The internet has a market for everything, even for your own services. If you think
you are good at something, the internet could be the best place for you to vend
your skills out for money. There are people looking for all kinds of services on the internet. The
jobsites have made the internet a closer marketplace than any other. People are
looking for services, and the providers of these services are looking for people who
they can sell their services to. The correct collaboration could mean a lot of money
for you, the provider.
Of course, it is understood that the kind of services that have a demand on the
internet are services that you can provide online. These are mostly services
related to website building and marketing. The following services are much in
– Content creation
– Blog management
– Search engine optimization
– Website creation
– Social networking services (e.g. Craigslist Postings)
– Managing virtual staff
– Proofreading and editing
– Video creation
– Banner distribution
If you feel you fit within any of these skills, you could make an amazing amount
of money with them. Remember that the internet allows you to reach out to a
global level and you could liaise with people from all over the world to seek work.
The following are some sites where you need to make an account quickly, so that
you can start earning money through this mode:
– GetAFreelancer (http://www.getafreelancer.com/)
– ScriptLance (http://www.scriptlance.com/)
– Elance (http://www.elance.com/)
– Guru (http://www.guru.com/)
– EUFreelance (http://www.eufreelance.com/)
…and many others. You have to just get started with this and see the vast
potential that lies therein. These are all bidding sites. You find a job that meets your preferences and then make your bid and give an estimated amount of time for
its completion. If the project poster finds that to be all right, then they will select you. You
are paid through online routes.
The drawback here is that you have to spend time. You have to be at your desktop
all the time that you are generating money, which is a very different thing
from other approaches, such as affiliate marketing. You earn only as much as you
work and there is no scope for residual income.
Another mistake I made in the beginning was not having a blog site to get people to relate with me. Through blogging, people can easily learn of your expertise. Once people start reading your blog and find quality content on there, they will start trusting you. When it is time to sell them anything, they will know they are buying from somebody who they know and trust.
Once you have a blog of your own with quality content, you can start monetizing it and that’s how to blog your way to richness. The one thing about blogging that you need to know is that you can monetize it in several different ways. At the beginning, you may not be making a lot of money, but as soon as people start to trust you they will spend more time clicking around on your site, and that’s when the money begins flowing in. This will motivate you into milking your blog further.
A very good platform to build your blog would be WordPress
(http://www.wordpress.com/) or Blogger (http://www.blogger.com/). These are
blog platforms that allow you to create your blog using the software they provide. In
addition, you will also need some hosting space and a domain name to set your
blog on to run it.
The one difference between WordPress and Blogger is that Blogger is a free tool.
That means, you will have to contend with advertisements from other people on
your blog. WordPress is considered to be more focused and speaks better of the
commercial blogger’s intentions.
Another blogging service that you might like is Typepad
(http://www.typepad.com/). Typepad is an uploading and hosting service. You
just pay them, build your blog through WordPress and then Typepad will take care of
the uploading and hosting. One perk is that Typepad does a lot of search engine
optimization for you, so you can be sure that your blog will begin ranking high
right from the start.
If you get good content on your blog (including keyword optimized text, videos
and photos), you can be sure that it will get populated soon. The search engines
love blogs because they get a constant update of content and because so many
people keep visiting them. In today’s scenario, blogs are more effective than
The following are some ways in which you can monetize your blog:
– You could use PPC advertising on your blog, such as Adwords.
– You could sell your own products, such as eBooks or software.
– You can become an affiliate on marketplaces, like Zaxaa, JVzoo, or Warriorplus and start promoting other people’s products on your blog.
– You could sell banner space on your blog for other people to advertise.
– You could build a blog, populate it and then sell the whole thing for a tidy
There are a lot of ways you can monetize your blog, but I have just mentioned some and we will discuss this in broad later. Stay tuned!
As I know, you may be thinking of getting into online business. This article is to show you some online businesses you may start that can start making you money online. And, if you are already doing something online, you can still go through this list to see that there is some stuff here that fits your skill set.
