There are many benefits of running an online based business. The internet has opened up the door for everyone to profit with an online business. An online based business gives every person willing to put in the work the chance to make huge sums of money in a very short period. Some of the benefits to running an online based business are low start up costs, huge markets to sell to (you could potentially sell to anyone in the world who has internet access), no leasing fees since your business in the cyber world, and no reason to have and pay employees.
If you wanted to start a business normally you would need around 50 grand to start it up. Unless you had the cash you would have to go to your bank and get approved for a business loan. After you had your loan then you could start up your business. With the internet you could start an online based business for just a couple of hundred dollars.
After you received your business loan you would then have to find a place to lease for your business. You would then need to make sure you could make your monthly rent. You would need money to pay for your daily operating costs, like electricity, gas, heat and other costs you would need to operate. With your online business your operating costs can be very minimal. You just have to pay for your internet service and hosting fees if anything.
After you setup your place of operation you would then need to bring in customers. With your online business you could potentially market your business to everyone in the world. If your business is setup on a piece of land then you can only reach the people in your community. The clear advantage is having your business online.
One other clear advantage of having your business online is you do not have to pay employees. You just have to pay the people you hire to help you with running your online business. This is a major benefit since you do not have to pay for employee benefits and insurance which will save you a ton of money.
It is clear that running your business online has many benefits. In most cases running your business online can be very good for you. There are many other benefits of running an online based business, I just named a few.
While many people want to start a business and become their own boss, they are held back from taking action because they don’t know what kind of business to start. Not knowing where to start, most people choose to remain where they are and not take the risk.
Use This Business Equation
However, if you do want to take the leap and become an online business owner, finding an idea for your business isn’t that difficult. A business idea usually is a result of the following equation:
A topic you’re interested in + people you like and want to help + a problem they have + a solution you can provide to the problem, which you’ll package into a product or service of your choosing.
If you already have a business idea, then all you will have to do before you get started is to validate your idea, which you’ll learn about in another post. However, if you haven’t found an idea yet, you’ll need to start questioning yourself. First, you need to reflect on your interests and the lifestyle that you are hoping to attain, as well as reflecting on your natural strengths and the skill set you already possess.
Determine What You Dislike About Your Current Job and Lifestyle and What You’d Like to Change
There must be one thing, or many, that you don’t like about your current situation. Maybe you don’t like the lack of free time in your life, or perhaps it’s the commute to work that has you down or even being told what to do, or possibly the lack of a sufficient income.
It is essential to be specific when defining what it is you are trying to escape from so you can avoid recreating it in your new lifestyle.
For example, if a significant issue for you is a lack of free time, then you shouldn’t opt for a business model that will require an equal amount of your time, like freelancing. Instead, you need to choose a model that will generate passive income.
What Do You Like About Your Current Situation?
Not everything is wrong with your current situation. Maybe you enjoy the relationships at your work and working in a team. You probably appreciate the fact that you don’t have to think about your work after you’ve clocked out.
It’s good for you to know what you like if you want to be able to reproduce this in your online business. For example, even if being a web entrepreneur means working by yourself most of the time, there different ways that you can add social occasions to your new entrepreneurial life. You could share working space with other entrepreneurs and freelancers. You could also attend Meetup groups in your field and meet up with other like-minded individuals occasionally.
Figure Out Your Main Interests Are
Naturally, there will be topics and activities that are more appealing to you than others. There are probably specific conversation topics that you feel more enthusiastic about, and there are probably some subjects that you are curious to learn more about. If you are planning on creating a blog, or even if you aren’t, you’ll need to think of a topic that you could write about every day, without growing bored. To determine this, you’ll want to ask yourself the following questions:
• Which section in the book store do you head to first? • When you’re waiting at the doctor’s office, what kinds of magazines do you read? • Which TV channels do you watch the most? • What kind of news stories do you read online? • Which classes did you enjoy the most in school? • In your free time, which activities do you like to engage in? • Are there particular websites you like to browse?
Obviously, it’s essential to choose a topic that you’re interested in since it will become a part of your daily life because if you don’t, you’ll soon get bored. Over time, you might discover that your interests are slightly different than what you initially thought. Sometimes, there are activities that you enjoy more like a hobby, but not necessarily as a job.
To avoid this mistake, take some time to explore your topic and write about it for a couple of weeks to see how it feels before you choose to dedicate your time and energy into turning it into a business that you may not enjoy.
If you aren’t able to think of something that interests you, then it’s time to explore. Go out and participate in new activities, attend events that you usually wouldn’t go to, and take some time to learn a new skill. Think about something that you have always been curious about, and talk to others who are already engaged in the activity. Also, be curious about the people you meet. Ask them about their jobs, projects, and interests. It might be a bit uncomfortable at first, but it will be something that will help you generate new ideas.
Determine Your Strengths and Talents
This isn’t about the skills you have, but rather your natural talents and strengths that aren’t things that you gained through experience and practice. These are the activities that come to you naturally and more efficiently than others. You might be good at writing and playing with words, solving problems, performing manual tasks, or analyzing concepts.
