When it comes to being financially independent, the first thing you probably think of is something you dream of. So, let’s say for an example you love summer and beach (I know I do). So you would then, like me, be thinking of enjoying in the sun somewhere at the sunny coast, drinking your favorite beverage (a beer I hope), not worrying about how will you pay your bills, how much time you got left before going to work.
Probably the best way to become financially independent is to start your own business. Now, this may be physical business like opening a restaurant or an online business like affiliate marketing.
I will be covering online business here and will explain why it has leverage above physical business.
Physical Vs Virtual
Physical business (in our case a restaurant, but it can be any business what so ever) may seem to have more of a value than an online business. After all, you can see how it looks like, where it is, its products… But, truth to be told, that doesn’t mean much if you aren’t getting money from it, correct?
What is the point in having any business if you aren’t generating income? Ok, you can’t be expecting to make fortune your first day. It will take some time before you start seeing any income.
With that in mind, think about expenses. Owning a restaurant, you need to pay for the place, food supplies, all the appliances that you must have in order to work properly. Not to mention the salary for your worker(s) and yourself.
When it comes to online business, all you need to have is a website. Usually, the cost to buy a domain name is around $15 per year, but can even get one FOR FREE!
Unless you are planning to keep your computer running 24 hours a day, you will need a hosting server. There are many companies that have a large storage capacity to host your website and everything needed to keep it running smoothly and prices can vary from as small as $2.95 up to $100 per month. It all depends on your needs and desires. But even that you can get FOR FREE!
Check it out here:
Potential Has No Boundaries
When you own a restaurant, you have limited space when it comes to delivering your product. Let’s assume you hire a few people to deliver food to your customers. Perhaps you can cover 15 to 20 km radius. In a largely populated city, you could be targeting about 500.000 people.
So your target audience is 500.000 potential customers. With an online business, odds are greatly shifted. Every single day about 4 billion people are using the internet and searching for something. Imagine the potential!
Ok, I am not saying everyone will come to your site, but your audience is not geographically limited. You have the opportunity to reach every single person that is looking for what you are offering, in any part of the world!
And you don’t even have to offer your product, you could be simply pointing them to the desired direction. This is called affiliate marketing. What you are doing is making a review of the product that you think others will have the benefit of using.
Can you start to see why is an online business the best way to become financially independent? Let’s dig into it deeper.
Choosing Your Passion
The best way to have a successful business is to do something you are passionate about. Ask yourself: What is my passion? Is it fashion? Write about fashion. Is it music? Write about music. Is it cars? Write about cars. Once you find which one you want to focus on, that will be your niche.
There are countless directions to where you could be going with this, so for the sake of the length of this article, let’s pick fashion. That is something both woman and man can relate to.
Now that you pick your passion that you want to develop into a business, the first thing you need is to build a website. If you want to save yourself from all the coding required or paying someone to make you a functional website and hosting it, I suggest you choose a platform that is offering you web hosting, building a free website and have training classes.
One which I am satisfied with, and can proudly say I am a member of is Wealthy Affiliate. You can read my review about them and see why I think they are worth your time.
Next step after picking a solid foundation is to join an affiliate network. The most popular are Amazon and eBay of course, but there are many more to choose from. After that, all you need to do is choose a product you want to write about.
As we said, we picked a fashion as our niche and we choose a product to write about long sleeve shirt.
Looking good, right? Now we need to get the affiliate code that we will put into this picture so when someone decides to buy this shirt, we will get a commission from it.
And is all that there is to it, really! It is that simple! And the best part is, you can do this over and over with other products. And you don’t have to worry about storage, shipping or anything. Only think you need to do is make quality reviews and put them on your site!
So What Is Financial Independence?
Being financially independent means you are generating more money than you need, whether it is on a daily base or on a monthly base. That means if you need a total of $500 per month, and you are generating $501, you are financially independent.
You are not rich, but you are financially independent because you have EVERYTHING that you need for and still got a bit extra on the side.
Now, I know $1 extra per month is not much, it was just an example. Of course, you want as much money as possible to feel secure in that matter. That is where, again, your online business come in.
Creating a successful business is a process. A process that can last from a few months to possibly a year. Or even more. It all depends on how much time are you willing to put in! How passionate are you with it! If you will treat your online business as a REAL business than you will approach it with the same attitude.
Wrap It Up
I hope you could learn something new today, or at least fortified your knowledge. Becoming financially independent won’t happen overnight. It will take some time.
But now at least you know is the best way to become financially independent. If you are determined to succeed I am sure you will get there. And to help you with it, I am offering you my Free Step By Step Earn Money Online Guide that you can read here.
There are the tips I’ve learned over time and acquired through research. They helped me and I am sure they can help you. So, please, read my guide and take your first step toward your financial independence!
If you have any questions regarding this topic, or you want me to write about a specific topic, send me a message to firstname.lastname@example.org and I will be more than happy to help you out.
Also, if you find this article useful, please share it on a social network and with your friends.
Until the next time, wishing you all the best!