Get familiar with the most successful online business ideas to improve your success possibilities. Some people like to keep their online business as a side profession to just earn some extra money. But, if you’re aiming at achieving professional recognition and financial security through your online business, you have to know which niches are the dominant ones.
By the term “profitable online business”, I mean a business which can help you earn enough money to generate an attractive residual income after all the expenses. So, if this is what you’re thinking about, you should try to know the online business ideas which will give you both fame and money. Without much ado, let’s delve into it –
1. Become a Content Writer
Every day, many people are looking for somebody to write articles for them, even corporate organizations. If you are good at writing content, you may want to start writing on fiverr.com, Freelancer.com, oDesk.com and others like that.
2. Start a Blog Website
This is the one that works for me real well. Many people are doing exceptionally well in this type of online business. If you write well and are a good communicator, social animal, or if you love to help people learn about different new things, then you will earn money online through blogging. People are looking for solutions online to solve the problems they are facing. If you have skills in something, start blogging about it and make sure you are putting out quality content. You can sell your own product on this site or promote affiliate offers. Also, you can sell this website for big money. A guy called Jason Calacanis founded a blog which was later sold for $20 million approximately. So, you can imagine your prospects.
3. Be a Web/Graphic Designer
Are you artistic? Can you design graphics? To earn online as a web or graphic developer, you don’t need to do any long term planning or make any extravagant arrangements. Simply build your profile, register with famous freelancing websites and start working. For example, check out the profile of Paul Buchheit. His income from online business as a designer and developer of Gmail has been $600 million to date.
4. Earn Money Through eBay
Why not start selling stuff on eBay? It works for almost everyone with knowledge of marketing and patience. However, you will need a little time to master the technique of high profit earning on eBay. You will start seeing profits when you learn the art of selling and know which product to sell.
5. Start an Online Retail Store
Start retailing online to earn a handsome of money. You can easily source the product you want to sell online. Websites such as eBay and Alibaba will give you plenty of sources for your merchandise. All you need is a website to use as an online store. You can install the site by yourself with your own knowledge of wordpress or you can hire somebody to do it for you very cheaply. Then you can start selling stuff online. You can start selling locally at first. Once you grab the process and get settled, then you can sell stuff in different states and countries.
6. Selling Information Products Online
Every day, millions of people are looking for informational products that can teach them how to solve their problems. If you are an expert in a particular topic, you can create an eBook on that topic and start selling it in online marketplaces, like zaxaa. Unique ideas and exceptional skills are the two things that can take you to the forefront. Selling on the site will require product creation and marketing skills, which will be discussed on the site in the future.
At the same time you can publish your eBook on Amazon as a Kindle book. Kindle books are selling very well and getting into this market is very simple.
Bottom line, if you’re an explorer or like to gather information about various subjects or fields, then you can earn money by making an exceptional report and selling them to interested parties online.
7. Earn Profit Through Affiliate Marketing
Earn as much as you want through affiliate marketing. If you know how to sell or market online, you can earn a lot of commission by promoting digital products on zaxaa, JVzoo, Warriorplus, Clickbank or Amazon. To get into a CPA affiliate program, check out offervault.com or Commission Junction (cj.com).
8. Become a Social Media Consultant
Social media is becoming very important in internet marketing (IM) these days. Every business wants to be on social media, such as Facebook, Twitter, Pinterest, YouTube, Google+, LinkedIn, Instagram and so on. So, they need somebody to manage all there gazillions of social media for them. Almost every organization needs a social media manager or consultants these days. If you have an interest in social media, or you’re a social networking buff, you will do very well in this online business.
9. Become an Application Developer
There are many opportunities for an application developer. What do you need to start this online business? Nothing except one or two computers and an internet.
If you can build something unique, it can get you a fortune. For example, Allen Wong became famous after developing a police scanner. Learn more about him here. You can work for several other companies and help them develop mobile apps.
10. SEO and General Consultancy
If you have an exceptional background and knowledge in this field, why not try to do consultation and training for local businesses? Target your local area and deliver online, like local SEO consultation. Google Helpouts (https://helpouts.google.com/) is also a good place to start. Of course, you may not become a millionaire, but you will earn enough to make a great living.
