Identifying which
online business opportunity is right for you is an important first step. This might be your first business, or you may already have an existing business. For first-timers, some continue to work in their paid jobs and run the business on the side. Others take the plunge immediately. But what are the steps to consider when choosing the right business for you?
Step One - Identifying The Right Business Online: Hard Work
First up, running a business is not for everyone. If you don’t like working weekends and evenings and when others are on holiday, it probably isn’t for you. Being a business owner is no 3-day job, well not at the beginning anyway. Once you’re an e-commerce genius, you might pull the three-day week off! If you don’t like hard work, stop now, but if you’re prepared to work hard to escape a job you hate or build a better life, then read on!
Step Two - Know Your Strengths and Weaknesses
‘Know Thy Self’ was written above the temple in Ancient Greece. Here’s a task for you. Sit at your desk and write down your 4 key strengths and 4 weaknesses in terms of character traits e.g. positive, determined. Next, write down your past experiences and successes with a list of skills. E.g. communications experiences, IT hardware repair, Fluent in Spanish etc.
Now write down a list of 10 businesses you could possibly start. Be wacky and dream big because afterwards you will eliminate the impossible. Look at each type of business and compare them to your skills, experience, strengths, and weaknesses. Ask yourself which of them are just pipe dreams. Then whittle it down to the top 3.
Step Three - Research the Market And Identify a Need
By now, you have a clearer idea of how to identify the right online business based on your experience and skills. Now the classic mistake to make is to start a business and sell products or services because you think people will like them.
Instead, get online and identify a real demand for certain products and services. Know that there really is a demand before you put your time and energy into it. Remember, we are talking about identifying the right online business opportunities, so your market is potentially the world. However, you need to identify your market segment and target audiences. Start small and scale. it. Grow gradually as you learn to nurture your customer base and find out where they hang out online. Research is the key, not just at the start but on a regular basis to know your audiences.
Step Four - Take a Look at Your Finances
Be realistic. How much do you have to invest? How much do you need for the overhead costs for the first 6 months? So many businesses don’t survive the first year. Write a
Business Plan! . Cost it all and be prepared for unexpected bills and expenses.
Some businesses don’t require a lot of investment and others require lots. It really depends on the type of business you intend to start. Be wise with your money. Be sure there is actual demand and that you can make it work before you start investing.
Step Five - Just Do It!
Sounds easy? Well, this is the step so many people fail to take when identifying the
right online business . It is almost as bad as the story people tell about ‘writing a book’ one day. Hardly anyone ever does. Don’t spend years talking about starting a business. Just go for it! No fairy godmother is going to come along and magically make it happen. You need to grit your teeth, be brave and take a leap into the unknown!
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