Whilst starting an online business is relatively easy to do, many people are quite apprehensive about it and have some concerns, mainly surrounding leaving a secure job to start something all by themselves.
Here are some tips that will hopefully ease your minds and allow you to see that you can start an online business of your own:
“Before you start making your business dream a reality, you need to think hard about why it is that you want to start this business”
You might want to make your own decisions and be your own boss, work on something that you have a real passion for, or you might just deeply despise the job you have now. Whatever it is, you need to have that solidified in your mind, which will help you move forward.
2. Build it Up Slowly
You need to be aware that 45% of small businesses fail within the first 5 years, so leaving your full-time job immediately in exchange for starting your business is extremely risky.
Keeping your full-time job, and having the business as a side income would be advised whilst you are getting it off the ground.
It also means your finances won’t be as strained. Generally, when money is the main focus of a business, it takes the owner’s attention away from customer needs, meaning the business will be less likely to be successful.
3. Pick An Idea That Fits With Your Lifestyle
There are many different forms that an online business can take, with some not necessarily being suited to some people. Therefore, you need to look at each idea carefully and see which one would fit with your initial vision the most. Here are some potential ideas you could take up:
- Teach other people skills
- Start an eCommerce business
- Become an Online Consultant
- Start a blog
4. Understand the Different Types of Loans
Starting a business online can be very difficult if you’re finding it entirely by yourself. Therefore, you may need to take out a loan to help set it up. You need to understand the different characteristics of different types of loans so that you don’t get yourself into a bind with repayments.
For example, unsecured personal loans. An unsecured personal loan is a loan that you pay back over a specific time period, with added interest. This interest rate tends to be fixed and you usually pay monthly. The good thing about this is that it goes off credit score; you aren’t borrowing against anything you own and if you don’t repay your loan there is no security for the lender.
5. Set A Schedule for Yourself
The success of an online business relies on time-keeping. If you are just starting a business on the side of a full-time job, managing your time is essential.
Make sure to plan how many hours you will work on your business per day, if you will work fewer hours on certain days and how you will be able to manage the work with additional responsibilities you may have with work and home. Even if you dedicate only an hour to your online business a day it will help it to grow; that time will build up.
6. Work Hard
This is a particularly important one. Running a business is not easy, so you need to put the effort in to get the outcome that you want. If this business is your salvation from a job you hate, then focus on this to motivate you.
There will be lots of people out there who will be attempting to start a business around the same time as you, and they are constantly trying to beat you and their other competitors. To keep yourself competing with other emerging online businesses, you need to work your hardest.
7. Get Started Quickly
Lots of emerging online business owners tend to spend a lot of time stressing about developing the perfect business plan and creating the perfect business model. Many successful entrepreneurs advise getting started as early as possible, and that not getting started quicker is one of their biggest regrets.
8. Try Something New
A large section of setting up your own online business involves trying new things to see what is successful and what doesn’t work so well. For the little fails, don’t let them knock you down. See it as a teaching experience, allowing you to see what didn’t work so that you can find something that does.
You could try setting up your own website or trying your hand at marketing to try and add to your income. Some things might not work, but it helps you to understand what you and your business need to succeed.
9. Focus On Now More Than The Future
Stressing out too much about the faraway future isn’t going to help your business grow. Instead, take each month at a time. Write down the goals that are most realistic for the upcoming month and try to work on them, keeping them in a visible place near where you work so you can remind yourself where you are at on the way to achieving them.
10. Reinvest Your Profits
Whilst your business is just starting out, it is best to reinvest all of the profits that you make back into the business for about the first six months, especially while it is just a side for your full-time job. This will, no doubt, help your business grow quicker and focus on the direction you will take with it.
Hopefully, you will now feel more comfortable on your journey to becoming an online entrepreneur, and that you now understand how to help your business grow.