11. Start an Internet Research Firm
You can earn money online by establishing an internet research firm. With a very small initial investment, you will be able to make a living easily from the internet. You can start small and work for startups who will hire your service for secondary market research. Gradually over time, you will spread your wings and take the business to a larger scale if you do well. You can charge your client on a per hour basis. To begin with, $20 – 30 per hour can be a possible rate.
12. Earn Through Game Development
You can earn a lot of money online by being a game developer. With your specialized technical skills, you can earn enough to live a financially stable life. Andrew Gower is one of the top 10 internet millionaires of 2014. He made $680 million from his online business.
13. Become a Translator or Proofreader
Are you fluent in two or more languages? You can offer to translate from one language to the other. And, if you have a good eye for catching spelling mistakes and are a nerd of the English language, then it is easy to get buyers for this service. Check out Fiverr, Freelancer, oDesk or Elance.
This list is not all inclusive. There many other things you can do online and get paid for, such as filling out surveys, secret shopping, consultancy, bookkeeping, medical billing and coding and so on. Do some more research and you will be surprised that there are lot of people online looking to pay you for what you know how to do. So, there are basically many profitable online businesses you can start right now. But, you have to choose one according to your expertise. Only then will you be able to monetize your knowledge and skill successfully.
The mistake I made when I started an online business in 2003 was due to not having enough knowledge about “niches.” I started the business thinking I could compete with the big guys with no money to market it. I loved the eBay auction business and I started a website called “smartvu.com.” I failed woefully because I did not go into a profitable niche business that requires little money to promote.
If you are interested in making money online then the easiest way is to first do niche research, and then choose a profitable niche that doesn’t require thousands of dollars to promote. Then you can be sure to have 90% success. Here is a quick guide on getting started.
Understanding a Niche
Niche marketing involves finding a small sector of the market, and then developing suitable products and services for that sector. Generally, the market is highly targeted and all the focus is made on a specific theme or topic. As an example, the term ‘dog grooming’ implies a huge sector, but you can narrow it down if you specifically select ‘poodle grooming.’ You can narrow it further if you opt for ‘toy poodle grooming tips,’ which is actually a great niche for you to work on.
A niche may have a much smaller audience than the one involved with mass marketing. Since the size is not much, the audience can easily be located. This allows targeting to become simple because all of them have one interest.
Before you actually dive into internet niche marketing, you should know that not everyone you come across will show an interest in your niche. However, the ones who do show an interest will also be very eager to conduct deals and will help you earn profits. Another thing that you need to grasp is the fact that you can succeed in this field only if you put your efforts in a niche that has a lot of demand, but not enough supply.
With all this being said, let us proceed to the research part and find profitable niches.
Doing a Niche Research
The best way to search for a proper niche which you can target is to make use of several tools, such as Google Trends, Google Adwords Keyword Tool and Google Groups. Your purpose will be served if you use one of these, but a better approach is to utilize more of these so that you can find a potential niche. Affiliate programs can also guide you about which niches are popular, and where more products are sold than the rest of the industry.
Once you find a niche, you will have to look up relevant keywords. Go for long tail keywords because these are characterized by low competition levels. This will help you in acquiring a higher rank on SERPs.
Finding Profitable Niches
Until you find a profitable niche with loads of interested people, there is very little chance that you will succeed. However, once you get a hold of this, your profits are going to be long-term. Here are some quick ways of finding niches that will bring you plenty of earnings.
The most profitable niches are those where there is a lot of demand. For instance, common problems serve as very good niches because so many people are eager to find viable solutions to them. For instance, weight loss, relationship and dating advice, and financing and investments are some topics that are highly searched for. True, these areas are very competitive, but a few tricks can help you get ahead. For instance, SEO tactics and long tail keywords are two great methods for increasing your online traffic. Even link building will play its part quite well in the process.
Take a Survey
Are you connected to many people on social networks? Make a survey and request your circle to fill out. Ask them about their interests, and act on the responses you get.
Then, go through the products.
