…is an online business.
And I highly recommend Wealthy Affiliate (they have a free membership version to let you test and get your feet wet as well as basic training for the free membership).
When you’re ready, it’s “just $299” per year for all the full membership training and hosting etc, as well as domain names (about USD 14 per domain name per year) – that’s it. Assuming you start with just one domain for one business, that’s
- USD 299/year for training, hosting, support
- USD 14/year per domain name
Combined, that’s USD 313/year or $26.03 per month. Or divided by 30 days per month, that’s $0.87 per day.
That’s….literally really low cost.
- My offline business? Costs me a good SGD 50K/month and growing (of course it’s profitable) – but there is always overheads that’s there. And I can only open shop for max 9 AM to 7+ PM weekdays; Saturdays is till 5 PM.
- Picking up real estate or insurance license? That’s a good $2000+ to start with yearly license fees. Don’t forget you also have to meet and sell to people in person.
- Any franchising or brick and mortar you will need 3-6 months security deposit, and lots of cash for rental and marketing (dont forget great products and services) as well as deep pockets to weather down seasons (like COVID)
- All these physical / offline business is good because it’s fast – people see it and people can understand and consume and decide if they will come back quickly, unlike online businesses where people do not consume everything online or is more skeptical etc (note: it’s LOCAL ie you sell to people in your community.
Conversely….compare that with USD 313/year for an online business that
- runs 24 hours a day, 7 days a week – every day…no matter where you are in the world. You can run your online business from a cafe, or from another country, or from your phone – as long as you have internet services
- every page and article you crank out is an online salesperson that communicates and markets your business and online brand every day, every moment, without rest
- you sell your products and services to the whole world (not just your local community)
- there is no cap as to how much you can earn because there is so many things you can have passion for that can be monetized
…it’s a no brainer.
Yes it’s not easy because there will be challenges:
- you may not be used to the technology (especially if you have been “very” offline in how you work, live, earn money, interact etc) – you will have to learn it, and it’s very learnable and easy. It’s really easy. Like all new skills, you need to take time to learn it, apply and practice, make mistakes, refine and more
- you may not know how to earn online, but don’t worry about this yet – learn the skill first. Your first site (or at least the first few, may not be topics that you may be interested in) but just learn the skill first. Once you’d learnt the skill, you can apply to any topics that you’re passionate about
- you may feel sad and depressed at times because it can be a little lonely and sad when it takes so long to get results (roughly 2-3+ years to earn income consistently from online business), and what makes it worse is when it’s uncertain – that’s why I recommend Wealthy Affiliate – because there is strong community and support who will understand your online challenges and frustration
But remember, it’s just USD 313/year – take it as costs of learning a new skill with a potential upside to earn online with unlimited returns. It is helpful to remember your reasons why you’d like to do this (as opposed to just wasting time watching and consuming Netflix or something).
Of course, you can choose to do nothing at all, like majority of the world. Online business or business is not for everyone. Many are dreamers and less are the doers – this is good because there is a bigger pie for the doing dreamers who aspire to learn and grow.
I’m the founder and writer here at NigelChua.com; as well as serial entrepreneur, therapy business entrepreneur, digital entrepreneur, investor and also happy husband, father and Christian.
Started and sold off a business for 7-figures; built another 7-figure one and growing it further, plus building/investing into other businesses and investments as well as advisory works.
Nowadays I share and teach entrepreneurship, financial independence, retiring early as well as building and living a life you love.
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- I recommend everyone to learn to start an online business for so many reasons: low cost, valuable skill (marketing), potential for passive income, it works 24/7 for you and no income ceiling. There's a free membership at this platform which I'd been part of since 2015 and it's where I learnt how to earn my first $100 online. See you on the inside.