How To Start A Business Online
Are you planning to get away from your nine-to-five job? My guess is that you are. Is the idea of your own business starting to be really appealing to you? Let me answer that for you……YES!!! Many people have been through similar stages and many have been successful in their chosen ventures.
But how do you start a business? How do you choose a business? Not only choose a business, but the right business for you.
The first thing you can do is to come up with the kind of business that is right for you. Be it traditional or virtual, the important thing is to know if the business fits you, your personality and your lifestyle. From a business and lifestyle standpoint, I don’t know if there is anything worst than investing a ton of resources into something that simply does not fit you.
Choosing a business can be a hard task, especially if there are plenty of ideas going through your head. Sometimes the more ideas you have the harder it is to decide. For example, I remember early on in the business selection process, I wanted to open a car wash, then I wanted to sell children’s books, then open a hair salon, then own wedding chapels, then a mobile billboard business, then become a website designer, then a website flipper, and on and on and on. Whatever made big money fast, that’s what I wanted to do. About 90% of my ideas, I never got close to starting….another 5%, I started, but quickly shut it down primarily due to not having a passion to see it through. Another 2 1/2%, I had the passion, but no resources. The remaining 2 1/2%, I had the passion, a little bit of money, but turned out to not be the right fit for me. In order to help you avoid wasting time and precious resources like I did, you need take some quiet time, sit down and consider the factors below.
Evaluate Your Passion
The first thing you have to consider is what you love to do….not like to do….but really love to do. If your business is based on something that you are passionate about, there is a big chance that you can make a success out of it. Being motivated about doing what you love is crucial. Your passion motivates you, so your business flourishes. Once you are motivated to work for your business, as your business grows and you add employees, you also motivate the people around you.
Consider Your Lifestyle
You should also choose a business the fits your lifestyle. Let’s say you are a single person, then you can be open to selecting a business that will require you to be away most of time. That is not going to be possible if you have a family to take care of. For example, during my selection process, I immediately ruled out any business that would require me to literally be away from my family for more that two or three days….so anything involving offline sales with out of town trips was “out of the picture”. Don’t get me wrong, starting your business WILL BE time consuming and relegate you to being in your home office, but at least you are a step or two away from your family. I missed most of the early years of my oldest daughter’s life and I can’t get that time back….it’s gone forever and that pains me to this day. I refuse (and I mean absolutely refuse) to make that costly mistake again.
Make Use Of Your Skills
This is a good way to start doing that. Starting a business based on what you already know or what you are already good at means there is less chance for failure because you are not jumping into unknown waters. If you have been working for a company for years, you can make use of the connections and relationships you have built in getting started on your own. You can also start taking advantage of the skills you have learned from your previous jobs. I’m a people-person and have been known to be one for most of my life. I enjoy interacting with people…..to see and understand how others think and feel is so interesting to me. Making others feel comfortable or uncomfortable (if needed) is what I do. So, blogging or customer support or sales would be a good fit for me.
Consider Your Financial Capacity
Getting into business is never a free ride. There is no such thing earning big without spending a single cent. Even if you are planning to set up an online business by freelancing online, you still need to invest in a good personal computer and a reliable internet connection. That’s just the tip of the ice berg. You will probably need to consider the cost of starting an LCC, obtaining legal advice, a CPA for tax purposes, and more. Consult a financial analyst if you are finding it hard to evaluate how much you can spend for start up. It took me close to 15 years to really understand the importance of receiving and paying for good financial advice…..it’s worth every penny, though.
Go For What’s Trending
It is always a good idea to create a business by selling products or offering services that are currently in demand. Freelancing is very much in demand; for example, there are lots of people looking for good content writers. If you have that skill set and can market yourself accordingly, you can do very well. You can also choose to sell gadgets, either online or offline, or you can do both simultaneously.
To Wrap It Up
The best part of choosing a business is coming up with the possibilities and then eliminating those that don’t fit based on our criteria above. After you have weighed the pros and cons, you will be left with the most ideal kind of business that will eventually provide you with passive income. For me, I have narrowed it down to blogging and real estate investing (we’ll talk about this later).