There are many websites on the internet that will provide you with a list of products offered in various niches. Once you realize what you will be promoting, you can choose a suitable niche accordingly.
Analyze a niche related to your hobby.
If you have a favorite pastime or are extremely good at something, you can start out in this niche.
Now that you are aware of the basics of what is involved in the internet marketing niche, you can easily set up and press forward. Do it right and you will be successful.
The internet has made business life so easy that anybody can start an online business now. All the businesses I have started were all online. If I had started an offline business, my failure might have been so devastating that it might have led to gigantic debt, which could have led to bankruptcy. I am a firm believer that online business is safer than offline business. But, this is just my own opinion.
A 16-year-old boy started his own online travel agency in 2010. His name is Arya Bina. Now he is 19, and his online business generates enough revenue to appoint 20 employees in the US and abroad. A very popular business web portal covered the real story this year.
Arya Bina is not the only one who has been able to take it to the peak. There are people who earn about $10 million a year working only 10 hours a week online. These people knew when and how to use the power of online business and turn it into an unbelievable source of income. Many people can never think about choosing an unconventional source of income. The backup of a fixed digit monthly salary still dominates our career decisions. The fear of failure becomes one big obstacle here. Additionally, we are scared of change.
Today, leave everything behind for an hour, and think – “Why should I start an online business?” “Is there any reason to believe that an independent online business will be enough to sponsor all of my major life expenses and manage my financial security?”
Let’s check out whether it’s really possible or not. We will tell you the major 10 reasons to start an online business today:
1. Online Business Requires Minimal Capital Investment
You can start an online business with zero cost. You can start selling your services online through sites like fiverr.com, freelancer.com, odesk.com and many other places like that. This costs you zero dollars to start. You can even start selling old stuff that you don’t need any more on an auction website, like eBay. This will also cost you nothing to start.
To start an online business, you won’t need to make the fixed capital intensive expenses like renting building space, or giving a salary and offering additional benefits to your employees. The start of any online business will be small. You probably have everything you need to start in your house already, such as a computer, table, chairs, printer, scan machine and a telephone at the most. So, if you’re money constraint, then no problem because you can start an online business that will only require you to use your already existing skills to run it.
2. Online Business Gives Faster Reach to a Vast Number of People
Worldwide visibility and global reach are some of the greatest advantages of starting an online business. You are not restricted to your local area to sell to customers. Online business allows you to reach more than 500 million people worldwide, which is plenty. This makes finding and reaching your target consumers much easier.
Smart website management techniques, online promotional tools and the right networking are just some of the things that will attract the right type of buyers to your blog or website. As you can imagine, buyers from every corner of the world will become your target consumers with the help of the internet. A country or geographical area can never limit your business scope.
3. More Income, Less Expenses
As the initial setup remains very small in the beginning, or at least as long as you want, your expenses also remain restricted with an online business. The reason to start an online business is that you can work according to your convenience, and the income is also quite attractive. The net income is very convincing.
4. Less Impact of Recession
The impact from a recession on an online business remains very low. Recessions have a more maximum effect on the permanent fixed salaried employees, because companies try to reduce their overhead expenses or fixed costs. Job retrenchment is the commonly seen impact of the economic crisis. So, you will not have any such threats in this case. You will be able to dedicate your time and give hundred percent of your effort without any fear of losing your job unexpectedly.
5. Online Business is Easy to Manage
An online business is always very easy to manage. Every business transaction will be a self dependent automated process which will not require any extensive supervision. Money is collected online and may even be deposited into your bank account automatically.
6. Easy To Run As a Side Hobby
Most online businesses can be started and managed while you are still employed. This gives you peace of mind while knowing that you don’t have to lose your shirt if that business fails. Then you can support this business from your salary until the business start making money.
7. Cheaper Marketing Expenses
To start promoting your business, it is very simple online. You can start promoting it with just $5, unlike offline businesses that may need thousands of dollars for marketing and promotions; such as radio ads, television ads, billboards, postcards, flyers and so on.
