It’s been exactly one year since I shifted all my projects from the physical to the internet dimension. It was a difficult step to take, but I believe that the future is online and that’s where I want to be. Plus I love the lifestyle it gives me. I still participate in the physical realm of business, but all my main projects are currently online, in the form of web-sites and applications.
In this post I want dismiss some of the myths commonly attributed to doing online business and share some truths I have encountered in my journey so far.
Myth #1 It involves a lot of ‘hard’ work
What does it mean to work ‘hard’? Collecting sugarcane in +40C for 10 hours is working hard. Assembling iPhones for 12 hours a day is working hard. Sitting behind your computer is in no way a hard work. The term ‘hard-work’ is against the entrepreneurial spirit. You must enthusiastically and passionately give yourself to your project for extended periods of time. You must enjoy every second of that time and look forward to it when you wake up. If it feels like sacrifice or you feel like a victim of ‘hard-work’ then it is not for you.
Myth #2 You can’t achieve results by working 2-3h a day
Well… The important message here is that you can ‘work efficiently’ rather than working for extended hours inefficiently. You must be able to prioritise the 20% of actions that will give you the 80% of results. If you teach yourself to work efficiently you’ll be amazed at how productive you become. You can spend 4-6 hours a day on your business and achieve good results. There is no point in sitting for 12 inefficient hours. It’s much better to spend 4 hours concentrated and focused on a particular task. So to sum it up, if you are efficient at work you can achieve amazing results in 2 hours a day. If not then you better work on your efficiency. If you could dedicate 12 efficient hours a day to your business, your results would be even better, however, I haven’t met many people who can be efficient for 12 hours a day. Work on your efficiency slowly and gradually.
Myth #3 You will be able to work on the beach with your laptop…
Its recently become ‘the dream’ to go and work online while laying on the beach and sipping on a cocktail. Has anyone seriously tried that? It’s truly a pain in the ass! Your laptop gets boiling hot, fan is working on 8th gear trying to cool the processor down; you cannot go for a swim because you’ll wet your laptop and it gets dirty in the sand, you cannot see at all because the sun rail guns the screen… Awful! Now, working by the pool in your own villa is a completely different story…
Myth #4 You can start a business without investing
If you have skills as a designer, programmer, marketer, web-developer, social media manager, have amazing writing and accounting skills then you don’t need any investments to run your business. Really! You just need to have an unlimited supply of coffee so you don’t have to sleep and eat. Because if you are trading your time for money, there is not much time for anything else. And if you plan to trade products for money, then be sure that some investment will be required.
Now to the facts:
1. It is amazing to be able to run business from any point with Internet and being able to solve tasks from your phone.
2. You have to be ready to answer and check your e-mails 24/7 no matter what. If you want to have proper days off, you better stick to a traditional job.
3. There is not much difference between business in internet and business in real life. The only major difference is the initial investment where you don’t have to pay ridiculous lease deposits and arrange initial lease contract. It saves a lot of troubles. Everything else follows the same patterns: regulations, rules, registrations, certificates, endless negotiations and infinite trials and errors.
4. Things tend to go wrong at first, sometimes they go right, but most often wrong.
5. You fail – you start again. You fail, you start again, and like that non stop. Until you make it.
6. Its important to have a plan B for internet access, because sometimes places lack wifi or you can get so far away that there is no proper connection. Make sure to have a local sim card with internet access whenever you can.
7. Learn residency rules and be fluent with offshore jurisdictions. If you do your business online and don’t have to be in your home country then why do you need to pay taxes there? Go live somewhere with 0% tax rate on foreign income, open your company through another 0% percent jurisdiction and enjoy!
These are a few of my observations after being an online entrepenreur for one year. I hope some of you will find this post helpful. Feel free to contact me here if you have any questions or comments: firstname.lastname@example.org