Have you ever pondered the idea of starting your own online business but never quite got round to it? If so, you were definitely onto something! By the end of this post, you will have some clarity about what’s stopping you from starting an online business. Let’s first of all investigate…
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Why consider starting an online business?
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To maintain your lifestyle
Have you noticed that the price of things in the shops, from groceries to clothes and generally anything that is essential has gone up in price somewhat faster than your wages?
Many people are finding (if they are lucky), that the money they used to be able to put into investments or savings is now being spent on essentials so any opportunities to top up the funds could be a good idea.
Those who were struggling anyway are really up against it with in-work poverty being a new phenomenon to the point where people have 2 or even 3 jobs with some even having to use food banks. This is unlikely to change any time soon.
To upgrade your lifestyle
Have you noticed that the wealthiest people in society (with one or two exceptions) have a business (or businesses) rather than a job? When you are paid by the hour, you can only make so much money. Even if you worked every hour of every day. That may not be the end of the world if you earn $300 per hour, but if you are one of the masses, you don’t need me to tell you that living on a wage after tax is not easy.
To get out of a job you hate
Apparently, a whopping 80% of American workers and half of UK workers do not like their jobs. When you consider that we spend more time at work than anywhere else, and the average commute for Americans is 200 hours per year, it surely has to be worth considering other options wouldn’t you say?
To spend quality time with friends and family
So if you consider the amount of time you spend working and commuting to work, you are left with very little time indeed to enjoy doing fun things with your family and friends (even if you do have the money!). Add to that the miserable holiday allowance for U.S. workers is around 10 days, and it’s clear that the quality of life for most people is far from ideal.
You can start your business while you still have your day job
I am absolutely not advocating that anyone packs in their job then start an online business as it takes time and a lot of work before you will see any money coming in.
However, the beauty of having an online business is that, unlike a brick and mortar business, you can work on it while you still have your day job until such times as you are making enough money to sack the boss!
Who is an online business for?
An online business is for anyone who aspires to change their life for the better who has a computer and an internet connection. This includes:
- Students – instead of working in a restaurant (for example) to get through university
- Stay at home parents looking to carve a niche for themselves and contribute to the family income
- Anyone who wants to get out of their job
- Anyone who is not making ends meet
- Anyone who wants to take control of their future – a job for life no longer exists and we could be out tomorrow
- Anyone with mobility or health issues that restrict them from entering the regular job market
- People who want to have the freedom to live anywhere
- People coming up to retirement whose lifestyle will drop when they retire
- Retired people who either need to supplement their pension or would just love a new challenge
Where will I find the time?
If changing your life is important to you, you will find the time. We always find the time to do the things we really want to do, so make sure that this is something you are genuinely excited about.
There is always an hour or two that you can fit in some time to work on your business. It could be first thing in the morning before anyone else is up or immediately you get home in the evening or the last 2 hours before bedtime. You will know what will suit you best. I appreciate it may mean compromising something else but it will be worth it in the long run.
What could stop me?
If, before coming across this post, you had indeed thought about starting an online business but never got round to it, it is quite likely that one or more of the following obstacles was in your way:
- You think you can’t afford it. The beauty of starting an online business you can literally start on a shoestring
- You are worried that you don’t have the skills. You are right to consider this as training will be a key part of your success, however, free training can be found for all aspects of starting an online business.
- Fear of failure. You will have to work on this! Ask yourself if your fear of failure is greater than your fear of not living your best life and making the most of the incredible opportunities around us. Also, you only fail when you stop trying.
- Telling yourself you are too old, too young, not clever enough etc. – there is enough proof of people who have been older than you, younger than you, and less clever than you who have made a success of an online business to discredit this theory! If your mind is telling you that you can’t do it, I recommend that you read ‘You Are A Badass At Making Money’ By Jen Sincero – not only it is hilarious but if you make a study of it, it will seriously help you to overcome your limiting beliefs.
If you are waiting until the kids go back to school, or until they go to University, or until Aunt Bessie moves out….it will never happen. Do. It. Now.
What kind of online business?
There are many online businesses that you can investigate. These include:
If you have ever ordered a product online but had it sent to someone at another address, that is the basic idea of dropshipping.
The difference is that you promote a product online and at a price you have determined, you order the product from the manufacturer or store to go straight to the customer so you have no stock to hold.
The customer pays you, you pay the product owner and pocket the difference. You have contact with the customer if there are any product or service issues so you need to make sure you have picked excellent products.
This is where you either produce your own product or commission a third party to produce a product for you (most of these products typically come from China in order to be profitable), you then have it shipped to Amazon for them to ship it to the customer.
Naturally, there are charges for Amazon to store your products but the beauty of it is that you never see the product.
However, you should have a sample of the product or products sent to you first – if the quality isn’t up to scratch it could be an expensive mistake.
You will need to create a listing on Amazon and optimize it (or pay for a sponsored entry). As competition is fierce on Amazon, you should take a course in Amazon FBA to make sure you know how to get your listing seen.
You may already have heard of Affiliate Marketing – it is commonly known as blogging. Put simply, you decide on a niche that you have an interest/knowledge in, make sure there is a demand for associated products, and then write articles on the subject. You create a website for your articles and optimize them so they can be found by search engines such as Google and Bing to enable your audience to find you in their search.
When you sign up with manufacturers or stores and become an ‘affiliate’ of their products you will receive an exclusive link so that when visitors to your blog click on the link you will get the commission. You never see the product or have any direct contact with the customer (other than engaging them with your captivating blog posts).
My number one recommendation
Due to the fact that you have no customer service responsibilities, and also that you have the fun of writing about something you have a passion for makes Affiliate Marketing my number one recommendation. If you are curious to learn more, check out my in-depth review here.
Have you been putting off starting an online business? Or maybe you got started already! I would love to hear about your experience in the comments.