Not only people with money, or special skills can make money online. You can start a successful business online with little or no capital and still make a fortune with zero skills. The fact is, there are innumerable enterprises waiting to be hatched that don’t require huge start-up capital; tidy, profit-generating businesses.
The processes I’ve listed below will help you learn how to make money online by starting an online business. See, starting an online business is similar to starting a brick-and-mortar store. You’ll plan your business, organize your funding, produce your product, and get to work.
You can either decide to build your business around different existing platforms on the internet or self-host your business. I’ll explain this later on in this article. I’ll also take you through the steps you’ll need to take to get your business up and running. All I’ll need you to do is get a book and pen so you can take notes while you read on.
Let’s get started.
A. Build a Business on an Existing Platform
Here’s the first part. What type of online business do you start especially on an existing platform? There are a few different options. I’ve got a list for you below.
1. Consider Selling on an Online Shopping Mall
We’ve got Amazon, eBay, eBid, Etsy, Mercari, Bonanza…the list is endless. Although many people start out using these platforms to clear out their attics, garages, and closets, or by selling all their spouse’s items, there are many other reasons why several millions of people and businesses have flocked to use these platforms as an additional source of revenue. Here are some of the most popular types of businesses you can do on these platforms.
- Move Excess Inventory. Many businesses start off by selling merchandise that is out of season, returns, or out-of-box. However, they quickly realize that by opening up their business to the global marketplace, some of their retail products also sell for higher prices on eBay.
- Sell for Others. Do you love selling on these platforms, but don’t have the money to invest in tons of inventory? Become a Trading Assistant and sell inventory for others. Learn more here.
- Sell your Service on these Platforms. Are you a graphic designer, a masseuse, a tattoo artist or a professional organizer? Offer your services on these platforms.
- Use these Platforms to Advertise. You can for an insertion fee as cheap as 20cents reach a worldwide audience of 180 million people. Plus, upon setting up your online Store, you can appear in the search results of major search engines such as Google, MSN, and Yahoo!, making your listing available to anyone in the world with just a computer.
- Launch New Product. Did you just create the next “must get” product? Engage these platforms buying power to find out what the market has to say about your product before sending it through other more expensive sales channels.
- Expand into International Market. Are you looking for a way to expand your current customer base? “Selling internationally should be an important part of your growth plan on these platforms,” says Tim Kunihiro, director of Cross-Border Trade, International Operations, at eBay. “Not only do half of these platform users reside outside the U.S., but they also actively buy from U.S. sellers at higher prices. Items that are sold cross-border and paid for with PayPal fetch 16percent higher prices, on average.”
2. Affiliate Marketing
We all know that starting a new online business nowadays is tough. Raising start-up capital, working on product development, and hiring the right team can seem like an impossible thing to some people. With this kind of business, you wouldn’t need to spend time raising huge funding money. You don’t even need investors.
Infact, in affiliate marketing, you only need to spend $3/month on hosting plus $7 for a domain in order to launch a website (sometimes you don’t even need a website!). You don’t have to meet your clients, you don’t have to set up an office building, and you definitely don’t need anyone to handle customer support because there would be no need for that. If you use accounting software such as Quickbooks.com then you don’t have to pay for an accountant either.
With affiliate marketing, you can literally start making money almost straight away. Note that this is not always true. You’ll need to put in alot of work when you’re just starting out. It might even take you 6months before you earn your first income depending on how fast you learn and how much time and effort you’re willing to put into it. Don’t get discouraged, eventually, your efforts will pay off.
In areas like igaming for example, you can make between $100 to $500 for every person you refer to a casino. If you make 10 (ten) successful sales in a month, given that the minimum commission on each item sold is $100, that will be a total of $1,000 earned for that month. If you’re operating in a competitive market where operators are hungry for a listing on your website (if you own one) then you can even start to charge fixed-fee listings or distribute your own media pack. This also helps to automate the process of making money online.
B. Build an Online Self-Hosted Business
These methods have been tested. They are trusted. If you do everything I’ve explained below, I’ll guarantee your success. Be sure to do your own research as well. If you still get confused, then use the Contact Us page to send us an email. We’d be glad to help.
1. Find a Need and Fill it
Most people who are just starting out make the mistake of looking for a product first, and a market second. Do the reverse instead to boost your chances of success. Find a group of people who are searching for a solution to a problem; you’ve got the internet to make this kind of market research easy. Check online forums to see the questions people are asking and what problems they’re trying to solve.
If that is not working, try doing keyword research to find keywords that a lot of people are searching, but for which, not many sites are competing. Analyze your competitors; visit their sites and take note of what they’re doing to fill the demand. Then you can use what you’ve learned to create a product for a market that already exists…and do it better than the competition.
2. Plan your Business
Like any other business, you’ll need a plan before starting out. Your planning process should include thorough market analysis, plans for how you’ll fund product production.
3. Write your Business Plan
Once you’ve done a bit of preliminary planning, this is the next thing. Study how to create a well-detailed plan. This will make things quicker and easier.
4. Set up a Business Website
If you decide to start an e-commerce business; something similar to eBay and Etsy, start by checking if the domain name for your business name is available for sale. I use Namecheap; they’re always very helpful and they make buying a new domain name very easy. If it is available, then buy it. Once that is done, you can start building your website. You can also choose to outsource this to a professional if you want.
5. Make it Legal
To do this, you’ll have to do a few things. While generally speaking, the same rules that apply to brick-and-mortar businesses are the same as online businesses, except that there are a few subtle differences. Read up on “Online Business Regulations”. Be sure to look-up the Secretary of State’s website for state-specific requirements. Also, study tax obligations for running a business online.
Was this article helpful? Let’s further discuss this in the comments section.