Determine Your Natural Weaknesses
It is essential that you don’t think of a weakness as a lack of skills, because you can learn skills. Your “natural” weaknesses are aspects that you feel less at ease. For instance, you may not have a well-developed sense of aesthetics, or you struggle with staying organized.
To be successful with your new online business venture, you will need to adopt a growth mindset and a desire to work on your weaknesses to improve yourself continually. However, it is still necessary to acknowledge your weaknesses, so you don’t choose a business model that will make things unnecessarily tricky in the beginning.
What Type of Personality Do You Have?
Certain aspects of your personality will determine what will bring you more fulfillment and joy, in the same way, that your talents and strengths will. An easy way to explain the role that personality plays in determining your business idea is to consider the differences between an extrovert and an introvert.
An extrovert is more likely to enjoy social gatherings and networking events than an introvert would. On the other hand, an introvert probably wouldn’t mind spending many hours working alone. A shy person may have a problem being in front of a camera, while someone who is more active might prefer to move around more, instead of sitting behind a computer several hours a day.
What Are Your Skills, Experience, and Expertise?
Other things that you need to keep in mind are your skills and expertise. These are the abilities and knowledge that you have acquired over time at work and through other activities.
It will help you move faster in the process of starting a business if you choose a topic around your current skills and expertise since you won’t have to spend time acquiring new skills and related knowledge. However, this isn’t mandatory as you can always learn.
Finding Your Niche
Once you’ve determined a topic that you are interested in pursuing, you’ll need to get more specific as to which aspect of the problem you want to cover.
A niche topic is a narrower category within your topic. For instance, if you choose photography as your topic, you might select outdoor photography rather than general photography. Picking a niche topic versus a broader topic will help to increase your chances of operating a successful business because the competition won’t be as prevalent.
Starting a business around a broad topic is a common mistake that many new entrepreneurs make. It can be challenging to compete for attention and market share with companies that are already established. By choosing a narrower, more specific topic, you will increase the likelihood of standing out and getting noticed. It will also help you build your authority in the field to generate revenue faster.
If you aren’t sure which topic to pick, you might want to consider one of these categories that have proven to be profitable.
• Personal development • Health and well-being • Dating • Business and finance
There will always be space to enter one of these markets since they correspond to the needs of that many people want to satisfy or common problems that they want to solve. You can choose a niche within one of these broad categories.
Take a moment to imagine working for yourself on a daily basis, with no one telling you what to do. You can take on projects that appeal to you the most and feel proud as you watch them grow and add value to the market. If this is a scenario sounds more interesting to you than spending your days working 9 to 5 for someone else, then you likely have an entrepreneurial spirit.
Perhaps you’ve always dreamed of being your own boss, but have feared to start your own business because you lack the time and money, and maybe you don’t feel like any of your ideas are good enough. Perhaps you’re afraid of setting out on your own because you’re afraid of putting yourself and your family at risk.
However, the good news is that it has never been easier to become an entrepreneur as it is today. The Internet has helped to reduce most of the barriers to entrepreneurship. Today, you can start building your business while still working at your regular job and only investing an hour or two a day tending to your business.
Plus, today you have access to a goldmine of information to help you succeed in the form of podcasts, books, blogs, etc. You can take advantage of others’ experiences and knowledge and use it to build your project much faster and safer than before. The only thing you need to be successful is a deep commitment to learning and the willingness to put some effort into achieving your goals.
The cost to start and operate an online business is minimal, as is the financial risk. All you need to purchase to begin your company are a domain name and hosting service, which you can obtain for around $6 a month. For the rest, it will depend on what type of product or service you’re going to sell, but it is entirely possible to start your business with as little as $100.
With an online business, you also are able to work from anywhere you want, whether you decide to work out of your home or head to a café or co-working space. You can choose where to live, and you have the freedom to organize your schedule almost entirely as you wish.
The best part of it all is that you won’t be stuck in a cubicle all day long, or eat lunch at the office cafeteria, or spend hours stuck in rush hour traffic. And most importantly, your salary won’t be limited to what an employer is willing to pay you. In the early 70s, Richard Russell, a finance writer, wrote the article, The Perfect Business. According to Russell, an ideal business included the following:
• Minimal labor • Worldwide appeal • Low overhead costs and capital investments • Generates passive income • Gives you more free time • Is not dependent on location • Provides you with fulfillment
If this doesn’t sound like a professional paradise to you, then maybe you should stay at your 9 – 5 job. However, if this sounds like a job you’d like to have, then an online business is right up your ally. In the 1970s it was difficult to come up with a business idea that corresponded to those criteria, but today it is entirely possible thanks to the Internet.
There are many ways in which you can make a living online: • Monetizing a blog • Offering to consult or coaching • Creating and selling online courses • Self-publishing eBooks • Joining affiliate programs • Selling physical products through eCommerce
There are unlimited possibilities for you to find your passion and make a successful online business that provides you with passive income and that will fit your lifestyle.