instagram. These are pretty much a given when you’re starting an online business, but there are ways to make life easier for yourself financially.
You can choose to use platforms like Shopify to run your business – which is currently offering a free 90 day trial – and Oberlo to find products that you can drop ship, so you’ll take some initial costs off your plate straight away.
But, you’re still going to need to tally up the amount of money that you’ll need to dedicate to your business for other costs – like design or marketing fees – and decide if you’re willing to commit your cash.
We know that money is tighter now than it was just a few months ago for a lot of people across the globe, so it’s important that you’re honest with yourself. Ask yourself: “am I willing to risk this money right now? Will I still have enough money to pay rent and sustain myself for the next few months if I dedicate this money to a new business?”