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Why Starting An Online Business Online Is Easier Than You Think

Why Starting An Online Business Online Is Easier Than You Think

Do you have a personal computer, an internet connection, and a worthwhile dream trying to make money online?

Then what are you waiting for? Gone are the days when you would need hundreds of dollars to start up a business. Now, a computer and an internet connection are just what you need.

It is really amazing how the internet, better still, technology has helped shape the world. You can now become wealthy or at least financially free at a very young age, compared to older times where most people made their fortunes after they had stepped into their 40s.

Many people are afraid of starting an online business because they fear that it might crash someday, and it is often said that whatever the mind can conceive can be achieved. You just have to forget all the reasons why it won’t work and think about the reasons it could work.

Some are already making money, while some are still skeptical about the whole idea of online business.

But really, there is absolutely nothing to worry about – an online business is the easiest business you can ever run and be sure of minimizing risk. However, there is no business without ANY risk.

Why Starting Your Own Business Online Is A Smart Move

starting your own business

    If you happen to be among the people who are doubtful about the idea of online business, there are several reasons why you should choose online over the traditional bricks and mortar format.

    1. Easy and cheap to start

    Regardless of what type of business you have in mind, one of the most important things to consider first is how much it would cost to start your dream business.

    To start an online business, all you need is a just a little cash to set-up the website and host it online. As long as you know what you want to do clearly, you are ready to go with just a few dollars.

    Even though the costs of starting an online business are minimal compared to starting a brick and mortar company, you should still do your research beforehand and calculate your costs.

    In fact, according to the Business portal of the Queensland government, not doing so is one of the basic reasons of start-up failure.

    2. Easy to achieve exponential growth

    Isn’t one of the goals of starting a business is to maximize profit and minimize loss?

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    If that still remains the same, then one of the reasons you should consider an online business is to think of how fast and easy it can grow.

    3. Open to a large group of people

    An online business provides all the essential tools to better improve on your product sales while keeping it running smoothly at a low cost and reducing loss to the bare minimum.

    The internet is there to help display your products and services to over 3.2 billion costumers around the globe – that is huge.

    It also has the ability to help integrate your website with social media and gives access to the most sophisticated and user-friendly marketing platforms, such as Facebook, Instagram, YouTube and so many others on the internet.

    4. Gives time to do things while still growing your business

    Unlike the traditional offline business, an online business gives you time to attend to other issues of pressing need while you still grow your dollars online. It provides a much greater flexibility.

    I travel pretty often and when I do, it’s so damn amazing because I am still making money!

    While others have to take a leave from their jobs or close their brick and mortar operation temporarily to go for a trip, my online business gives me the freedom and flexibility to take it with me wherever I go.

    5. Makes your business available round the clock

    The internet is always up and running even when you are asleep. Once you have launched your website, only little additional time is required to maintain it in order to increase efficiency and automation.

    Essentially, you are bound to be making money 24/7 as opposed to having a conventional business that only operates a limited amount of time during the day.

    Is Starting An Online Business Feasible For Everybody?

    Generally yes, it is very attainable and achievable. As a matter of fact, putting up your own business online is a whole lot easier than you might think.

    Here, you’ll get to work at your own pace, space and time – unlike the bricks and mortar workplace, where you are limited to work to a specified time schedule, confined space and under interaction with less motivated and ambitious colleagues.

    So why subject yourself to unnecessary stress, when you can start making up to $2,500 or more in a month in the comfort of your own home?

    The good news is that you don’t necessarily have to be a tech guru to get started. With a budget of as low as $10 in a month, you will be able to get the ball rolling.

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    There are tons of business opportunities out there on the internet, but the unfortunate thing is that not everyone can see them.

    What Kind Of Online Business Should You Start?

    Before starting an online business, you should perhaps find something that you are passionate or interested in and can turn into cash. What is more pleasurable than getting paid for what you love doing?

