As the recession approaches, mass layoffs will become more common. We are already seeing major corporations making significant cutbacks to personnel.
Are you at risk of losing your job? Whether you believe your job is safe is not the point. Relying solely on your job for income is risky.
Luckily, there are many ways to mitigate this employment risk; one way is to start an online business.
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Why an online business? “The Millionaire Fastlane” explains that each income stream has a wealth multiplier. Anything that connects to an online infrastructure has a chance to become significant.
The more people you reach, the richer you become. Your reach in an online arena is near-limitless, so you will want to tap into a global market.
However, the competition online is cutthroat. You will be competing against big corporations for mega-advertising dollars. So how do you get ahead online?
Find and keep a day job. First things first, you’ll need a day job as you grow your online presence. It takes years to build anything online.
On a side note. Be careful what content you consume about starting an online business. People will make it seem as if it is fast or easy. There is nothing authentic about these statements.
The only way to online success is by adding value and building an audience. This process will take 5-10 years, so be ready for the long haul.
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One of my favorite media influencers, Gary Vee, says to be prepared to work for free for 14 years before striking it rich. Are you ready to do this?
In the meantime, keep your day job. And don’t “quietly quit” on the workforce either. Work hard and get your promotions while your online business grows silently in the background.
What type of online business should you start? There are infinite possibilities in the online space. Choose something you can do for years and years. Let’s look at some options.
- You can sell physical products you make yourself.
- You can sell physical products someone else makes—this is called white labeling.
- You can refer customers to other people’s products or businesses—this is called affiliate marketing.
- You can sell digital products like planners, pdfs, and journals.
- You can create print-on-demand products like T-shirts, mugs, and posters.
- You can buy cheap products and resell them online via eBay or Amazon.
- You can make low-content or no-content books for Amazon.
The book “Ecommerce 101” lays out the various ways to make money online. I recommend reading many more books before starting your journey.
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The online business trap. The barrier to entry online is low; therefore, many people will try their hand at a business.
However, the only way to make money online is through longevity and having quality products. To understand how an online business works, you’ll have to know how each platform makes money.
The platforms you work through (eBay, Esty, Amazon, Google Search, Facebook) run an advertising business. The more “green” or new people they can attract, the better for their business.
You will start an online business, and no one will buy your product; this is the way of life. You’ll then begin to run ads to attract attention.
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However, chances are your products suck. The only way to discover the value of your products is through social proof; someone has to buy your product.
The long road to social proof. To build a fantastic product that sells for a lifetime, you must be in tune with your audience.
Therefore, you will need to build an audience from scratch. There is no easy way to do this; it is just time, energy, and selflessness.
However, you’ll only have to build an audience once; you’ll only have to go through the wilderness one time. On the other side is a great fortune.
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Sending people to your product. Once you pick your product and niche, you’ll want to drive traffic to it. Avoid advertising at all costs.
Driving traffic to a crappy product is a losing proposition. You drive traffic by releasing content on various platforms. You can start a Facebook group, Youtube channel, LinkedIn profile, Pinterest page, etc.
You are not just trying to sell your product but adding value for free. Gary Vee discusses the value proposition ratio in “Jab, Jab, Jab, Right Hook.”
You want to add value for many posts; then create a post that drives traffic to a specific product. Let’s look at a cooking ware example.
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If I am selling muffin trays, I want five posts covering recipes, cooking techniques, and the best organic ingredients. Then, I can do a post describing my muffin trays in detail.
Content is additive. The content you build stacks on top of itself. It can become its own business. You will create so much content that you will start to receive free traffic from online searches.
Eventually, you will start seeing the holy grail of advertising—word of mouth. Ultimately, your goal is to drive word-of-mouth advertising to your products, content, and brand.
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Again, this will take years. But if you want to build a business that lasts for generations, this path is the only way. Trying to win keywords or product search results is temporary at best.
Conclusion. Don’t start an online business only for the money; there are far better ways to make money. If you dream of money, your best bet is to exchange time for an hourly wage.
However, if you want to build an empire while becoming rich, an online business is the best way to do it. Do you want to start a local hamburger joint, or do you want to be the next McDonald’s?
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I am two years into my journey in an online business. The chance to make money is viable, but you’ll have to pass the test first. How patient are you? How much value can you add to the world?
You never know until you put yourself out there and start your business. You can start small and keep growing each year.
Set a goal to add one or two things per year, and you will see results. Keep your day job and work hard for both endeavors. If you have a long-term mindset, there are no limits to an online business. Good Luck!
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