Starting An Online Business

Starting An Online Business – 5 Things To Consider When Starting Out

Starting an online business can be like entering the unknown. There are many things that you have to consider and unless you sit down and plan it out, you may start to feel overwhelmed.

starting an online business

Starting An Online Business

So today I would like to talk about 5 important factors that you must have clear in your mind before you start your new venture.

Starting an online business is a very popular choice for millions of people all around the world. People from all kinds of backgrounds and cultures are becoming successful entrepreneurs by using their laptops, computers, tablets and smartphones.

As a home business coach I have had the pleasure to work with hundreds of high calibre individuals over the last few years.

It gives me great satisfaction to see them develop from complete beginners into professional online business owners. Maybe one day I can use my knowledge and experience to help you achieve your dream of having your own online business.

5 Key Things To Consider When Starting An Online Business

what is your why

What Is Your Why

1. What Is Your Why? – Why do you want to start an online business. Is it because you want to generate a second income to relieve some financial pressure that you may be under.

Maybe it is because you want to spend more time with the family, to do the school runs and not miss out seeing the children grow up. Or to have more quality time with your wife, husband or partner.

Do you want to travel and see an online business as the vehicle to enable you to do so. After all the internet covers the majority of the planet so as long as you can get connected, then you are in business.

You may have just lost your job and see it as the perfect time to go in a new direction, to give yourself a new challenge in life.

Maybe, like me, you want to loyally step up so that others get inner peace and help them develop both personally and in business?

These are just a few examples and there are hundreds more that may apply to you. Determine your why as will help you focus on the objective of your online business.

2. What Product or Service Will You Offer? Now we are in business to first and foremost help people, and as a bi-prodct of doing so make money. So what is it then you are going to offer?

There are three main things that you can sell….

  1. Physical products
  2. Digital products
  3. Services.

Physical products are obvious, you only have to look at Amazon for inspiration on what you can sell. Are you developing your own product or you already have a product line?

Digital products may be something that you have not considered. Things like E-Books, video courses and audio files are classed as information products. Information is one of the best selling commodities on the internet.

People go online every second to find a solution to a problem that they are suffering from. You could have the solution and package it up into an information product and sell it for very high profit margins.

You could offer a service, something that you are highly skilled in such as a consultant, a writer, graphic design, accounting, the list goes on. You could charge premium prices for your expertise and people will hire you.

wordpress

WordPress

3. Your Platform – Where are you going to establish your online presence? Are you going to have your own website, if so then I would recommend WordPress. It is the best platform as it simple and straightforward to use.

This would be a great option if you are going to sell a service. You could brand yourself in the your particular field of expertise and create a powerful online presence.

For retail products you may want to consider Amazon. You can create your own e-commerce business leveraging the Amazon brand and platform.

Also for retail is Shopify. A very simple platform which enables you to build your own custom online shop. Just by dragging and dropping you can customize your own store with some stunning themes.

If you sell digital products then two great platforms are Clickbank & JVZoo. As an information publisher these platforms handle all the payment processing for you and they also have a vast affiliate network. This means that other people can promote your product and you pay them a commission when they make a sale.

4. Business Models –  For people staring an online business there are a few business models that you can choose from. You can be the vendor, meaning you own the product so you have the freedom to sell your product and service wherever you want. You are in total control.

affiliate marketing

Affiliate Marketing

Another model, and I touched on it just a few moments ago, is called affiliate marketing. Now you could attack affiliate marketing from two directions.

You could start as an affiliate. This means you promote other peoples products and services and when you make a sale you receive a commission or percentage of the selling price. A low cost business option and you can start immediately if you find an affiliate program to join.

Then you could be the vendor and recruit affiliates for your own products. This helps you market your product to get more volume of sales without you having to do the marketing.

Another popular business model for retail is called dropshipping. This works incredibly well with the Shopify platform. Basically dropshipping is when you sell products that wholesalers have in stock.

The great thing about this business model is that there is zero upfront cost. When you have dropshipping products on your site it works like this.

Somebody purchases the product and pay you the retail price. This money goes into your payment processor, that may be PayPal, Shopify payments or another merchant account.

You then buy the product from the wholesaler at the wholesale cost, which if you are doing it right is lower than the retail price. The profit you make is already in your bank account. You always have positive cash flow.

5. Consistency & Belief –  The last key factor is that you have to be consistent in your actions and give yourself time to achieve some traction in your business. Success will not happen overnight.

If you believe in what you are doing and why you are doing it then there is a really good chance that you will be successful.

So I hope that these points have really helped you with starting an online business. If I can be of any further help then please contact me here.I wish you every success in running your home business from anywhere in the world and living a laptop lifestyle.


Mark Ford

Mark Ford

Mark FordHome Business Lifestyle and Blogging Coaching with Mark Ford, loyally stepping up for others SO THAT they are given inner peace.

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About Mark Ford

Home business lifestyle and blogging coaching with Mark Ford, loyally stepping up for others SO THAT they are given inner peace. Many people live the life they think they have to live. They are overworked, underpaid, and unfulfilled. But the good news is that it doesn't have to be this way. My name is Mark Ford and my goal is to help you recognize your potential and equip you with the skills you need to turn that potential into a viable online home business in the digital economy. We have to stop making excuses and make it happen, whatever that is for you? > Read my story at http://markfordsblog.com/about-mark-ford/
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