    Another thing to note is, when circumstances become tough, the passion is what keeps you going. As an aspiring online entrepreneur, you may need to consider the following ideas:

    1. Professional Freelancing

    If you have great skills in graphic design, search engine optimization, website design, résumé/cover letter writing, article writing and you don’t have a website of your own, you can get started offering these services to people who are literally ready to buy.

    And you can do that without even spending a dime to get started!

    Just sign up for some of the major freelancing platforms and you could literally start making money in a few hours. Freelancing on platforms like Elance, Upwork or Fiverr can be particularly lucrative and even replace a regular job.

    In fact, there are many people that are making a full time income or even six figures by working on Fiverr.

    Most people believe that Fiverr is not a lucrative platform because of most services being sold at just $5. However, the truth is that it offers you tons of opportunities to be a successful freelancer. Once you get the ball rolling and establish a customer base, it’s not that hard to start getting paid much more than that for each completed order, with sums possibly going up to $100-$500 per completed order.

    2. Specialized Retailing

    You will already be pretty familiar with websites where you can go to do your shopping. You have probably at one point or another tried to purchase from Amazon, or even from other websites such as eBay and Alibaba among many others.

    These companies are online and from there, their owners make enough money from every second of every day. You too can join in the league of online entrepreneurs and start your own e-commerce store.

    Amazon, eBay and Shopify are common roads for aspiring internet entrepreneurs and the potential upside goes over 6, 7 and 8 figures in income.

    3. Blog Publishing

    Blogging is one of the easiest and fastest growing online businesses around. You can get started easily with just a few bucks for hosting and a domain name. There are dozens of free themes available for your website, so you don’t even have to hire a web designer. What’s more, WordPress which is the main content management system for blogs is actually free and available to anyone to use.

    If you are not that good with technology, you don’t have to worry because there are tons of tutorials on YouTube to get you started. Most people can make money blogging. There are tons of bloggers out there who don’t need to look for any other job elsewhere – they make good money from their blogs.

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    Of course, you really need to be knowledgeable and unique regarding what you blog about if you want to succeed in doing so.

    Either way, blogging can be as lucrative as any other online business, if you are serious about it. For instance, there have been case studies of bloggers who make over $100,000 a month from their websites, which is a sum most people don’t earn from their regular jobs in an entire year.

    4. Website Design

    There are many other companies out there looking for how to improve their websites. If you are good at the art of web design, you are sure to be able to rake in some serious money.

    If you are not already good at it, learning is easier than you think as there are tons of free tutorials on Google and YouTube. Everything you need to know is available at the reach of your fingertips.

    Practical steps To Starting Your Own Online Business

    starting your own business

      Your ideas alone are not enough before you can dive into the pool of online business. There are certain steps to take to make this happen.

      1. Clearly Define What Products/ Services You Are Going To Sell

      The truth is, you are not the only entrepreneur offering that product or service.

      To be able to convince your potential customers to choose your products or services over the ones offered by others, you have to possess essential knowledge about your product or service, understand the business environment and know who your competitors are.

      You don’t have to know everything from the get-go, but you have to have a plan at least regarding how you are going to get started.

      2. Set Up A Professional and Functional Website

      Once you have clearly defined your products and services, the next step to take is to buy a domain and make it come alive.

      When choosing a name for your website (which, of course, should carry the name of the business), it is important you go for something likely to catch the attention of the public – make it short, creative and simple.

      The essence of creating a website is to allow a lot people across the globe to have access to your work. It is one thing to create a website, however, it is another thing to keep it alive, relevant and exciting.

      Endeavour to generate as much traffic as possible on your site, as this will increase your chances of making good sales.

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      3. Know Your Target Audience

      Before getting to know your potential clients, first you need to know that not everyone needs your products and services.

      Getting the products and services across to interested audience is the driving force behind every business. When people get the goods and services they want from you, they will be more likely to come back for more.They might even bring their family and friends along. Hence, they become your ideal and loyal clients.

      When you know your target audience, you can solve the problems of who to sell to, how to get them interested and how to get customers to keep coming back.

      4. Identify And Focus On ONE Social Media Platform

      In the previous point, it was mentioned that getting your goods and services to an interested audience goes a long way in the success of your business.

