How do you get to live your dream life? It’s easy; you do things that go against the norm. Working a 9-5 job is excellent for paying bills.
However, you’ll need to think outside the box if you want access to additional resources. Starting an online business can be the key you need to unlock happiness, time, and wealth.
Why an online business? Online businesses come in all shapes and sizes, but they have one main similarity—they need the Internet.
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I wrote a series about businesses you can start at home, ranging from full-time, part-time, or passive.
- What Type of Home Business Should You Start 1: Introduction
- What Type of Home Business Should You Start 2: Outside
- What Type of Home Business Should You Start 3: Online
- What Type of Home Business Should You Start 4: Content
- What Type of Home Business Should You Start 5: Consulting
Your main goal in starting an online business is to customize it to your schedule and income needs. Let’s explore the concept of exploring your needs.
What do you need? Many people start an online business just for their income needs and quickly burn out.
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Let’s say you love making bracelets. You start an online shop via Etsy and receive orders for 300 homemade bracelets monthly.
You quickly become overwhelmed and need more motivation to continue your business. Now, let’s go back and put your needs first.
You love making bracelets, about one per day. You would like to sell them and earn about $300 per month.
So you have 30 bracelets that you can sell for $10 each to achieve your goals. You now open a Facebook group where you post your on-hand stock for people to purchase.
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Instead of chasing customers, they come to you and understand your limited supply. You get the best of both worlds and get to keep your passion alive.
The world of eCommerce. There are lots of ways to dip your toes into eCommerce. I recommend reading “Ecommerce 101” before you start anything.
If you don’t have a sense of business, you can buy all types of email list providers, digital mailboxes, social media clients, etc.
There is a massive industry around B2B (business to business). Therefore, you must understand where you are at in your journey.
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Ecommerce is great for those who want a more active business. This may be your path if you love shipping items, dealing with customers, and growing demand.
You can also start a passive eCommerce business by selling digital products. The competition here is tough, so you may need to create content to drive customers to your platform.
Always create content. My favorite online business is creating content. It will not be as lucrative on the front end as eCommerce.
With an eCommerce business, you can find demand and create a product to insert into the mix. With content creation, you want to build an audience around your voice, information, and message.
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Once you have a loyal fanbase, you can sell anything that suits the niche you built. Every business in the future will need to have some kind of content to draw in an audience.
Like eCommerce, there are lots of sharks floating around content creators. You must be diligent in understanding the long timeline to build an audience.
People will promise shortcuts to build an audience but never take these poison pills. Some shortcuts include buying an email list, poor advertising, and pre-built audiences in a box.
Your business, your way. Many people want to become YouTubers but don’t want to spend 10-15 hours daily.
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That’s okay; put in 2-3 hours daily, and understand you may never become a large YouTuber. But is that really such a bad thing?
Always think about your retirement goals. You want to start a business you can run and operate forever. You also want to ensure someone else can run your business if you decide to sell.
Let’s say you want to start an online consulting business. You want to earn $2,000 monthly; each client starts at $100 per hour.
For the first few years, you may work 20 hours a month. However, you want to eventually start charging $500 per hour to scale your business.
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This way, you can only work four hours per month. Flexibility is the magic of an online business. But you must consider every move and ensure it meets your long-term criteria.
Remote work for the win. Do you want to be a digital nomad or a laptop warrior? I know that’s why I started my book business.
If you love making bracelets, this may tie you to your current country of shipping materials. You may be able to get yarn in the USA but not in Mexico, for example.
If you want to travel the world while operating a business, you’ll want to stay in the digital products and content creation realm.
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However, YouTube videos require equipment like cameras, editing computers, and lighting. Remember these requirements as you pick your business.
The more passive, the better. You can also add a passive element to your business by adding content.
For example, you can turn that into a YouTube channel if you love making bracelets. This way, you are building an audience and driving traffic to your shop.
More importantly, you are generating income passively from YouTube views. You can do this by blogging or podcasting as well.
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Conclusion. There is so much to love about an online business; just remember, it is not easy. The internet is a vast ocean of information and commerce.
Building an audience in such a large world may take 3-5 years. Are you ready to release your business to no fanfare?
I went through the lonely phase of starting a blog. You can release 100s of articles, and no one even cares.
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But, once you get a little traction from Google, you see the massive benefits of organic search traffic.
People will slowly start finding your content and business no matter where you settle. It is truly magical to have new people arriving at your (digital) doorstep every day.
How do you envision your retirement? How can an online business help you get there? More importantly, how can it help you stay there? Good Luck!
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