How to choose the right online business for you

Every day you’ll see more and more people whose attentions are being captured by the potential of running an online business from the comfort of their own homes.

Would you like to be one of them?

If you too want to run your own home-based internet business, I recommend that you do your due diligence and answer three specific questions – ideally in this order:

1. Is it a proven online business model?

What are proven business models anyway? A proven business model has already been tried and tested before and has proven successful. In other words, it’s a proven formula for success!

Among many internet business owners, one of the common mistakes is to try to make money using “the next big thing.”

Please don’t let yourself fall into this trap!

For example; at the time Facebook was founded, many college students all around the world were also working on a similar “social platform” for their own universities. And whilst we all know which one succeeded, no one remembers the other projects that failed!

During those years, whilst many people failed miserably by following the next big idea; many thousands of people alternatively made a good living by working at their homes and following other proven business models – such as writing small reports or shooting photos, for example.

While it can be exciting to have a business that everyone is buzzing about, there are many more proven and time-tested business models that you can tap in on, so never overlook the tried and tested.

2. What will you need to invest in your new online business?

Regardless of how small or big it is, every business has some upfront costs. Many people get swayed with the notion that they can “get rich quick” without any investments on their part.

Although you don’t necessarily have to invest a small fortune, if you want to create a serious and profitable online business, then you do have to approach the task with a certain level of seriousness and investment. After all, you’re investing in yourself and your belief that you, too, can make this happen.

Investment of time, money and your dedication and commitment are key important factors as to whether your business is likely to be a success or not. If you don’t treat your business with the respect it deserves, it will only bring you lack-lustre results.

Some questions to ask are:

What will it take for you to start?

What time, tools, learning, money/start-up costs will you need to invest when starting your business? What tools you’ll need to start your own business will depend on the actual business you’re building. A photography business for example will naturally need equipment specific to taking photographs, editing, printing, producing online etc.

The term “online business” can cover a wide variety of niches. While some internet businesses need you to have deep pockets, some others only require a laptop, internet connection and YOU! Here are some basic tools that will be helpful when starting out, and this platform offers a cost effective business building toolbox for one inclusive monthly price.

What will be the return on your investment?

You won’t necessarily find an exact answer to this, or receive a guarantee of profits, because results will be dependent on many varying factors.

However, if you can get an approximate idea of your ROI you can assess whether that business model is likely to deliver what you want.

Blogging is a good example of a low-cost, work-at-home online business. Your initial investments can be a small as the cost of buying a domain name, setting up a website/blog and hosting (check out SiteRubix to help you keep your costs low), and setting up an autoresponder (here’s a free one for you!)

Are you flexible?

It’s important to be open-minded so that you can adapt your schedule and goalposts as you learn. As you move and grow more along your chosen path, you’ll find that the more you know the more you still need to know! Don’t let this overwhelm you. Just take one step at a time. Keep adding to your knowledge and implementing the steps along the way.

You will need to keep a positive attitude toward whatever challenges arise while staying determined to achieve your goals.

3. Are you interested in that online business or topic?

Your own likes and dislikes will come into the spotlight, and it is safer to consider these as early as possible. This means that you recognise your interests and leanings, prioritise them, and find the proven business model that best fits those priorities.

While some business models may help you jump out of bed with curiosity each and every single day, some may not be motivating to you at all.

It may be that you don’t like the products or services of a particular proven business model. Are you interested in what the business model produces? If so, why is this? What does it have to offer you or your target group that stimulates your curiosity and excitement?

Some internet businesses let you choose your own topic of interest. If you’re selling other peoples’ products as an affiliate, you’re free to promote physical health and nutritional products if that is what you’re interested in or you could, instead, choose to sell information products about golf. While both businesses fall into the “affiliate marketing” model, you’re free to promote in whatever niche you want and trust.

If you’re good at taking photos, you’re free to shoot everyday objects at your home, beautiful scenes, people, or animals. So your business model is photography, though your niche subject can be whatever you choose.

Conclusion

Whenever a new business idea comes to your attention, asking these three questions and being honest with your answers can help point you in the right direction.

Let me know if I can help you consider what type of online business might be right for you.

All the best,

Lesley

p.s. You might want to check out this free report “5 Best Ways to Make Money From Home”…

Make Money From Home book

Leave a Comment