You can easily start promoting your online business through pay-per-click services, such as Google Adwords, banners on other websites, solo ads to other people’s mailing lists and so on. We will talk about methods for getting targeted traffic to your site later.
8. Online Networking Unveils New Business Ideas
Most of the time, online businesses allow you to work with many other talented people. Through that, you can start your project together with other business people. This will quickly expand your knowledge and make your success come through so quickly.
9. Sudden Success and Big Pay Day
Like the story of Arya Bina that I told you above, online business can easily be successful and be sold for a big price. PayPal was founded in 1998 and sold for $1.5 Billion in 2002; Billmelater.com was founded in 2000 and sold for $1.2 Billion in 2008; Zappos.com was founded in 1999 and sold for $1.5 Billion 10 years later; Endeca.com was founded 1999 and sold for $1.075 Billion in 2011; Kelkoo.com was founded in 1999 and was sold for $1.5 Billion in 2004. As you can see, there were many online businesses that sold for big money in the past.
Start an online business today and you may become the next billionaire.
In this article I want to talk about a person who is a personal inspiration to me. The inspiration is based on what he has achieved through sweat and blood. He worked very hard to attain the success he is enjoying now. The person I’m talking about is Daymond John.
Daymond John, self-made millionaire, an American businessman, motivational speaker, author and television personality. Daymond John is now an inspiration to millions of people worldwide. He is the founder of the Urban hip-hop clothing brand – FUBU (meaning “For Us, By Us”). People say Daymond John’s entrepreneurial mindset was the reason why he could give the business an astounding success. But, John himself believes his passion for hip-hop music and fashion has been the key driving factor.
It was the year 1992 when John and one of his friends sold around $800 worth of hats. This initial positive response encouraged them to take it a step further. They designed a FUBU logo and started sewing them on the jerseys, t-shirts and sweatshirts. To support Daymond John with his initiatives, his mother moved out of their home so that he could use the space as his office and makeshift factory. Some of his friends also joined him at that time. After a while, Daymond John achieved a massive success when he and his business partner went to Las Vegas to attend a trade show in 1994. Buyers liked the clothes designs and colors that Daymond was promoting in the event. As a response, they returned with $300,000 worth of orders. This was the time when FUBU got a huge opportunity for an official emerge.
However, do you know that Daymond John had to close FUBU down because he ran out of money three times? And, if you look at his success now it’s unbelievable. FUBU generated $6 billion by 2012. Like any other businessman, his experiences surrounding his business were also not satisfying all the time. But, as most self help gurus believe, we all need to learn from our mistakes.
Here are 11 Inspiring Business Lessons We Can All Learn from Daymond John:
1. Take Responsibility for Your Failure
To be a successful businessman or an entrepreneur, you must first learn that failure is possible and you must be ready to take responsibility. You will need to learn how to figure things out, although not right away. You must be ready to think outside the box and be able to say “YES,” even when everybody says “NO.” Everybody will help you to your success, but you will be the only one responsible for your failure.
“An Entrepreneur is somebody that understands they are responsible for every single failure.”
2. You Never Stop Learning
Just like Daymond John said, you need to keep learning and know what you are good at and know what you are horrible at. He had no idea about the minute manufacturing processing details of his business when he started the company. He learned a lot from one of his business partners, who went to the Fashion Institute of Technology. Also, he got a lot of practical exposure while doing business in collaboration with Samsung. This knowledge and experience helped him a lot.
“Education and knowledge is key. And I always say, the only thing more expensive than education is ignorance.”
3. Leave a Legacy, Not Money
Starting a business because you want to make $10 million or $1 billion may not get you anywhere. Start thinking about the legacy you want to leave behind when you leave this world. Don’t just leave money when you leave this planet. And, don’t forget to have fun with your family and friends. Business is about having fun.
According to him, if you’re an aspiring businessman then you must be having a passion that you want to accomplish. It’s not about money always. Thinking only about making money can become an obstacle. Don’t let money drive your mind and decisions.
“Money is a great servant, but a horrible master.” – Francis Bacon, 17th century philosopher.
