What does it take to succeed in an internet opportunity and Is it Hard to Start an Online Business? When looking to start an online business free information is readily available, But with plenty of pitfalls here are my 7 tips for finding and starting your own online enterprise, They Are
- Research Your Opportunity
- Patience and Persistency
- Automation is Key
- Diversify
- Set Your Goals
- DO NOT quit the Day Job
- Keep Business Finances Seperate
Working online, in various business formats really can give you the lifestyle, income and freedoms you are seeking, often for a minimal Financial Investment. (Time investment is another matter.) However, before you jump in and start your journey with the first thing you find, there are a few pointers that I have put together, based on my experience when I was looking out for my own online opportunities.
I hope that the below gives you some guidance and help in what to look out for, as very often you need to peel away the glossy hype that many a scheme seems to promise and what you also need to be considering to succeed in your online business.
Research your Opportunity
What’s the first step to starting a business. Particularly when looking for an online opportunity? The answer is research. You will come across all manner of things, online, from ‘Systems’ that will ‘Make You a $1Million overnight’ to Opportunities in leasing out Superyachts. They appear to be just what you are looking for. The promise is that all you need to do is press a button, collect, then send a load of automated emails, and sit back as the cash rolls in.
All I will say is that these opportunities have one thing in common, and that is to empty your wallet.
Sorry to be blunt, but any Business, be it a bricks and mortar shop or an online E-Commerce store, an Affiliate program or a Blogging business takes time to build and no opportunity or business model that actually works is a get rich quick methodology.
You need to be realistic in so much as it will take you the first 3 months of your business in learning the processes, the systems, the methodologies and getting going before you start to earn income.
When doing your research a few pointers for you
Does the Business model ‘float your boat’ by that is the potential business in a niche or subject you are interested in and passionate about? If not, then my advice is don’t do it. If you are not passionate about your business, then when times get tough (and they will periodically) you won’t push on through the challenges to success.
Is the chosen business model a viable proposition? Is the Business a sound format and do others make an income online in similar businesses (at different levels maybe, but income none the less) If so, that means you can too, and scale it up.
A small home business opportunity really can grow into something quite large and profitable, but you want to choose what is right for you. With that in mind why not have a look at my article on a Business Model that you can initially start for Free, a sort of Test drive if you like, and where the format can be built and copied over a vast range of ideas. Read the Article Here:
Is any Business or System you are thinking of joining a single dependency support system?
In other words, are you joining a single persons’ ‘Program.’ If so, how long has the program been established, what is the track history and what would happen if you built a business within this program and the owner/founder changes their mind, ups sticks’ or just gives up?
Where would you be left? Is the program something you could use the methodologies and just carry on with what you have already built, or would you be stuffed? Trust me it does and has happened.
Are the strategies on offer transferable and importantly can they be replicated?
Can You copy the formula and format where you are successful. For example, if you have an e-commerce store, and are getting sales in Home Furnishing, can you copy and scale this to Garden Furniture? Do you write Articles on Barbequing? If so, can you add articles on equipment needed? You get the idea.
Will you be proud to build a business in your chosen subject area?
Will you be happy to tell your family about your venture? Now, you may want to keep what you are doing under your hat until you are making money, and that is fine but please make sure any home business opportunity you intend to start is honest and ethical.
Patience and Persistency are key.
You need to be persistent and constant in your efforts, and then add some more consistency and patience. Running an Online business is like pumping a well for water, you need to keep pumping, and pumping and finally the results come pouring through.
After the initial excitement phase of starting your enterprise, you will need to roll up your sleeves and get on with it. I found the hardest time was the third week. I needed to just push on.
Just like the water pump, you will work hard (probably harder than you realise) in the early phase, but the beauty of many online types of business, once the initial phases and work are done, it then becomes easier and you have the magic of being a true viable online business.
Why? because while you are asleep, someone, from anywhere in the world will be online (The internet is 24/7 and 365 days with 5.35 BILLION users daily: source Statista, Number of internet and social media users worldwide as of January 2024) looking at your content, or buying a product you link with, or perhaps ordering something from your online store. Making You Money.
There is a Huge Market and Opportunity for You out there.
