Starting an online business is not always as easy as it may sound. But, running an online business has many benefits over its offline counterpart.
First, and the most appealing, is you'll most likely be working from home from your own computer, and working the hours that suit you. And secondly, you have the potential to make a lot more money than you would if you were working for someone else. Before embarking on an online entrepreneurial quest for the perfect home-based business, it's advisable to look at the array of online business opportunities available, and decide which would be the most suitable for you.
While it's quite conceivable that the most profitable and legitimate type of online businesses can be operated successfully by one person, most involve a collaboration of skills and input. For the individual, making money online is a very real prospect, but there are some important factors that should be considered before taking that first vital step.
1. Should you sell a service?
2. Should you sell a product?
3. Selling someone else's product
4. Buying a business or franchise
5. Online investment opportunities
6. Finding the right market
Whatever service or product you decide to offer your online customers, you must first establish whether there's a need for it. If there is, you'll have to work on an effective strategy of getting your product in front of your prospect ahead of the competition. It's been proven time and again that small is big. The small or niche market has been responsible for many people making a nice profit from the Internet. It's as well to remember, that a niche market on the internet could number well over a million potential customers. Just 5% of a market this size, each buying a product with a $10 profit margin, would return $500,000 in profits.
A few examples of niche markets might be: Holidays for singles over 40, sports and fashion wear for children 6-24 months or easy car maintenance for lady drivers.
7. Online Auctions
8. Paid Surveys
9. Enthusiasm, Commitment and Self-Discipline
10. Accounting the costs, if you plan to set up and run an online business as your main source of income, beware!