How To Launch Your Own Online Business
I have started working on building income streams using the internet. These initial income streams are not going to be passive, they will require a large amount of work.
My goal is to use these initial online ventures to build up capital that I will be able to invest in building semi passive income streams.
Carry Out Extensive Research Before Launching Your Product/Service
I have started to carry out expensive research into the online business venture that I am looking to set up. Research is one of the most important keys in establishing a business. It will save you time and money in the long run.
I am trying to establish if these is a large enough market for the product that I am looking at launching. If there is not a big enough demand for the product, it will not be worth continuing with the project.
It is not worth trying to create a demand for the product that I am thinking of launching. It will take too much time, effort and money to establish a market for it.
My objective is to take a slice of an existing market and establish my own brand within the market.
Why Should People Buy Your Product/Service?
Once you have established that there is a large enough demand for your product/service, you will need to address the next question.
What makes your product/service stand out from the other products/services that are being offered within your niche market?
Your product/service will need to have an Unique Selling Point (USP) that will make it likely to be purchased by people within your chosen niche.
You will use your USP to brand your product/service within your niche. Your product may be the best value for money or a luxury premium version. It may be cheap and cheerful or a highly robust version of the product.
Your brand will need to target a large enough segment within your chosen niche to enable your business venture to become profitable.
Putting It All Together
You will need to find a manufacturers to create your product or a supplier to purchase it from, or you may take the route of manufacturing/creating it yourself.
The route you select will depend on your product and the USP that you are offering.
If you are offering a service, you may want to subcontract parts of the service or you may want deliver the entire service through your company.
If you are providing the entire service yourself, you will have more control over it. If you are subcontracting parts of it, you will need to manage these parts efficiently.
Sometimes it is not viable or affordable to provide the entire service yourself. The choice you make will depend on the nature of the service that you are providing.
Once you have the product/service ready, you will need to address the next part of the business building procedure.
Getting The World Out
You may have created the world’s best product or service, but you will not generate any sales unless people who about it.
If you don’t generate any sales, you will not make any money. The idea is to make a profit from your business venture.
Marketing is the process that gets your product/service seen by the people that are most likely to buy it or use it.
The best way to get your product/service in front of a large number of people is by using Social Media in the form of videos. You can use Social Media Influencers within your niche market to spread the message about your product/service.
If you are good at making videos yourself, you will be able to upload videos detailing the benefits of your product/service on video sharing platforms like YouTube and TiKTok.
You can also hire professionals to create your videos to a really quality. How you decide to create your videos will depend on your skills and your marketing budget.
Some of your videos on Social Media can pile up millions of views resulting in branding and sales of your product/service.
YouTube has launched shorts to compete with TikTok and these videos can pile up millions of views. Short form videos on YouTube can help you to get your brand established.
The above short video managed to pile up 27 million views. All you need is a smartphone to create TikTok videos and shorts on YouTube. It is worth taking advantage of these branding and marketing channels before they are saturated and whilst they remain free.
Don’t Wait Around For The Perfect Time
The perfect time to start working on your own online business will never come. You will need to work with whatever you have at hand and get started immediately.
Procrastination is the number one killer of dreams. If your dream is worth transforming into reality, get started immediately. Go through the whole process of starting a business, carry out the research, establish your USP, set up the business logistics and start the branding and marketing process.
You may need to try out various online business ideas before you find one that works. Many will be rejected after carrying out the research.
Eventually you will find an online business that is suitable for your needs. If you are short on start up capital, you may need work with a few businesses that require small investment to build up your working capital.
You may have a business idea that requires $100,000 of investment and you only have $5,000 at hand. This is when you will need to leverage your $5,000 by start up online businesses that require less than $5,000 to establish.
Your goal would be to build up the $5,000 capital to $100,000 to enable you to start up the business that require $100,000 start up capital. This may require a few steps (business start ups) to reach. If your desire is strong enough, you will be able to build up the required capital.
What Are You After?
The reason that you are starting up your own online business will contribute greatly to it’s success or failure.
If you are fed up with your current employment and are ready to do whatever it takes to enable you to build up a substantial income from your online business, you will have a good chance of succeeding.
If you are just toying around with establishing an online business and don’t really focus on it fully, chances are that it will most likely fail.
When you have eliminated failure as an option, you will find the way to become successful. Focus on your online business fully and believe in your ability to make it a success.
I am currently using the LiveGood Opportunity to build up my working capital to enable me to start my own online business. I know that it will take a lot of time and effort to build up the capital that I require.
I have made a decision to do whatever it takes to build up the working capital that I need to enable me to launch my own online business.
I need to find a way out of my current employment and the internet is the vehicle that will enable me to do it.
You can follow my progress on my YouTube Channel, don’t forget to subscribe to my channel to stay updated on my progress.
The video below is Day 39 of my 90 Day Marketing Challenge. I am working towards reaching Gold Rank in the LiveGood Opportunity within 90 Days.
I am documenting my progress on my YouTube Channel to keep myself accountable and also to inspire others to take action.
Sometimes in life we need a little inspiration to push us towards following our dreams. It is never too late to create a better lifestyle for yourself and your loved one.
The internet offers everyone the opportunity to build up a substantial income and also allows time and location freedom. We all have the opportunity to work on our online business at a time that we choose and from any location that allows access to the internet.