Have you been considering to start an online business but don’t know where to start? Maybe you’re new to all this and wondering where to even begin? Are you looking for more information before you take your first step into the digital business arena? Or you might be downright confused and overwhelmed with everything and want a little more clarity before making any sort of decision?

Read on as I express the best approach to starting an online business and share insights on the different business you can build.

 

Step 1 – Determine Your Why (Most important)

 

Your first step is to get clear on what you want to accomplish. What is it that you want? Is it more time freedom? Is it more financial freedom? Is to have more meaningful work? Maybe you’re not excited about your career anymore and you want to do something you’re passionate about? Are you looking to be fulfilled with what you do, knowing that what you’re doing is actually making a difference in peoples lives? Or all of the above?

Ask yourself these questions and spend time with it. Journal what comes up. I carry a Moleskin hardcover with blank sheets with me. The blank sheets allow me to be free to write or draw how I want. Lined ones are available if you prefer but I feel that lines force me to comply and follow the rules so to speak, which I’m not a fan of complying with what is expected. I prefer to free-form my writing.

The answers that come up here are going to help you discover what really matters in the business you want to build and act as your filter to make the proper choice that best fits your needs.

 

Step 2 – Pros And Cons Of Digital Business Ideas & Opportunities

 

Your second step is to look at the different possibilities in the digital world today and what you could create.

To give you some ideas here’s what I know are available now:

1. Affiliate Marketing Business

 

Pros

As an affiliate, you gain large strides of advantages in the time and financial freedom aspect of your business because it can be very profitable (if you choose the right products) and the fact that all you need to focus on is the marketing aspect of the business. Sales, product delivery, tech support, follow up, systems, staff, stock, etc. is taking care by the business who sells the product you are speaking about, reviewing about, or sharing.

This is how many digital entrepreneurs begin their journey. And the majority of businesses now has an affiliate program. You can be an affiliate to travel products, tech products, training programs, webinar programs, you name it. Websites like Amazon, Best Buy, Tony Robbins, etc. has an affiliate program. Even individual companies like DJI and Sony has an affiliate program. So the opportunities for multiple streams of income are unlimited.

Cons

The challenging part of this is that you miss out on all the profits. If you have you’re own products you get the full profits of the sale. There are however high paying commissions products tho that can make the business profitable regardless if you don’t get the full amount from the sale. The other aspect this is that the affiliate product you may be selling, may at any time decide they no longer offer an affiliate program. Having you to change it. But the idea isn’t to strictly focus on one stream of income, it’s about creating multiple streams of passive income from various sources.

 

2. e-Commerce store

 

Pros

An e-commerce store business is where you sell actual physical products. These products are normally items you pick out from an manufacture in Asia and have them stored at Amazon and then delivered when the order comes in. You can set it up in a way that everything is automated.

Cons

In e-commerce, one of the challenges is that there might be a lot of competition for the same product, therefore, your marketing message has to be very unique. The other side of this is that you normally have to invest a good chunk of money to buy the inventory, especially if it’s your own product. There’s also the idea of drop shipping, but again that could take time to get to a point of making a significant life-changing profit. And finally selling physical products, especially small products, are very low in margins which requires you to sell a lot of them in order to make a good income. The cost of the products also takes away some of your profit margins.

 

3. Training and coaching

 

Pros

As a coach/trainer, you get to be in full control of your business and content. You get to create the training and coaching programs based on what you know best and the value you provide. In this case, you also get to take in full profit on the sale versus selling other peoples products or even physical products where you need to invest in the inventory.

Cons

The cons for coaching and training, however, is that you need to create everything from scratch. You need to build your business from the ground up with content, products, brand, website, etc. You also need to build your reputation over time until you can start seeing results (and who knows you may get a quick turnaround or you may not, there is no set time to achieving results in business). As you build however you will be able to see what works and what doesn’t helping you find out what kind of content and programs you want to focus your efforts on.

4. Creating/selling your own products (physical or digital)

 

Pros

Creating your own products is another great idea if you have the inspiration to do so. In this case, you get to be the full creator of the product. That could be a physical product or a digital product such as an e-book, e-course, audio program, etc. The beauty of this is you have full control of the profits, the creation, and the execution.

