Why you should start an online business in a recession
It's likely that there will be a recession this year due to the Corona virus. So why not be independent and start your own business? (I live-streamed this if you want to check me out writing live in front of a camera!)
You don't have to go into an office and risk getting Corona!
Aside from the general fear of getting Corona, my day to day life hasn't really changed at all recently. I have a few online businesses and it's really just carrying on like normal really. I would hate to have to choose between going back to work in a risky environment or not. My ability to earn money online with websites like No CS Degree means that I am not dependent on a boss deciding to put revenue ahead of employee safety. So this is a pretty huge bonus right now!
You can choose to follow upcoming trends
One of my biggest inspirations for business has been Pieter Levels - he has really cornered the whole digital nomad/remote work area. He got in at the start of this movement more or less around 2014.
In the same way, most of my focus in online business has been around getting people into coding. Even if there is a recession then a lot of people are still going to be getting into web development. Having lived through the 2008 Great Recession I can tell you first hand that a tonne of people will retrain. If you are in a sector that has been decimated by Corona like retail or travel then you are (hopefully) going to look for a more secure job to work in.
I think the outlook for my websites is pretty good. I can't see fewer people learning to code or look for jobs in a recession- quite the opposite.
You can make affiliate income while you sleep
You shouldn't be too reliant on this as it can fluctuate a lot but one of the best things about my online businesses is that each month I earn money completely passively! I have a couple of affiliate arrangements with coding course providers. So in February, for instance, I earned over $400 from people visiting my website and buying courses. I didn't have to perform any labour for this money. For instance, I made $40 yesterday. But I didn't do anything for that. Yesterday I went for a walk outside and then worked at my house but I wasn't selling courses to anyone.
Online businesses are really cheap to run
As I outlined in a previous blog entry, my costs are about $100 a month and I could do it for a little less to be honest. It really doesn't cost much to start a business now. You can blog for a few dollars a month. You have free marketing channels like Twitter or Telegram groups (or Reddit if you dare, haha!)
Everyone else will be looking for a job
In a recession obviously there is a huge number of people looking for jobs. Employers get saturated with applications and can suddenly get really picky! I remember in the Great Recession there was a quote in a newspaper that a 2:2 degree mark in the UK was the equivalent to having gone to prison!
While everyone else is obsessed with job applications and interviews you can start your own online business. You don't need to seek permission - you can just go and start selling!