But, and it’s a huge But, you need to keep going and being consistent in your opportunity. It is all too easy to quit and as in the intro, the relatively small cost to start makes quitting easy.
You need to have a mindset shift. Forget that your business may only cost a few Dollars or Pounds to get started. When it gets tough it can be easy to justify and write off this entry amount and quit.
It will not be the fault of the Business model or route you have chosen that fails. No, it will be You. Business do not fail, they can’t. They are an inert concept, a methodology. What fails is the people or individuals, who (mostly) give up.
No, you need to change your thinking that your business Cost you Thousands! You will certainly be more serious about it. Be patient, be persistent and be consistent. For example, if you are posting Online, uploading content to your blog or website, building product pages for your e-commerce shop, whatever it is, be consistent with it, especially in the early stages when you are building momentum
Automation is Key.
Where possible in your Business look for areas that can be automated. Automation is your friend. Ask yourself can routine and time tasks to be done such as email sending, be processed automatically. Can you build email Autoresponders that keep customers and prospect in the loop with Information, or auto emails that follow up in a process flow to purchasers for your online shop.
Again, if you are using social media, is it possible for the uploads to be done by having integrated systems in place.
The rise of VA’s or virtual assistants can improve your time freedom. Once you have someone taking care of the routine stuff, you can now put your time to scaling and building your business.
You want to be working ‘On’ your business, not ‘In’ your Business
Diversify
Where Online and passive income is concerned don’t just build one income stream otherwise you might be vulnerable to market changes, or if you are in an opportunity as per the single dependency above, the risk of the business model stopping.
When you have built one Business, look for another that can adjoin or complement what you are already doing.
If you are promoting products look at complementary lines to link with your main offering. Running a Social media Campaign? Why not Start and promote an E-Commerce store etc alongside.
Set Your Goals
If You don’t have a purpose and compelling reason for running a business you will not continue with it. You need strong goals as to why you want to succeed. (see my article on Goal setting here) and when you have your goals, Plan them out.
Once you have your goals you also must plan the time you have for your venture. If you are running an enterprise part time then plan your week as to when you can not work on it, but make sure you do work the hours you set aside – to work on it, You get what I mean. And be a bit realistic here with your time. Don’t say that you have 15 hours a week if that will put time pressure on you. Set Quality Time.
It’s not the hours you put in, but what you put in the hours that counts.
Do Not Quit the Day Job
Definitely not at the start. If you quit your job at the beginning of running your online or home business, with no other income built up or available, you will put yourself under huge financial, personal and relationship strain.
Do not do it. Yes, your aim is for your business income strategies and your passive income streams to overtake the revenue you receive from your day job. When it does (have this as one of your key goals) you will be in the position to ‘Fire Your Boss’ and truly enjoy your new found freedom and financial lifestyle.
Keep Business Finances Separate
Open a separate bank account that is ring fenced away from your own personal accounts. Keep personal spending different to business expenditure.
This way you will not blur the lines as to what a business is making, what is genuine spending etc from your weekly grocery shop bill.
When it comes to the end of your financial year it is far easier to reconcile Business income, profit, and loss than if you find receipts for movie night, The Garden shop or Netflix subscriptions muddying the waters.
Further, do not leave settling your financial accounts until year end. You should (must) keep track at the very least on a monthly basis. If you do not, how are you going to know if your business is on track, or worse, you are financially in trouble?
The dream of achieving financial independence is as important for people today as it has ever been, especially in these times of economic uncertainty. Starting an online business can be a great way for you to create something, often for minimal financial investment.
Let me know what has sparked your interest here and what do you see yourself doing to build your own financial independence from a home business income stream?
A short note about me. (You can find more on the About-Me Page.) I have had a varied career from construction to corporate banking. With the onset of global economic changes, I switched, and have built passive income streams online.
On my journey I have found and tried a lot of things that don’t work and things that do. I hope my experiences can help you in your choices and help you achieve your goal of Financial Independence in your own venture.
Find out How to Start an Online Business for Free and benefit from the initial support and content ideas available to get you going
In Starting your own online business as above, you have nothing to lose, and it could just be the start you need to move you away from any current challenging situation.
Best regards and good luck on your journey
Del
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