Have you ever thought about starting a business online but you just can’t seem to make up your mind on the right kind of business to start?
Choosing and starting the perfect kinda business to run online is somewhat daunting and sometimes, unusually time consuming especially when you’re faced with too many options.
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There are several cautionary steps I think every beginner should take note of when starting out in the vast intriguing world of doing business online.
These ‘steps’ will not only help you select the best kind of online business model to run but will also make the whole process less stressful and time consuming as you take your first step into this uncharted business territories.
First things first…
You’ll have to decide if starting ‘your own’ business online is the best option for you…as there are lots of sugar-coated contents out there that romanticize the act of starting a business online that we all seem to forget that one man’s food may be another’s poison.
For the sake of this post, I’ll assume you’ve already made up your mind to actually START doing business online, so, here are a few pointers to help you further clear the cobwebs and jump-start your journey to choosing & starting a business best suitable for you online.
How To Choose The Perfect Type Of Business To Start Online:
Here are 3 necessary questions I think every beginner should ask before hitting the roads to starting a buisness online…
- What works already?
- How profitable is it?
- And do I truly want this?
Let’s start with the last on the list…
- What do you want? Do you truly want to do this?
Like I said earlier, doing buisness online is not for everyone.
Deciding on the right kind of business to run online is the first question to ask as a beginner.
As you know, there are more than a thousand and one ways to make money online that you could create an entire textbook around it and you still won’t cover it all.
Earning a handsome living online is 100% possible but it requires sacrifices and I think it’s best if each person choose his poison wisely.
What works for me may not necessarily work for you.
So, selecting an online business niche that resonates with you (and your personality) is key to creating the kind of online business model that’ll last for a good while.
You need to identify with the best business model for you—the kind that’ll let running the business come off you naturally as you go.
Choosing between a wild range of categories such as: digital/information products, physical products (e-commerce and mini-importation), graphics and designs, freelance works, etcetera…is the first step in the right direction.
I tried out lots of online money-making channels like selling digital products; I also dabbled into mini-importation as the business grew then we (my brother and I) also made a good fortune learning and investing in crypto-currencies.
The thing is this…
I’ve always know I have a flare for writing & creating written content, so, focusing on creating digital products automatically came natural to me and the process of starting a business around it online became second nature to me after a few months practice.
It could get tiring but it was never boring for me.
I was also as good in running businesses that required lots of offline logistics like forwarding and delivery of physical goods to customers as I was in writing.
And I think that that angle of doing business came with all the years we (my brother and I) spent during our undergraduate school years starting and running lots of offline businesses along with academic work.
Hence, it was easier for us to successfully run online businesses focused on selling both my digital products and the physical products we imported all the way from Asia.
LONG STORY SHORT: if you really wish to start a business online then I think it’s best you go with business models that relates best with you. Trust me, it’ll make the journey a lot easier.
How much money can be earned from this online? How profitable is it?
Okay, I’ll be a little bit too honest with you here…
The truth is this—no matter how in love you are with an idea or how eager and willing you are to start a business around that idea that it drives you crazy and keeps you up at night, I want you to know that some ideas will NOT earn you as much money as you anticipated.
And this could squeeze the motivation out of your initial bustle and it could dull your will to keep grinding to a halt.
Stay with me and I’ll explain…
Hoping on fate to magically turn your dream business into a million dollar (or naira) yielding online business without laying down a proven workable plan for achieving that goal is as good as praying for rains in the heart of the Sahara.
Not totally impossible though but the odds will forever be against you.
Every business is anchored around income and cash flow.
In fact, the basic aim of starting any business (both offline & online) is to make money; and the same steps taken when starting a traditional (offline) business should also be employed when you start out a buisness online.
To be on the safe side and to evade avoidable obstacles in the course of running the business, it is advised you start the kind of business that has an already established, tested & proven means of generating cash flow for you.
What do I mean by this…
In other to save time and avoid unnecessary waste of resources you need to pay attention to business models that are already successful online (in terms of cash flow and income)
Don’t get me wrong, money or the desire for it should NEVER come first when you’re starting and the reason is this—getting too ‘money-conscious’ when creating your business online will almost always make your contents too shallow because the urge to make a splash and direct people to your sales-page or checkout page will somehow overshadow your entire work and makes it look too shallow and in need of depth.
Hence, you end up losing much prospective customers in the long run.
Making money may be the foundation on which businesses thrive but providing value is what keeps the customer or prospect coming back to you (or your platform) for more.
So, before you take that first step to getting your online business running you should have a good idea of what works already…and consciously follow that narrow path.
It is simple!
Don’t invent the wheel. Follow what works and add personal touches when you already have your business generating enough funds to cover the risks involved in treading unknown paths…
…except you have the time and money to play around with.
Now, this whole process gradually lures you to asking the most vital question anyone who wishes to start a business online should ask:
3. What works already?
What online niches are currently HOT-Selling & Highly-Profitable?
An untested business idea may seem so charming and lovely in your head that you get induced into the false belief that it’ll work out successfully according to your romanticized plan.
And it could.
But for starters… trial & error isn’t the best option to making a living online… especially if you’re working on a shoe-string budget.
For example, we recently spent about =N= 250,000 testing alternative advert channels that wasn’t Facebook and Google and the result was a complete shocker.
Close to zero ROI (return on investment) at the end of the campaign. Everything was perfect except that we were in a rush to make instant profit that we overlooked certain basic core values of advertising.
It hurts to lose money, you know? But what hurts most is the time lost.
I mean, why would you want to make the mistakes yourself when you can follow what already works? Except you have good source of budget revenue
Before you take the first step into the ever enjoyable trip down the line of starting an online business you need to ask yourself these three little yet effective questions:
- What works already?
- How profitable is it?
- And do I truly want this?
To make this process even easier for you, we took out the time to prepare in a 20-page eBook for you to see with your own eyes the 25 Hottest Online Business Niches that are currently paying like no man’s business.
It will be sent directly to your email and by the time you download and go through it (at least twice) you should be clear on the perfect online business niche to start with.
Hopefully, the tips in the eBook will not only lighten up your path to choosing the perfect type of business to start online but also provide a sure avenue for you to make money online too.
Let it guide you as you take the very first step.