Online Business Start-up or Buy a Business?
Research shows that with over 4.5 million people online today, the benefits and opportunities has never been Greater to get into a new online business, preferably one you considered which aligns with, interest, hobbies, passion and long term plans.
Some significant benefits of online business are: Your Specific Niche’, work from anywhere, global access, 24 hr Availability, 7 days a week improved client service through greater flexibility
Start by researching your competitors and other businesses that use online tools, review your budget and what you can afford. Lastly familiarize yourself with laws and regulations applicable to your online business presence.
Criticisms, Scepticism Misconceptions
Consensus of People who never run an online business Carry much Criticism, Why?
Traditional work and safety for their jobs are still ingrained into their psych, where people may state its: ‘too risky’, ‘not a real job’, ‘It will never last’, ‘bound to be unreliable income’
What is evident is your research and final decision based on reviewed information and understanding it, This is the obvious Key to either start a business or buy into an existing one.
Do I Acquire or Start From Scratch Which is Better?
Let’s look at Option 1:
Before Parting With Your Hard Earn Cash buying an online business you should:
Review the online track record of sales and profits — always, always! check the finance. Don’t rely on the seller words.
Keep this Tip in mind don’t buy an online business, only because it is a big money spinner, important as it is. Consider, Does it still have mileage ahead [perhaps that’s why its being sold?]
The comparatively low cost of online business makes it an attractive option for start-ups. Overall, online business is much simpler and less expensive, depending on the type of business.
Many online entrepreneurs, may begin with a blank canvas, building an online business bootstrap style ground up. Decide a niche. Create your website. Assemble an autoresponder email list and market from it. Develop you style Articles and blog posts and relevant content. Create products or promote affiliate products and services. Drop shipping is another option.
This Can Take time, Largely dependent on the Niche you chose, SCO, Content and email marketing, before your new business Realistically starts making money rising to profitability. some marketers have made income in a month some 6 or others 1 year later or more.
So it is essential to choose with researching tools, google yahoo, Bing etc..what is popular and looks consistent and importantly has mileage.
How to Buy a Profitable Online Business
The alternative is to buy a for sale, already established existing Profitable online business.
Access if paying the price stack up well against having to build either an e-commerce/ affiliate/or blog site for business, starting from ground yourself.
SALE PRICE: Rule of Thumb When Buying
Multiply the annual profits of the business by 2 or 3 times achieving a fair sales price. Other Credible Factors are assets like Marketable domain name, Highly recognized brand, website traffic, Social media Connections and presence, sizable email responsive list.
Bear in mind, a really successful site is likely to command a sizable price, with range prices around the tens to hundreds of thousands of dollars. However, it is not unheard-of where you can find a respectable full-fledged online businesses for a few hundred or a few thousand dollars/pounds
Buying an Online Business
- Costs: -0 -1,000.000 dependent on the type of business acquired
- Benefits – Established Followers, Profitable from the start, better value for your time- Income ready- sustainability ROI if maintained
- Disadvantages – work to maintain effectiveness, You Get What You Pay For, Challenging to Make It “Your” Business
Types of Business
- E commerce
- Insurance Life -Health- Pets
- Travel agency
- Drop shipping
- Real estate
- Stock exchange
- Professional services
- Training- Mentoring
Let’s look at option 2:
A Product or service a Niche’ is your starting point, but is not the only crucial consideration to make, lets look at this in more detail.
Having a niche’ is all well and good, however having a Niche that works because the Market has an opening for it, is tantamount to success and a long term profitable business.
New ideas are of course important but leveraging the market its strengths and its pioneers that already failed and succeeded is a good guide for your new business ideas. Having clocked that, I advise,
Go where the sales are, use the search engines google, yahoo, Bing to find the best-selling niches online and get stuck in, your niche idea may still be found in a broader search there.
To give you the highest rate of success in business and certainly easier method, is to align your efforts and goals with tried and tested, proven markets that already exists online this is Smart Planning that will lead you to what you aspire.
Creating Your Online Business From Scratch
- Costs 0- $500 [initial] / Annual fees $350
- Benefits- Your creation, inspiration, passion, learn exponentially building a website and developing, Long term returns, Educates, New skills for new Niche’s, ROI high
- Disadvantage- Little or no income 3-6 months or more, high learning curve, Devalue Your time. Learning New Concepts
Types of Business
- Blogging- Content writing
- Social Media content- Sales
- Digital Sales- Printable
- E-commerce eBay- Amazon-Etsy- Alibaba
- Training- dance-yoga-wellbeing
- Personal Finance
- Training mentoring
- Wealth Building – Investing-
- Dating and Relationships
- Make Money on the Internet
- Technology Gadgets
- Trading Cryptocurrency
Getting Into Making Money Online With Niche Marketing
- I suggest you start by listing the top 10 best-selling niches. Ascertain what motivates your desires and your interest the most is it to be services or product-related ideas.
- Explore affiliate networks i.e.: Abe books, Banggood, Clickbank, CJ Affiliate. Aweber, Paid on Results, Share a sale, Amazon, Write down the popular or best-selling products in best-selling niches.
- Review businesses in this niche to see what they’re doing to promote products, for example, email marketing, social media. Google ads.
- Calibrate your business Model to “those” Bear in mind affiliate marketing is actually a low-risk route and a super avenue to started and be motivated. Many entrepreneurs have moved into developing their very own products and services as they developed and scale.
Promoting company products as an affiliate, creating information products with partnering professionals, Electing to promote both physical and digital products. Allow advertising with your site with market leaders and advertisers like Shareaholic, share sale the possibilities are immense. These traffic generators can help to monetize your site
You have much to consider here and information brings clarity and choices.
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