6 Reasons Why It Makes Sense To Start A Business Online

The internet has made it possible for people from all walks of life to start a business. Regular people can succeed online just as well as the big worldwide business that dominate the offline world. Here are 6 reasons why you can start a business online and be successful.

1. Anyone Can Do It.

When starting your own small business online, it does not matter about your age, your background or where you live. You can benefit from, or leverage off, other people’s knowledge, time, ability and experience. As long as you have access to a computer and the internet you are ready to go.

2. Low Set Up Costs.

The required funding to start a business online is considerably less than a conventional bricks and mortar business. You will need to purchase a domain name and some hosting for your website but you will not have the high costs of renting a physical building to operate from or the costs of inventory or staff.

3. You Can Reach A Huge Audience.

A conventional bricks and mortar business requires somewhere that potential customers within their regional area can easily get to. However, with the power of the internet, you can market your online business to customers from around the world to buy your products and services online.

4. You Can Operate 24 / 7.

A physical business can only function for the period of time that are able to keep the doors to your premises open. It’s not possible for one person to do this all day and all night. However a website is online continuously, and with automated systems you can sell products even while you are asleep.

5. You Can Expand Into New Markets More Easily

As your business becomes more established, you can start to diversify and sell products and services that will appeal to your target audience. This is much easier for an online business because you can source these other products and sell them as an affiliate without having to stock or deliver them yourself.

6. You Can Start It In Your Spare Time

Starting your own business is a big step for any new entrepreneur, especially if you already have day-to-day living costs, like a mortgage or other domestic bills, that all have to be paid. When you start a business online, you can do it in your spare time whilst still working at your normal day job. Then, as your online business grows and becomes more profitable you can start to work on it full time.

Launching A Start-Up Business – When You Should Vs Shouldn’t

Launching a Startup – When You Should vs When You Shouldn’t

Starting a business and making the decision to move from being an employee to being an entrepreneur is one of those things that is often painted in an unrealistically rosy picture. Sure, if you’re successful at it, there’s nothing better than being your own boss, doing something you love, and making a comfortable living doing it. But what does getting there actually entail?

This is one in a series of posts aimed at helping “would-be” entrepreneurs get out of the gate and on the road towards establishing a running business of their own.

Why take the risk of launching your own business venture?

There are plenty of great reasons for launching your own start-up. These include:

  • The opportunity to be in control and do the things you want to do: you get to succeed or fail on your own
  • Not having anyone tell you what to do: you are your own boss
  • The opportunity to create something new: the ability to bring something totally new into existence without the constraints often faced by larger companies
  • The opportunity to impact the world: to develop a new way to communicate, a new way to cut costs, a new way to collaborate, or anything else to make the world a better place
  • Money: when things go right, there can be a lot of money in successful start-ups

These are some of the more fundamental reasons for starting a start-up.

The downside to launching your own business

There are just about as many, if not more, reasons not to start a start-up.

  • They can be emotionally draining: from exuberant highs to depressing lows, start-ups can constantly put you through an emotional rollercoaster
  • Nothing happens unless you make it happen: in established companies, everything happens according to a fixed set of operational procedures, but in a start-up, you have to do virtually everything yourself
  • You are constantly told “NO”: unless you come from a sales background, you are probably not used to being told “NO” all the time, and it isn’t very fun
  • Hiring is extremely difficult: you are constantly faced with casual shoppers, folks who aren’t as serious or passionate about your idea as you are, and you end up being taken for a ride before being told “NO”
  • The hours can be grueling: despite books, articles and workshops promoting the perfect work/life balance, as a start-up entrepreneur, it isn’t likely you will have much of a life outside running your business, at least in the beginning

Still ready to take the plunge?

OK, so I haven’t talked you out of your conviction that starting your own business is what you want to do. Alright, fair enough. It seems you are convinced that it’s the way to go. If you think you’re ready, great! There is no time like the present, and opportunities abound for those who unwaveringly want to see things through. If you want to get your business up and running, here are a few things you to help get you started:

  • What is your business idea?
  • What will you name your business, product or service?
  • How will you go about building a team?
  • How will you build an organization with a thriving work culture?
  • How will you market yourself?
  • How does your team communicate, and how will you establish your online presence?
  • How do you test your idea and collect valuable customer feedback?
  • How can you raise funds, or like-minded business collaborators?

In the next series of upcoming posts, we’ll go through all of the above points in turn to give you a better grasp of what you need to do, and how to do it, in order to successfully get your own business off the ground and go from being an employee to being a business owner.

