This post follows on from my previous post called ‘How to start a home business online – things to consider’. In the aforementioned post I discussed the things to consider when setting up a home business online. The post was aimed at those people who have little time (say 3 – 4 hours per week) and little money to invest.
In the conclusion of the aforementioned post I suggested that you can start an online business from the comfort of home alongside your regular job and go from business idea to start-up within three to four months.
However, I acknowledge that there may be people who would like to set up a home business online alongside their regular job but would like to get to start-up much faster.
This post will provide some suggestions on how to start a home business online much faster. However, there will be a trade-off which means you will need to invest more time and more money!
What’s your motivation?
As in the previous post the first thing to consider is your motivation. You need to answer the question ‘why do you want to start a home business online’ and the more reasons you can think off the stronger your commitment will be.
Without a strong commitment you are more likely to fail when difficulties arise, and with this accelerated approach that may mean you will lose your valuable time and your money.
It is easy to be attracted to the idea of making thousands of dollars a month of passive income from a website you own. Once you start researching how to make money online you will find dozens of quick fix solutions. However, speaking from experience you can waste a lot of time and money pursuing one of these ‘once in a lifetime opportunities”.
On the other hand, if you are committed to building a sustainable business that will reward you over a long period you need to resist chasing the lasted fad and build an online business using an evergreen business model in an evergreen niche.
Once you have fully considered your motivation and commitment the next step would be to write down some goals/targets.
These goals can be ambitious, but be realistic. You could consider setting a target of how much income per month you would like to generate in the first six months. Then set an income target for the next 6 months.
You could set a target on how many customer names and email addresses you will collect in the first six months as another example of a goal. Your online business will be valued by the number of customers in your database.
Once you have spent a few hours clarifying your motivation and setting yourself some goals you will be ready for the next step – planning your online business.
With the ‘faster approach to how to start a home business online’ it will be even more important to do a comprehensive business plan. As the saying goes ‘without a plan you are planning to fail’ and this plan could save you a lot of wasted time and money.
The first part of the business plan to consider is which online business model appeals to you.
- You could consider an online store that sells physical products this is known as e-commerce.
- You could become a seller on either Amazon or eBay where you source your own products. You will need to photograph your products and advertise them on your chosen platform. You will be responsible for the shipping. However, if you chose Amazon you can have your products shipped to Amazon’s warehouse and they would be responsible for the shipping for a small charge.
- If you want to avoid the shipping costs involved with physical products you could operate a business that sells digital products (where a customer is given access to the product via a web browser) or a service that is provided online again via a web browser such as a piece of bookkeeping software.
- If you want to avoid creating your own products then I would suggest affiliate marketing, this is where you promote a company’s products to your database of customers. When one of your customers buys a product, you have recommended you receive a commission from the supplying company.
- There are many more online business models to choose from and I intend to create another post with a more detailed list of online business opportunities in the near future, watch this space.
When you have established the type of business model that interests you it will be necessary to choose your niche. A niche is a segment of a market. Popular online markets are:
- Health and Fitness
- Beauty Products
- Pets and Hobbies
- Wealth Creation
A niche would be a sub-division of one of those markets, for example, if your choose Health and Fitness you may choose a niche that was aimed at ‘losing belly fat for men over 50’’. You will then target this particular audience and promote products that would help solve the problem of ‘losing belly fat’.
If you would like some further information about how to choose a niche and the other things you will need to consider in order to complete your business plan, please see my previous article – ‘How to start a home business online – things to consider’
With a completed business plan, you will now be ready to accelerate your online business start-up. I will briefly discuss three ways to start-up quickly.
This is where you use other people’s skills and knowledge to do a lot of the set-up work for you. You may have contacts that can build you a website to your specification in a few days. You may be able to use a freelance assistant from a website such as www.fiverr.com to build your social media pages and run adverts. Through leverage, you will have people build your systems, processes and set-up your business while you spend your time finding or developing your products and services. You may be able to start trading within four to six weeks with this approach, but the trade off will be more of your time and more money to cover the cost of your freelance help.
2. Package Deal
You can purchase a package deal, this would be like buying an online business ‘out of a box’. There are organisations on the web that will sell you a package deal which will involve the supplying company providing you with a website built to your business model and aimed at your niche. They will produce a certain amount of content in the form of posts, they will also monetise the site, by displaying banner ads, etc. for the products you wish to promote. This will involve your time specifying your requirements and your money to pay for their team to build your online business. Again, you could be up and running within about four to six weeks.
3. Buy an existing
This option may be the quickest way to making money online but also may be the riskiest choice. You can buy an existing online business that is already operating in your chosen niche with your preferred business model. If you visit a website like www.flippa.com for example you will find lots of websites for sale. The costs of these websites will vary depending on how established they are, how many customers they have and how much income they generate. If you chose this route, make sure you do your due diligence before you buy. An oblivious first question to ask is the reason for sale! You will still need to put effort in to the research and due diligence and of course this option is likely to cost the most money. However, if you choose wisely you could have a return on your investment within a matter of months.
The quickest way to online success!
These approaches will give you a quick start to online business success and one of the advantages of producing a cash flow early is being able to reinvest this money in further advertising which will accelerate the growth of your business.
I hope you enjoyed this article and if you have any questions about how to start an online business, or you would like to make a comment, please use the box below.