      It is very important to direct your objectives towards where your target audience hangs out on social media. For instance, if your potential clients fall within the age groups of 18 – 29, you might want to consider opening an account for your business on Snapchat and Instagram.

      If you are interested in career-oriented professionals, LinkedIn might be the right platform to focus on. To make your products and services known to your family members and friends, Facebook may be the best option.

      Other useful platforms to market your business include Google+, YouTube and Pinterest, among others.

      What matters is that you focus on the one that can give you the biggest bang for your buck. Most people spread themselves too thin trying to grow all their social media platforms at once. In the end, they don’t grow any of them and lose valuable time they could have invested elsewhere.

      A Last Word Of Inspiration

      The likes of Mark Zuckerberg and Steve Jobs all started from somewhere.

      Bear in mind that eBay, Amazon and Alibaba, among others, all started from a single room or a garage. Eventually, they ended up being internet giants whose owners are billionaires.

      Hopefully, this will emphasize that there is absolutely no limit to how much you can make with an online business. All you have to do for now is to simply get started. Even if that means starting your online business from your kitchen or dorm room.

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      Damian "Pros" Prosalendis

      Entrepreneur, Business Owner

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      Published on September 28, 2020

      9 Essential Tips for Starting Your Own Business

      9 Essential Tips for Starting Your Own Business

      Starting your own business is the dream of every would-be entrepreneur. While it is a huge undertaking, the rewards of owning a business have proven to be worth it for millions of people all over the world. In this article, we will talk specifically about how to start your own business and how to make it successful.

      We have all heard the statistics about the high failure rate of new businesses:[1]

      • Roughly 20% of small businesses fail within the first year.
      • Roughly 33% of small businesses fail within two years.
      • Roughly 50%of small businesses fail within five years.
      • Roughly 66% of small businesses fail within 10 years.

      As these numbers suggest, starting a business and having a successful business are two vastly different things. Knowing how to start your own business the right way can mean the difference between long term success and failure.

      There is an old saying that people don’t plan to fail, they fail to plan. There is a lot of truth to this. Starting a business is more than just coming up with a good idea and jumping in. You need to have a plan for success, and that means you have to know how to set and achieve goals.

      From the time you get that (Eureka!) moment up until you open the doors, every decision you make will impact the business. So, it is important that you carefully evaluate every aspect of your business.

      1. Evaluate Yourself

      The cold hard truth is that good business ideas are a dime a dozen. Realistically, the chances of your idea being so unique as to be revolutionary are slim to none.

      This does not mean that you should abandon it. It just means that you will need to do more than just bring it to the market. The phrase “If you build it, they will come” works better in movies than real life.

      Be Honest – Doing honest self-evaluations are notoriously difficult. Humans just are not particularly good at accurately evaluating themselves.

      Here is a quick little experiment you can do with any group of 10 or more people. Ask them to hold up a hand if they know how to drive a car, virtually 100% of hands go up. Then, ask them to keep their hand up if they are better than average drivers. 90-95% of hands stay up.

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      So, what does this tell us?

      Because it is statistically impossible that everyone is “above average”, it illustrates the phenomenon called the “Dunning-Kruger Effect,” which is a cognitive bias in which people wrongly overestimate their knowledge or ability in a specific area. This tends to occur because a lack of self-awareness prevents them from accurately assessing their own skills”.[2]

      Because of this Dunning-Kruger Effect, it can be helpful to consult others about what they see as our strengths and weaknesses. Just assure the person that you are interested in their actual opinion and you won’t be hurt or offended if they give it to you.