Starting A Business (With Minimal Resources)

I have had several people tell me that they want to start a business but do not even know where to begin. Honestly, it can be pretty overwhelming if you don’t have any steps to follow. Thus, what I am going to share with you here can serve as guidelines for you.

Be sure that what you intend to do is your passion.

Don’t just jump into any business because it’s a fad, your friend made money out of it, you think it’s going to make money, or whatever reason other than it being your passion. So before you even think about setting up your own business, ask yourself the following questions: What do I love to do? What do I enjoy doing? What am I really good at? What am I most experienced in doing? From here you will know what your passion really is. And if the business you are thinking of setting up does not fall in this category, forget it. It is not going to work.

Work with what you got.

Do not even attempt to think of thousands or hundreds of thousands if all you have are hundreds. I am not talking about financial projections here but where you are to begin. If all you can spare is $500, then work on that. If all you have is a computer and phone, then work with what you have. Start with what you have, not with what you don’t have. Then work your way from there.

If you need top-of-the-line equipment, look for slightly used ones for sale instead of buying it brand new. Keep your costs low.

Invest wisely.

Whether you plan to borrow money or you have enough savings to start with, learn to invest wisely. Write down everything you need, and prioritize.

Your priorities should be your main business tool or equipment, as well as your promotional tools.

Find out what business laws you have in your city/state.
Some cities/states do not require you to register a business unless your gross yearly earning is over $12000. If this law applies to your location, and if you are not sure how much money you will be making on the first year, then don’t register your business yet. Test the waters first and work your way from there. As far as I know, if your business is not legally registered, you are only allowed to use your name and not any other name for the business.

One way to really start low is to experiment first. If you plan to venture into a food business, try cooking from home and sell your food to your neighbors and friends. If you want to do wedding planning, then let your friends know and do their wedding planning for them, for a very minimal cost. You can even do it for free. This is a good way of building up your credentials.

Get all your tools ready.
Other than the equipment, furniture, supplies, and other things you need for your business, the ‘tools’ that you need to prioritize are your “promotional tools”. These include your business card, website, flyers, business sign, letterheads, brochure, social media, etc. The kind and extent of promotional tools you need will depend on the type and size of business you are thinking of. The basic promotional tools for any type and size of business are business cards, website, brochures, flyers, and social media. Do not even attempt to start a business without these tools ready; otherwise you will be like a soldier in battle without his ammunition. Likewise, do not attempt to do all these yourself unless you have the skills and experience in doing so.

And don’t forget the most important tool of all: your business plan. This is your blueprint – where everything about your business lies. It is what you will need to apply for a loan, to apply for a grant, and to create your promotional tools.

Leave your promotional tools in the hands of those who are more equipped to do it. This is where I can be of help to you.

Promotion is the key.

Once you have all your promotional tools ready, it is going to be easier to promote your business. Have your business cards with you at all times and give it to anyone you meet. Your business card should already have your website and social media addresses. Flyers help a lot when you are promoting a product or a service that is better presented through visuals such as photography, weddings, flower arrangement, etc. Brochures are most effective if your target audience are groups of people such as church, organizations, corporations, etc.

Utilize every opportunity and connections you have. Keep promoting!

Build relationships.

Repeat business is the biggest indicator of a good business. And the only way people are going to refer you to others, or do business with you again, is if they are satisfied with what you provided them with. Customer satisfaction is not so much how good your product or service is but how good they felt about you and what you did for them. It is all about the relationship that you build with people.

Integrity counts the most.

Integrity is more than trust. It is the result of consistent trustworthiness. It means that you walk your talk… you deliver what you say you will do… you stay committed to your commitments. When you have integrity, customers will prefer you over your competitors. They will choose you because they know that they can rely on you, whatever happens.

Work harder than an employee.

Some people who are considering setting up their own business think that if they do this, they can relax and act like the big boss who seems to do nothing but walk around. The opposite holds true. Since you are your own boss when you have your own business, you really have to operate like a boss. And bosses are not just walking around. They are the ones who do almost all the thinking, problem solving, decision making, financing, networking, and all the more difficult and tedious mental tasks. Add to this working like the hardest working employee you can ever find. In short, you are the boss and employee at the same time, unless you plan to hire people under you.

Stay committed and consistent.

Once you start a business, you have to remain committed to it. It’s not an experiment that you can just start, and then end when it does not work in a few months. You can’t be dictated by your emotions. You have to get going no matter what happens. This brings us back to what I said in the beginning of this article — find out what your passion is.