In this day and age, you can build your small business from scratch very easily.
You don’t need a complicated plan, you don’t need to have hundreds of dollars of capital, and you certainly don’t have to worry about rent.
All you need is a laptop, or a phone, and fast internet connection— and voilà, you’ll be able to start your own business.
If that’s what you’re looking to do, then this one is for you.
In this breakdown, I won’t just be showing you how to start your own online business; I’ll also be telling you the different ways you could go about doing it.
Are you ready to start? Let’s dive in.
Come Up With A Business Idea
Successful businesses are built on unique ideas or unique executions of a common idea.
For example, selling books isn’t a unique idea. Bookstores have existed for ages.
But selling those books on the internet?
Now, that’s a revolutionary idea— and that idea made Jeff Bezos the richest man on the earth.
So, how are you going to find this unique idea?
Well, I’ve found that a helpful place to start is your environment.
What problem exists right now that you think you could solve on a large scale?
Is there a lack of decent bakeries in your area?
Is the grocer too far away?
Think of a task that you wish you could perform easier, and try to see if you can solve the problem and monetize your solution.
In the beginning, you’ll have a lot of ideas flowing around in your head. Sit on it for a minute. Really take your time to think about what you want to do.
What will make you happy?
What’s fun for you?
It’s not going to happen overnight, but once you realize you essentially have a blank canvas, you can paint any picture you want.
The idea will come to you.
There are a few different paths to starting an online business. I’ve broken down the top 5, in my opinion!
First up, let’s talk about network marketing.
I’m starting with this one because it is where I started many years ago. It’s a great way for new entrepreneurs to get their feet wet.
With network marketing, you get it all – from a product or offer, your own ladder to climb with different promotions when you hit a particular goal, and even leadership responsibilities.
You really learn it all.
Another option is affiliate marketing.
This is similar to network marketing, but you remove the team-based side of things.
This is where you sell other people’s products for a commission. There’s no difference being a car salesman, besides being online, and you can be an affiliate for multiple companies.
I personally am an affiliate for a lot of different companies, products and offers. And I also have affiliated with my online programs and membership sites.
Social media has made affiliate marketing super easy.
Whenever you recommend a product or service you love, you share a URL that is coded back to you or a discount code, and voila, you get a commission if anyone purchases.
This is probably the most common type of online business out there, which is interesting actually because I am not a big e-commerce girl.
E-commerce is selling goods over the internet.
So if you think selling is what you’re great at, and you have a unique product that will solve a problem people have, then, by all means, get to it.
This is one of my favourite approaches to selling online.
No matter how quirky or uncommon something is, there’s always someone out there who wants to learn it.
If you have skills or knowledge that you’re convinced are sellable, then turn them into courses and sell them.
Record yourself making an educational video, create a master class pdf— do whatever it takes to codify that knowledge.
You’ll be able to pass it on fairly quickly, and more importantly, you’ll earn money while passing it on.
And the last path that I’d recommend is a service-based business.
Is there something you love to do and would want to repeat that process over and over for clients?
My digital marketing agency is a service-based business where we specialize in digital marketing lead generation techniques. My team and I work one on one with clients.
This option is a fantastic option to do online and virtual. You still can control your income and hours, and you are working one-on-one with clients.
I’m curious, out of those 5 paths? Which one speaks to you the most?
What happens when you choose your path?
What are your next steps?
For that, you are going to have to check out this week’s video! Click here for the goods!