You’ve probably asked yourself... or someone else - what are the best online business opportunities and/or how to start a business while working from home?”
When I started off, I used to look out for something like…
Top 10 Ideas For Starting An Online Business
It didn’t explain OR give an answer to my question,
So, I had to push further till I learnt and understood all I wanted to know. Here I am - I’ve got something better!
In this guide, I’ll take you through a detailed process you can always refer to – even for beginners.
Let’s dive right in!
What are the Fundamentals?
Most people think Online Business is all about selling things on the internet…
Hence, the thought of someone I once asked – he said:
“The creation of an Online platform to sell your products – e.g Jumia, Konga and even Amazon”
There’s something wrong with that thought, who says you need to own an e-commerce web space to do Online Business?
I know at some point you’ve imagined “working from home”, “quitting the 9 – 5”…
I’ve been there – done that.
The truth is:
Even if it sounds very appealing, it’s also a LOT of work.
Let’s go on a journey together…
Millions of people are willing to pay you - if you can SOLVE their PROBLEMS.
Maybe you’re the person that friends come to, for relationship advice.
Maybe you’re a whiz with Excel?
…Or even have great taste in fashion?
You can turn skills you already have into a profitable Online Business.
Then scale it to earn as much as you want, automatically!
That! is an exact idea of what I call an online business for Passive Income.
The Math of Online Business
Let’s say you have a goal of making N1,000,000/year with your Online Business.
You can do it! It’s not magic, it’s “math”.
The key is to stop thinking in terms of trading your time for money and start thinking of systems.
That's what an Online Business is — “a sales machine that does the work for you”. You front-load the work and keep profiting from it year after year.
If you have a N5,000 product and make just 1 sale a day, you'll hit N1,000,000 in just 7 months.
The best part of is…
YOU decide how big you want your Online Business to be.
You can stay at N1,000/month or scale it to N10,000 or even N100,000/month. It’s totally up to you…
Now that we are on the same page, let me show you a very simple ONLINE BUSINESS MODEL I created to explain this.
That place on “THE INTERNET” at which your knowledge “SKILLS” meet your audience “PEOPLE WHO NEED INFORMATION” = Online Business.
At this point:
You might be thinking of Online Business Ideas to start, if you don’t have any.
Not to worry,
I also created this - Idea Mapping Checklist, just for you.
How to Start an Online Business
Using the Idea Mapping Checklist above, I assume you already arrived at a conclusion for the first idea to start with?
I’ll go through this using 5(five) quick steps…
- Gain Better Positioning: So many people make the VERY BIG mistake of building a business without having an assessment to know how/if their past and present Online Presence situation will affect the business they are about to create. Trust me! I’ve been a victim of this but you need not make same mistake.
- Build a Website: This will be your business power-house. I know so many people try to ignore this ‘cos of their assumption of the figures to spend to get a website. True! I’ve been there and that's why I created this FREE detailed "Guide on How to Create a Website" by yourself.
- Build an Audience: People use the internet to find information. Provide that information and you'll see more traffic to you. Some people might consider writing for other websites (GuestPost) or being featured in other places, the secret is to always include a link to your site with relevant information. Generally, give people the information they seek – same way you create a community for yourself.
- Develop a Monetization Plan: You’ll get a better understanding of how to do this soon. Below, I’ll explain the ways to make money online – you should be able to pick one from there.
- Just do it!!!
You may be wondering:
What ways can I make money online?
There are several methods of making money online but let’s work with the 6(six) in the image below:
This detailed image by Ramit Sethi at Growthlab will help you discover what to expect while considering any of the types of Online Business.
6(Six) Types of Online Business
From my experience with all (6) of them, let me explain them in an order I’ll suggest to you (if) you decide to try them out.
- Ads: I started off with this which I believe most people have seen and tried too. All those adverts (e.g Google Adsense) placed within a website page – the thing is:
Good - Most people do not identify an ad on a webpage so they just keep clicking and adding to your income.
Bad - You should be able to pull thousands of traffic to your website for you to realize reasonable income from this.
Suggestion - Ignore programmed ads (adsense), go for better options of advertising (contact brands to advertise on your website for a negotiated amount and duration).
- Affiliate Marketing: This involves your recommendations of other products and/or services to earn a commission. I usually suggest you recommend a product you’ve personally tried and also include a disclaimer to go with them. In conclusion – use wisely so it doesn’t seem you just do it for the money. These commissions vary depending on the brand involved.
- Physical Products: You’ve probably created or considered creating some products that can’t be delivered online. You create a system to allow people place orders online while you make deliveries. When you do proper calculations of cost of shipping and production in relation to profit at the end of the day, if it doesn’t go so well – please ignore this type!
- Software: Think about the Facebook, Instagram and the likes. You’ve got that amazing idea for an app creation or system software? Cool! Even if you can’t develop it yourself, you can always hire someone to do that for you but this type usually requires much capital.
- Coaching: This! And the next!!! Are my recommendations anytime. Coaching is a quick way to earn online and this way – you’ve become an authority to reckon with. People reach out to you for coaching and you can charge premium prices for one-on-one work or group masterminds. There are so many tools for coaching online – one of them is ‘Skype”.
- Online Courses: This is my favorite type of Online Business. This requires much work upfront but the VERY GOOD THING is - you keep earning from this for a lifetime! Convert your knowledge into a Video OR Written Course and create a system to host and allow people pay for them continuously. After this is done, you can do updates to it at intervals so it doesn’t become vague.
I just can’t recommend this type, enough.
The image below (also by Ramit at Growthlab) is a comparison between the last two types (Coaching and Online Courses) so you can have a better understanding of them.
Your community = Your business.
Always seek to build a community around what kind of Online Business you choose – they’ll be ready to take out their wallets to purchase your products once they trust you.
The most trusted and advised is… EMAIL LIST
This contains the emails of people that has related with you or your products at a certain point.
They are ready buyers for whatever products you are offering.
Here’s the kicker:
Using a 1 Year Plan for Online Courses, I created this image to explain better…
From the image above,
Total Email Subscribers = 500
Total Products Created (at intervals) = 5 @ minimum of N1,000 each; Total Value of Products Created (N5,000)
Active Email Subscribers per Product = 315
It gets better:
Total Income @ the end of the year = N5,000 (Total Value of Products Created) * 315 (Active Email Subscribers per Product)
Now, whatever your answer is, it’s definitely in 7(seven) digits
It’s just your minimum expectation from only your email subscribers.
Think about the other 5(five) ways you can make money online – in addition to this one, so you can determine what your proper expectations will be…