Cons

The reason why creating your own product can be a challenge is that your product may or may not be a hit right away. It may take time for your product to build a reputation and be recognized. You need to do marketing and plenty of activity to get awareness on your product. But this can be done with the right marketing education.

5. Ad Revenue

 

Pros

Ad revenue consists of making an income with ads from your YouTube Channel, Podcast, Website, Content sharing etc. There are individuals who are doing what they love and speaking of what they love and making ad revenue from companies who are advertising on their content. Just to give you an idea, the biggest streamer online playing video games makes $500,000 a month! What?!! I love video games and this makes me consider to add this to my income streams. 🙂

Cons

This takes time to get to a point of having a large viewership to make it worthwhile to generate a decent income. It must also be something you truly want to do and not something you feel like you should do just so you can make an income. People can sense in-authenticity and so if you’re not real then they will be turned off right away and run towards the opposite direction.

 

Step 3 – Pick Something That Fits Your Current Needs Best

 

This comes to the next step : AUTHENTICITY

You see all of these ideas are good, there isn’t one better than another. What matters is what is best for you. What is the best option for your right NOW to begin with that will help you get one step closer to creating your ideal life?

You must choose something you will enjoy or at least something that will help you get clarity on what you do enjoy and from there builds on an idea from inspiration that allows you to be fulfilled with your work. An idea that allows you to be truly authentically you and that puts you in your inner power to share your message.

You have a message inside of you that the world craves to hear, the question is how do you want to deliver that?

 

Step 4 – TAKE ACTION!

 

TAKE ACTION! Nothing will happen, no changes will happen in your life if you don’t take action.

Begin today by taking one step forward. One step forward is much better then staying put. Even worst is taking a step back.

 

TO SUMMARIZE:

 

For me when I began, I wasn’t sure where to start. I liked all the ideas above, I considered all of them but was stuck deciding where to even begin because I had no clue how to do any of this. I also didn’t want to waste my time going down a path and find out it wasn’t what I wanted to do in the first place.

I also wanted to find a way to learn how to build an online business that was genuine and would be something I’d be passionate about. I wanted the right kind of help that could help me overcome my fears, doubts, insecurities about creating a business.

I also wanted to get started on generating an income rapidly so I can escape the corporate rat race. So I chose to go down the affiliate route because then I don’t have to worry about creating a product, building everything from scratch, having to hire a support staff, going through the whole process of creation, execution, and evaluation.

I wanted something that I could build around other responsibilities and a full-time job. I still had bills to pay and taking the full leap into the unknown without the proper help, guidance, mentorship felt like suicide.

This online business marketing education, training, and mentorship have given me the clarity on the type of businesses (yes with an S) I want to create and still earning an income while I learn.

I’m building this around other responsibilities and gaining so much knowledge, help and guidance on learning the ropes of digital entrepreneurship.

The biggest outcome that I’ve got so far and continue to grow with is the mindset shifts I’m getting from the mentors, coaches and the like-minded people that I’ve met along the way.

 

Your Mindset Is The Key To Success

 

Mindset is 80% of the battle in entrepreneurship and when you have that in check nothing stands in your way, creative juices are flowing, and you create your best life with ease.

If you’ve been considering to start an online business but you’re not sure where to begin then this is where I’d recommend you start. It will help you gain clarity on which business idea above best fits you.

If you have a product idea, but don’t know how to begin the process (ie: find a manufacturer, build it, distribution, marketing, etc.) then this is a great way to start because it will help gain valuable skills need for creating and launching your product.

If you would like to be a coach or trainer but not sure what you want to coach about or even if you do but want to know how to market yourself, then this is where I’d suggest you start. The marketing skills learned and mindset coaches will help guide and educate you to align your coaching business with success.

The clarity of business ideas you get from this education is powerful. It will help guide you to finding your voice and creating a brand message that appeals to you and your market, whatever business idea you choose to go with.

So is today the day you get started? Or is just another day you going to let go by?

 

“Someday” is not on the calendar, but today is!

 

Let’s make it happen together!

I look forward to seeing you progress and succeed at everything in life.