4. If You Give, You Will Receive
I think this is very important. Being generous to others with what you have will bring you good fortune. Being selfish will not get you to your goal.
5. Play Business like You Play Game
We all know we are in business to make money even though making millions is not the priority, but still you need to make enough profit to continue to be in business. Business is business. Be ready to draw the line between business and friendship. You may have to fire you friends to save your business. But, it doesn’t mean you are enemies. You just can’t work with them anymore. If you don’t let go of friends that are letting your business fail in a certain section, then you will let go of many people whose lives and family’s lives depend on that job or that person.
6. Try to Improve On What You Know
I have experienced information overload and I believe that is what is killing many people in business. Trying to know everything may not be the best strategy for being successful in business. Surround yourself with masterminded people because you are not going to know everything. Take inventory of yourself. Daymond John learned as an entrepreneur that no one should ever try any shortcuts to success. There is really none. Try to partner up with people that know that business or that aspect of the business. When Daymond John was asked about how he took FUBU from a local t-shirt and jeans company to an international brand, he said that he received great support from a strategic partner in Samsung America. They guided him, directed him and gave him the required exposure.
“If you don’t know how to do something, find someone who does. Strategic Partners are way more important than money.”
7. Stay Small
One of the biggest business lessons that Daymond John was able to learn is that a businessman first needs to keep things at a small level and make mistakes with his own money. It’s best not to take any risk when one is playing with his partner’s money. You don’t want to go and take your friends’ money, grandma’s money or your 401K money, and lose everything. If you stay small, you may turn around and become huge. But, learn your mistakes small.
“Try to go as far as you can without anyone’s help at first.”
8. Under Promise, But Over Deliver
Learning not to do the wrong thing for people is very important. If you promise, make sure you can deliver. When people invest in you, it’s their hopes and dreams that they are investing in.
9. Don’t Sell To Friends
You need to put concept to sale. Go sell first and don’t sell to your friends because they may not tell you the truth. You can make up your own opinion but you cannot make up your own fact.
Sales are not always cash transactions. Put your product out there where people do not know you (e.g. social media, stores etc). If people can take their hard earned dollars and buy your product because it will improve their quality of life, then it will sell.
10. There Will Never Be a Perfect Time; You Can Only Make Time Perfect
You just have to start from somewhere. You cannot be thinking that you will do this or that when you get to this and that. No time is perfect than the time you choose to start. Start small, go sell.
11. Dream Big to Think Bigger and Do Better
His mother had a big influence on his ideas. According to Daymond John, his mother used to say –
“It takes the same energy to think small as it does to think big. So, dream big and think bigger.”
Daymond John believes an aspiring businessman needs to be humble to accept your own mistakes. This attitude will not ruin anything; instead, it will make things better for you. And, when you’re in a business be sure to choose your friends wisely. Your friends and family can influence your decisions.
So, these 11 inspiring business lessons can help you as well. There are lots of successful businessmen which whom we can all learn from their knowledge. I will bring you more topics like this soon. Share this post with you friends, family members and co-workers.
And by the way, check out these videos of Daymond John’s interview:
I wish I asked myself some of these questions before I jumped into business. It might have saved some of my business and saved me from a mountain of credit card bills. I failed many times and racked up a lot of credit card debts. Here, I want to save you from making the same mistakes I made and some that other business friends of mine made as well. This is from my own experience and some other friends’ experiences that are also in business.
I think you need to know a little bit about the business you want to go into. If you are not an auto mechanic and you want to start an auto repair shop, the odds against you are enormous. Because once you start, you will have to take care of tons of things. This will require your own technical experience, a cool mind, an experimental attitude and lots of patience, of course. I wish we had a time machine which could tell us about our success probability in advance. But, since there is none, you’ve got to do your own research. I don’t mean to scare you, but it will be best if you make a well informed and strategic approach.
Before starting a business, you need to be confident enough about your willpower and the business’s nature. Any new business will require a lot of hard work. Are you ready for that? The more you question, the better you will know.
Here are some questions you should ask yourself before starting a business.
