With recent events like the Coronavirus outbreak, many are left worried at the state of the economy. The stock market seems poised to crash, which could result in massive layoffs across many countries around the world. Growth levels have already begun slowing down to all-time lows, which is forcing people to search for other avenues to protect their finances. In such testing times, an online business can be the solution you seek.
Online businesses leverage the power of the Internet to sell products and services to customers who need them around the globe. With access to the Internet becoming fairly easy in most countries, online businesses can tap into a humongous potential customer base that boosts their chances of success.
One of the reasons behind the popularity of an online business is its low overhead costs. You don’t have to hire employees or rent a store. You don’t have to invest in expensive offline marketing methods to get the word out to your customer base. Heck, you don’t even need to maintain products in your inventory until an order has been placed. Due to its low finance costs and easy setup procedures, online businesses are now extremely popular among people who want a taste of entrepreneurship without the commitment.
An online business can be operated in parallel to your regular day job. The income generated can supplement your regular income and provide you with extra cash. Given the state of the Australian economy, which is fragile as of now, having an online business makes all the more sense. There’s no doubt that the next global recession will lead to the worst round of layoffs ever seen in modern history – dwarfing even that of the Global Financial Crisis of 2008 or the Great Depression of 1929.
Employees need to be prepared for the worst. High and medium level employees, aged between 40 to 60 years of age, face the greatest risk of being fired during a recession. Most people at these ages have families to look after, mortgages to pay, and other financial obligations breathing down their necks. A layoff could send entire families into a tailspin and damage their finances grievously. Even traditional savings may not be enough to sustain your family expenses, should the economy go down.
In the event of such a catastrophe, why not make the most of it? An online business offers you the chance to become your own boss, at a low overhead and commitment. You don’t even need to learn a whole new skillset – a simple, e-commerce website along with a standard payment gateway and a listing of your products is all that’s needed!
Online businesses are a great way to buffer yourself against the risk posed by a global recession. They provide you with ample breathing room in the event of a financial slowdown and allow you to handle your family’s expenses without worry. They’re a great way to transform your passion into a tangible source of income – thus benefiting you immensely in the long run.