      Some of the things you will want to include in your self-evaluation:

      • Are you a self-starter? Unlike being an employee, there will be no one standing over your shoulder telling you what to do or when to go to work. If you are someone who requires a lot of structure, starting your own business may not be the best option.
      • How organized are you? Planning and organizational skills are important, especially in the early stages of launching a business. Entrepreneurs that “fly by the seat of their pants” rarely succeed.
      • How do you handle risk and failure? The fact of the matter is, going into business is a risky proposition. Success is never guaranteed. Smart business people take calculated risks, but they are still risks. If you are someone for whom the thought of failure or losing money would be devastating, entrepreneurship is probably not for you.
      • How well do you get along with people? How are your communication skills? Most of us consider ourselves “people persons”, but business owners take communication to an entirely new level. When starting out, the business owner is a jack of all trades. You need to be able to interact with clients, business partners, industry partners, suppliers, staff, accountants, lawyers, regulators, and a host of others both accurately and decisively.
      • How disciplined are you? Resilience and perseverance are two of the biggest factors that will determine your success. As we stated earlier, mistakes will be made and some of them will be costly. You need to have enough resilience and perseverance to continue getting up after being knocked down. The only sure way to fail is to give up.

      If you are satisfied that you have what it takes to become an entrepreneur, it’s time to move on to the next step.

      2. Evaluate Your Business Idea

      Again, being able to honestly evaluate your own business idea is key. However, this step is generally not as hard as the self-evaluation because the criteria used in the evaluation process is more objective than subjective.

      Identify your target market – Who are the people that will be buying your product or service? For this step, it’s important to alter your mindset. Instead of thinking like a seller, start thinking like a customer.

      Can you articulate answers to the following questions?

      • What is the problem addressed by your product or service?
      • How does your product or service solve that problem?
      • Why is your solution better than the competitions’?
      • Are people willing to spend money on a solution to the problem?

      You will also want to gather as much information about the people in your target market as possible. At the bare minimum, you will want to know the following about your potential clientele:

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      • Age
      • Location
      • Income
      • Gender
      • Occupation
      • Education
      • Marital Status
      • Ethnicity
      • Number of Children

      All of this information will help tweak your product or service to better suit their needs. It is also helpful in developing a marketing strategy.

      3. Evaluate the Competition

      Generally, you can divide your competitors into three categories:

      • Direct competition – These are companies that offer the same products or services to the same target market as your business. You can think of Burger King and McDonald’s as direct competitors.
      • Indirect competition – These businesses will offer products and services that are similar to the ones you provide without being the same. Another type of indirect competitor can be one that markets the same product or service, just to a different clientele or market segment. Subway and McDonald’s would be indirect competitors.
      • Substitute competition – These are businesses that offer different products or services to the same clientele in the same market segment as you. An example of substitute competition for McDonald’s would be the local mom and pop diner.

      Once you have identified exactly who your competitors are, you will want to gather the following information:

      • What is the range of products and services they offer?
      • Are they expanding or scaling down their business?
      • How long have they been in business?
      • What do customers see as their positive/negative attributes?
      • Can you identify any competitive advantage they have?
      • What is their pricing strategy?
      • What is their advertising/marketing strategy?

      The purpose of the analysis is to identify your competition’s strengths and weaknesses to better compete.

      For example, if your competitors sell largely to companies with more than 100 employees. You may decide to target smaller companies with less than 100 employees. This means that your pricing and marketing strategies will need to be more in line with what the smaller companies expect and can afford.

      4. Evaluate the Financial Feasibility of the Business

      In developing a financial feasibility analysis, you need to have answers to the following questions:

      • What will it cost to get your business off the ground and become profitable?
      • What initial expenses will you have?
      • What ongoing expenses will you have?
      • What is the source of your start-up capital?
      • What is the earning potential of the business, and how long will it take to achieve?
      • How will you keep the business open and pay your bills until it becomes profitable?

      Once you have this information in hand, you will need to build in an extra “cushion” for all of the extra “surprise” expenses that pop up. Additionally, most people are overly optimistic when it comes to estimating the profitability of the business and the time frame needed to achieve it.

      How much of a cushion do you need? No one can say for sure. Some people will tell you to double or even triple your estimates. At a bare minimum, you should add 50% to the estimates you made.

      It can be disheartening to learn that your business idea really is not financially feasible, but it’s much better to make that discovery now rather than after the money is spent.