1. Why Do I Want To Start A Business?
When I started my first business, I thought I would become a millionaire overnight. I saw how successful eBay was, and I started one just like them without knowing that millions of dollars was invested into that business to make it a success. Go into a business with a motive for doing what you like and have fun. You may not make a million dollars, but if you can make a living and have peace of mind, fun and control of your life, then I think you should be ok.
2. Type of Business I Should Start – Online or Offline?
The second question you should ask yourself before starting a business is “Do I want to have a brick-and-mortar (offline business) type of business or do I want to start an online business or both at the same time?” You need to be sure about what you really want. What exactly about an online business inspires you the most? Is it your passion, or just a temporary inclination? If it’s not an online business, will you be fine to start an offline business and still be able to make ends meet? Do you have the cost to start? Do you want to keep an online business as your side business for extra income? Or, do you want to make a business your one and only career? Remember, your thoughts are going to drive your actions in the end. In my own opinion, online business can be cheaper to start and it also gives you a lot of flexibility.
3. What will be The Minimum Investment? Can I Afford it?
Although most online businesses will not require any capital intensive initial investments, some conventional businesses might though. So, it’s best to be aware of any possible expenses in advance. If you want to build your own website, rent a computer repairing shop or want a blog of your own, it will need some amount of preliminary investment. Are you ready to bear the expense?
4. Do I have the Necessary Support to Start My Own Business?
You will need to give lots of time initially to get your business off to a good start. Building a website, learning the traffic generation process, developing contacts for a business, networking, content marketing, business promotion techniques and etc., will consume a lot of your time. So, make sure you’ve got plenty of spare time available. Do you have enough support from your family? After all, time constraints will delay the start.
5. What’s The Minimum Revenue That My Business Can Generate?
When you’re sure about the type of business you want to start, do research to learn what sort of monthly income people are making from that. Read people’s remarks in different blogs and join forums. Talk with people who are in the same kind of business. You will get to know about what amount of money people are making from the business. If you get an idea about the possible income in advance, you will make a plan to manage your expenses.
6) Do You Have Enough Money Saved Up?
There is no guarantee you will make any money or enough money to pay the business expenses for the first six months. So, do you have enough money to take care of yourself during this early stage of your business? Most businesses will not generate enough income initially. Do not worry, because the income will increase gradually.
This is why you will require a lot of patience. Income will be low, until you build your reputation and prove your excellence.
7. How are My Competitors Doing?
Another question you should ask yourself before starting a business is “Will I be able to compete?” Do research to learn how people in the same type of business are doing. It’s called competition profiling. It will give you a brief idea about the overall market scenario, the best business practices and possible future prospects. You will also learn what extra skills you need to acquire to give your business a competitive edge over the others.
8. Will I Survive in the Worst Situation?
Be prepared and make some contingency plans. Do you know what it is? A very important question you should ask yourself before starting a business is whether or not you can survive the worst. It’s like being mentally prepared if your business takes more time than expected to get established, or takes more time to generate a return on your investment.
9. Do I have All Plans in Place to Make it Work?
You just have to be determined enough to make it work at any cost. Take all possible situations into consideration and make a backup plan. You’ve got to be ready to explore and try every possible way to give your business a boost.
10. Am I Really Ready for It?
Ask yourself if you’re really ready to begin. After you get answers for all of the above questions, give yourself some time to realize if you will be able to make it. For example, you know that the business you wish to start will do great in the future, but, that will need a lot of your time at present. Will you be able to give that required time and effort? And be true to yourself, if I failed, will I be able to take responsibility for my failure? Will I be determined to succeed? Rome was not built in a day. It takes time. Plan for the worst and hope for the best.
You need to ask yourself these questions before starting a business because you need to be prepared in the best way possible. These questions will prepare you for both good and bad. If you know all possible circumstances beforehand, wastage of time will be less. And if you’re not afraid to face the odds, you won’t be disappointed.
As always, this list is not inclusive. They‘re just questions that will help you a lot in making the right decision.
