After working in the “real world” for over 23 years, I am ready to start a home-based business. How about you? There are many businesses we can begin from home and make a decent living over the years.
Welcome back to the What Type of Home-Based Business series (part 1, part 2), where I discuss everything we need to know about home businesses. It’s important to remember that getting traction with a home business takes a while. You should think long-term as you progress through the steps.
Benefits of an online business. Today we will look at home businesses that you host online. What are some of the benefits of an online business?
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First, you can work entirely from your computer—a major win for those of us who have children and other daily engagements. Going to a physical work location hinders us throughout our lives.
An online business is an excellent choice for two-parent households. Also, even for singles, it creates incredible options for being location-independent.
Online businesses can also scale much faster than brick-and-mortar businesses. We can use out-sourcing and automation to grow our businesses to the perfect size for our lives.
Online businesses are usually asynchronous from our schedules. This means that we don’t have to be available for a specific time for our company to operate. If I want to work during the twilight hours, I have that option with an online business.
Finally, online businesses are genuinely portable—we can travel anywhere. Also, we can hire our friends and family giving us the freedom to assist our children through their college and early 20s. As the world shifts to the “gig economy” and “hustle lifestyle,” we have some control of income.
Tips for starting an online business. Now let’s get to the meat of the article. I had to do a lot of research (reading books) to bring you the best information possible on online businesses. I do run an online business, but I consider it a content creation business.
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The most crucial part of running an online business is getting seen. The internet is a vast wasteland of information, costly traps, and great companies. You need people (strangers) to notice you through the noise.
You can first start by running advertisements. I recommend reading the book “Cashvertising” to build, create, and run your own ads. This book gives you deep insight into the process and makes you understand how human nature works.
I ran some ads when starting my business. I share my experiences in the article “My Experience Running Facebook Ads.” I also read the book “Help! My Facebook Ads Suck!” Ads are a great way to get traffic, but they are time-consuming to learn. But, chances are, you can teach yourself to become better than most professionals you would hire.
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Another way to bring traffic to your website or web store is through search engine optimization or SEO. I read the book “Product-Led SEO” during my research, and it was life-changing. The premise is to focus on user experience and having a significant product (like a free pdf) available when your visitor arrives from search.
I write much more about SEO and my strategy moving forward in the article “SEO and Your New Business.” I can tell you from my experience that receiving search traffic from Google is a fantastic feeling. That means random people across the globe can find your site. It takes a while to gain traction, so strap in for a long ride.
My final tip for an online business is to start a blog. Every business should have a blog where customers can get to know you, you can establish yourself as a subject matter expert, and you can receive traffic from search engines via SEO.
I also recommend producing product reviews and book reviews for your blog. You have to decide how those reviews fit your business profile, but you can figure something out. If you sell dining silverware, you may want to review meal delivery businesses, for example.
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What kind of online jobs are there? Now, let’s look at the types of online businesses. Again, I will not mention content creation because I have that as my next article in the series. I will focus on companies that sell products to customers or other businesses.
Sell Your Creativity via T-Shirts, Printables, and Stock Photos. This business idea is a great way to make passive income. You can create a bunch of t-shirt logos and post them on multiple print-on-demand t-shirt sites. You would receive a commission when someone purchases a shirt with your logo or custom design. Combine this with a blog or other content creation, and you have a passive income winner.
Write product reviews and book reviews. Writing reviews can be its own standalone business. Trust me, I have 72 book reviews up on my site, and they bring in traffic. If this were my full-time business, I would have at least 150+ reviews and focus on new books and obscure titles. That would bring me a mix of mainstream and niche audiences. You can also add game reviews to the list.
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Start a Passive E-Commerce Business. A passive e-commerce business focuses on digital goods—this allows you to avoid holding inventory. To be effective and low-cost, combine SEO, reviews, and affiliate marketing. You would not have to maintain a shop, just a blog. Again, it takes a while to gain traction, but if you can put in the 2-5 years, you’ll be living on the beach collecting passive income from blog traffic and affiliate marketing commissions.
Run an Automated E-Commerce Business. In this e-commerce business, we are selling physical products to customers. You will still need to run ads and leverage SEO to build traffic to your site. Once you have a good product and workflow, you start automating the business via automation tools, out-sourcing, and management.
Online shop in the Metaverse. The Metaverse is the shiny, new tool in the room. We don’t know how the metaverse will change the e-commerce landscape, but we do know that it WILL bring change. There is no better time to contemplate what online business you can build in the metaverse. Start becoming smart on virtual real estate, metaverse business, and attracting metaverse customers. Any research today will lead to gains in the future.
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Conclusion. Starting a home-based online business is the long game. There are no shortcuts to winning the prize here. You’ll have to learn SEO techniques or advertising, or even both. An excellent place to start is the book “E-Commerce 101.” It’ll give you an excellent overall understanding of business concepts and how they translate to the online economy.
If you have a job, keep it until your business provides you with more money than your job. The book “Before You Quit Your Job” is an excellent read if you are trying to transition off the hamper wheel.
I have put at least 5 hours a day into my online content business every day, and I make roughly $50-60/month. However, the gains will be exponential when they hit. So, make sure you have the right mindset when starting. Good Luck out there.
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