Quit Your Job and Work From Home
With the horrible economic state and jobs being lost across the US, home based businesses are on the rise. People are fed up with the corporate world and are turning to online resources to start a business. Can the internet really provide a viable business? Historically we have seen the internet do amazing things and we have also seen it crash. Will there be another “Dot Com” crash? Well, sure there could be, but is that going to keep you from trying to tap into the multi-billion industry of ecommerce and web related opportunities? I know I wouldn’t.
Before you start an online business, consider the following;
- Do you have money to start an online business?
- Do you know anything about internet marketing?
- What products will you sell?
- Do you have your own products or will you sell other’s products?
- How much money does your online business need to generate before you can quit your job?
- Is your spouse or partner open-minded and willing to support you?
- How many hours do you have to dedicate to an online business every week?
- Will you have a partner or do it all yourself?
- Do you have a business license?
- Do you have any resources; web designers, marketing staff, programmers, etc?
- Are you self motivated or do you need support?
- Do you get bored easily?
- Do you have any prior experience running a business?
- Who is your competition?
- Can you beat your competition?
- And the list goes on…
Starting an online business is not much different than a starting a physical business. Although the costs can most times be much cheaper, the dedication and business strategies still apply. Many Online Marketers who claim to be Gurus, make the process of making money online sound so easy. In all honesty, it takes dedication, persistence and time. The average business owner will fail after just 2-3 years. The average internet marketer will give up after 6 months to 1 year. It’s easier to give up on an online business because you don’t have a store front and employees. Most online business start as sole proprietors out of a home office or garage. It’s so easy to walk away from yourself and your home office then to dump a physical building with employees. The truth of the matter is, both business structions are exactly the same, people just think of them different.
Starting your online business.
The best way to start an online business is to start with your hobbies. What things can you consider doing in your free time? What things do you know more about than most people? Is it photography, sports, knitting, wood carving, surfing, fashion, etc.? Make a list of the three things you are interested in most and use that to build some ideas. Start with Amazon and checkout the magazine section. What magazines exist on your interests? Also do some Google searches for your hobbie(s) and see what comes up. Keep in mind that other businesses who are already making money on your interests may have been around for awhile and have the authority in the market. How will you become the authority?
Do you have what it takes?
Starting an online business has many channels. When I say channels, I mean skills such as web design, coding, marketing, etc.? Do you have this knowledge or a team of people that can help you? It’s important to know that online businesses come with technical headaches. Everything from computer virus, hackers, online criminals, server downtime, hosting problems, etc. The list of technical nightmares can go on forever so be prepared. If you are working with a team of talent, how will you mange them? You’ll need time to make phone calls, exchange emails and much much more. If you are trying to get out of a day job, how will you organize the beginnings of your business? This can be very challenging, so many people turn to virtual assistants and lead programs. You may need to get an extra phone line in your home office that can take voice mails any time of day.
Get Your Own Website
When you start your online business you will need your own website. It’s a good idea to have your own business branded website. Whether you have 10, 20 or 100 different websites, you still need a main business website with identifiable branding. Branding is everything when it comes to business and online ventures. If you hide under the radar and no one knows who you are because you mysteriously make websites late at night in your basement, you really have a lesser chance of success. So many people are afraid of putting their faces online and letting people know who they really are. Don’t be afraid of getting online and building your brand, this is what will make you more successful in the long-run.
Be the Professional
Be a professional 100% of the time and you will succeed. Even if you start a business based around your hobby and you don’t know everything there is to know, you can fake it. Haven’t your heard the famous line, “Fake it until you make it.” This goes for any business and everyone does it. There will always be times when you can’t answer every question and that is okay. You can always get back to your customers by phone or email at a later date. Thanks to the web, most information is available. You can ask questions on sites like Yahoo Answers or Google Groups. Your online business venture will include getting involved in message boards, so you will have an army of resources to rely on, when you need help. Don’t let a few bits of missing information stop you from looking like the guru, the answers are only a few clicks away.
Who is competing against you? Do the research!
When you first start your online business, you will need to do a ton of research. Find out what your competitors are doing online. What kind of promotions do they have? Who is their target market? Are they doing any paid advertising on Google, Yahoo, or MSN? What kind of products do they sell? Can you offer something better? These are all important things to consider. Being successful online is all about finding a good niche/market and beating the competition with better products and creative advertising methods. When they are walking through the front door, you will be walking in the back door with your bag of tricks. You’ll know everything about them, but they know nothing about you and then you dominate take over. I can’t stress enough how important it will be for you to do good market research and discover everything you can about your target market and competition. Taking the time will determine how successful you really are online.
Conclusion
Starting an online business can be challenging at times, but with the right research, time and well though out marketing plans, your business can be a success. The goal is to never give up and be persistent. Remember that successful people are action takers, not waiters. Starting an online business is both exciting and scary at the same time, but one thing is for sure, it can be more profitable than any day job you’d have otherwise. Opportunities online are endless, it’s just a matter of finding the one that fits you!