When I started my online business in 2003, I started from my house. I had no special office or special phone. All I had was an idea and some guts. I started the business because I knew one day that I would leave my day job and become a full time business person. I didn’t want to wait until I was out of work before thinking of what I needed to do.
Starting a business is a major decision in the life of a person. I know working for somebody guarantees you getting a fixed sum of money for your efforts irrespective of how much profitability we bring to the organization. We are satisfied when we get a regular income even if it is much lower than what we deserve. Statistics are available that prove more than 50% of the people are not happy with their jobs and would readily leave them if they had any other option. The only thing that is stopping them is fear of being able to get a regular income that would help them pay their bills and mortgages.
The recession has affected the economy of all countries in the world very hard and more and more people are losing their jobs. Hardly anyone is getting a promotion or a salary hike, and almost everyone is made to work for long hours. Certain organizations have fired a third of their staff and are making two people do the job that was already being done by three people. This has resulted in wide spread discontent and no one is happy with the way things are unfolding. It is hence the correct time to start a business.
You need to start a business now as this is just the right time. You can be your own boss and get compensation as per the profitability of your company. The harder and smarter you work the more money you will make. If you are able to run your business successfully you will even be able to provide employment to deserving people and help the economy in coming out of the recession. To top it all off, there is no risk of being fired from your job.
The biggest advantages of starting a business now are as follows:
1. Due to the recession, a huge number of talented people are available for you to hire and get your business off to a good start. You can even negotiate the salaries. People are ready to work even if the money is less and you have multiple options for a single position. In the present time, you can get the best of people at a very low cost thereby improving the chances of making your business successful.
2. If you need a premise to run the business; rent and security deposits are much lower than what they used to be when the economy was in full swing. People are ready to rent out at low prices rather than keeping their premise empty. You really can negotiate a great deal and get the best out of the deal. A lower rent will help you become profitable much earlier and hence it is best not to wait, but to start a business now.
3. The biggest reason to start your business early is because you are not really expected to sell in the open market. The initial time is taken up in researching the market, potential customers, product design, building the product and raising money. These can take a long time and for some industries, this can take even up to two or three years. By that time, the recession will definitely be over and even if it is not you will start with selling to a small number of people. These are those people who are not impacted by the overall state of the economy, and it may be a long time before your sales will be impacted by changes to the economic conditions of the world.
According to a survey conducted by a leading business magazine, small and medium businesses that have been planned properly are flourishing in spite of the economic downturn.
An excellent example is James Kwak, who lost his job after 9/11 and decided to start his own business. He co-founded Guidewire Software in extremely tough economic conditions and has never looked back. Guidewire is now an extremely well known and respected provider of software to insurance companies and has customer in countries like US, Canada, New Zealand, Australia, UK, Japan, Brazil and Russia.
Therefore, if you have a good idea, go ahead and start your company now. Do not delay your decision and wait for the economic conditions to improve because a recession is always a better time to start up a business. Though it is true that a number of businesses around are failing and losing money, it is also true that a number of new businesses are being launched and are successful. Hence, whatever way you look at it, now is the best time to start a business.
Thank you so much for stopping by to view this website. I know you want to know a little bit about me. Ok, my name is Solomon Adeyemo. I have BS in Accounting, MS in Information Technology Management (ITM) and MBA from Webster University.
I have been in an online business since 2003 and I had created some websites and some digital products since starting my online business. The motive of this website is to give business advice based on my education, business experience and other successful business experts’ experiences in this industry. You will get articles on online business, offline business (limited), internet marketing, case studies and more.
I do not claim to know everything, but I will be honest with you to teach you what I know and if I don’t know the answer, I will do my best to do the research to find the answers. I will also consult with other experts in the industry as well to get you the answers.
I love online business, internet marketing, and I love blogging. I love playing soccer and volley ball as well. Under this category (About Me), I will post here regularly to tell you the story of my life. Watch out for this!
Your comments and emails will help me figure out what exactly you want to know about starting and succeeding in business.
Starting business, either online or offline is not easy. You will probably fail the first time, maybe even the second time. But don’t quit. You only fail if you quit. So, let me motivate you with this video below: