Is it really possible and realistic to start a work from home online business and make a decent living?
The answer, yes and no!
Let me explain. If you try to follow the conventional wisdom of the world (aka Scams) the answer is no. It seems everyone and his brother is trying to show you the “secret” to getting “rich” online. I’m guessing, 99.9% of these individuals wouldn’t know how to make a dime online if their life depended on it.
Why? Because they are just hoping to impress you, to persuade you into buying their get rich quick secret course only available to you (and a hundred million other aspiring entrepreneurs). If you “buy now” you’ll save $400, and only pay $17 for the entire course. “Give me a break!” Aren’t you so tired of the scam artists and their impossible dreams reselling overused and junk systems?
Now on a positive note
The purpose of this report isn’t to discourage you. In fact its true purpose is to encourage and direct you in a positive way. In the briefness of this article, we can only highlight a few main points. So let’s get to it.
What is required to have a “real” money making online business?
First off, you’ll need more than just a fancy, feature rich website. An online business is just that, a complete business. Would you rent a storefront in a mall and not furnish it or stock it with the right products? I think not. So don’t build a normal website, like everyone else, because there is much more to the process than meets the eye. It’s commonly reported that over 99% of all online commercial websites make their owners no income.
Have you seen college professors that are “experts” at their subject, yet have never really made a dime in their area of business? Many can’t. They learn the theory, but have no real experience. I’ve know many of these types (not to say all professors fall into this category).
Here is a “cut-to-the-chase” list of starting requirements for a successful online business
• Decide on what you want to market, products, services, or both.
• RESEARCH, RESEARCH, RESEARCH, then research some more to determine if there is an adequate market for you to serve and can you get a foothold on this market. In other words is this field saturated or does it offer you the opportunity to capture a good part of your niche.
• In selecting your market to serve, find a niche. For example, if you want to sell guitars online, don’t add too many other types of instruments, unless you are an all-inclusive website serving orchestras. Usually, the narrower the niche, the easier it is to control your market and attract real buyers, (though not always – this is a relative statement).
• Be sure you are passionate about your selected niche, otherwise you will likely hate it once (or if) you reach your financial goals. This is common sense. Do what you like doing. You’ll be better at it if you like it. How many jobs have you had over the years you hated? Why start a business you’ll hate?
• Select an appropriate company name, one that says what your company is about. Music Plus is too broad of a term. Guitars and more is much more descriptive. You get the point.
• Be sure your website name follows the same procedure you company name does. Try and incorporate your company name into your URL (website address) if practical and possible.
• Make a business start up checklist. Just as a road-map helps you get to your destination, the checklist helps you remember all the things you need to do to start up your new company.
• Now, take the checklist one step further and make a formal business plan. You can locate free online templates, or even buy Business Plan Pro. Usually, it’s cheaper on eBay. Once you complete your BP (Business Plan) you have the organized road-map to help you reach your business goals, destination.
A good online source of quality how to legal books is from nolo.com. The offer about everything a small business person needs to start and operate a new business including how to form your own corporation or LLC. It’s really quite easy with simple to follow instructions. I’ve done this process dozens of times using their materials (written by an attorney).
• Work up a budget – ALL businesses cost something to start and operate, even if the cash requirement is almost nil, your time requirements will still be there. There is no magic formula, regardless what the scam artists preach. Here we mean money AND time requirements in your budget and schedule.
• Learn EVERYTHING you can about online marketing from reputable and honest sources. You can find them; just take the time to seek them out. An intelligent person will be able to identify a true experienced consultant from the shoddy scam artist. It isn’t rocket science to discern a bad cowboy from a good one in old western movies.
It’s the same for so called consultants. The good guys wear the white hats and the bad guys the black hats relatively speaking. You can tell by their teachings and claims who is real offering good advice. If they state you’ll make $1,000,000 in just 30 days what do you think of their advice? If they say there is a realistic formula, a stringent process you must learn, and it may take months to accomplish, this person may be worth listening too.
I rarely recommend referring other consultants, but an outstanding source of online articles is entrepreneur.com (the magazine).
• Believe very little of what you hear about making money online. Visit small business forums, read quality how to books written by pros (not complete unknowns) your ideas with forum members, and many of them will give impartial advice. This can save you a fortune in consulting fees.
This list goes on and on. Like baking a cake, you need a number of separate ingredients mixed together in the right proportions, and baked at the right temperature for the correct amount of time. It’s a simple process once you have done it a few times and have experience. It’s the same with starting and operating an online business.
This article makes it sound a bit complicated. In some ways it is. What in life worth doing isn’t? One last thought. One of the LAST things you should do when starting a new online business, is to subscribe to a web-hosting account (especially a cheap one like Go Daddy or Host-Gator – Good companies but don’t offer what you need), or file your domain name.
You only do this AFTER you have researched and decided on what business theme you will be developing. Once I was going to start a new financial business offering bankruptcy, debt consolidation, and other financial services.
Because the economy is in dire straits at this time, I was sure it was a good time to develop this online business offering plenty of potential customers. I am experienced in this field having worked with a number of attorneys and legal offices in the past.
You can imagine my surprises when I researched how many people online were doing searches for these services. It was a very small online market (huge offline) and an overwhelming amount of online competition. I’m glad I researched this prior to the time and money investment that would have resulted in a major loss.
There are complete systems available, for low cost that will guide you through this process step-by-step. Isn’t it like anything else in life? The hard part is the search. Once found, the reality can be a rather simple process.