      5. Have a Professional Business Plan

      If you haven’t done so already, get yourself a professional business plan. When I say “professional,” I don’t mean that you need to go out and hire someone to do it. I mean that you need to know what a professional business plan looks like and take it seriously.

      Too often, new entrepreneurs neglect to create a business plan in favor of flying by the seat of their pants. This is not a good strategy. Without a plan, you won’t know where you are headed.

      “It can seem a daunting task when you’ve never been faced with writing a business plan before, but it’s a crucial task which will enable your venture to start and continue on a solid foundation. A business plan is also necessary when you’re looking to secure funding or investment. Essentially, a business plan is your vision for how the business will run, what you expect to achieve, and how you will achieve those things.”

      -Mike Gingerich[3]

      6. Use Common Sense Money Principles

      Successful start-ups keep a tight rein on expenses. As an owner, you should know exactly where every penny is spent. In all businesses, expenses tend to go up over time. But in the initial stages, you can count on having more expenses than income.

      In the earliest stage of being a startup owner, you will deal with an array of challenges. You have to familiarize yourself with the selected business landscape and look for options to expand the business venture while saving the operating costs.

      During this time-frame, trimming the operating costs is not optional; defacto is a matter of life and death for your startup. You can’t keep moving in a specific direction. It is mandatory to drift your business towards one goal with smart planning.

      7. Start With a Narrow Focus

      All too often, I see new business owners get into trouble by overreaching their goals. What happens is that people take on work outside their expertise.

      For example, a website designer will take on a client who wants SEO optimization in addition to the design

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      Assuming that the web designer is not an expert in SEO, there are several potential problems with this scenario:

      • Pricing – Without knowing or understanding the scope of SEO that’s involved, the chances of underestimating and losing money on the project go way up.
      • Quality – They may be the greatest web designer on earth, but that’s still only half of the job. Clients rightly expect the entire project to be done right.
      • Reputation – There is no second chance for a first impression. These first projects need to be done well if you want any chance of referral business. They will also determine if your first few clients become repeat customers or not.

      Remember, Amazon started out just selling books. They slowly expanded their business until you can now get virtually anything on their site.

      Be like Amazon. Start with a narrow focus and expand from there.

      8. Search Out and Use Specific Resources

      There are a lot of free resources out there that every new business owner should take advantage of. They are a great source of information, help, and most importantly, networking opportunities. Some of these resources are general, while others are targeted to specific types of entrepreneurs. Both are worth checking out.

      Here’s a partial list of resources:

      • The Chamber of Commerce – Their slogan is, “Designed for business owners, CO—is a site that connects like minds and delivers actionable insights for next-level growth.”
      • U.S. Small Business Association – They offer free business consulting services, SBA guaranteed business loans, certification for federal government contracting, and more.
      • Women’s Business Club – It is specifically for women to network and exchange ideas, but it also useful if you are marketing specifically to women.
      • BLACK ENTERPRISE – Similar to the Women’s Business Club, Black Enterprise is designed specifically for African American entrepreneurs. They bill themselves as, “The premier business, investing, and wealth-building resource for African Americans. Since 1970.”
      • Hispanic Small Business Resource GuideThis guide is filled with resources and networking opportunities for the Hispanic entrepreneur.

      9. Just Do It!

      Okay, I borrowed the phrase from Nike, but it’s good advice. It not only means taking concrete steps to start your business but also to get out of your own way.

      A lot of entrepreneurs (and regular people) are afflicted by a condition called analysis paralysis. It is when someone overthinks about a decision too much that a choice never gets made, resulting in inaction.

      If you are a perfectionist, you need to be especially careful of analysis paralysis. Perfectionists tend to wait until everything is perfect before launching their business, and many never get off the runway.

      Final Thoughts

      Accept that you will make mistakes, that you won’t make the right call all of the time, and that unforeseen obstacles will always pop up.

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      If you are truly committed to the entrepreneurial lifestyle and your business, then take the plunge. The goal isn’t to be perfect, but to build a business that changes lives.

      More Tips on How to Start Your Own Business

      Featured photo credit: DISRUPTIVO via unsplash.com

      Reference

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