How to Create your Own Online Business
19 / 4 / 2020
19 / 4 / 2020
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The recent social distancing has brought so many physical businesses down and plenty of freelancers are also losing ways to earn some dough. Luckily, were born from this age where the internet is available and the digital world is accessible. Anyone can create their own businesses right inside their homes, even if you don’t have any money for capital!
What’s the plus side of having a home business?
What are the different online businesses I can do?
The first step to creating your own online business is to figure out what kind it is. If you’re not so sure about what you want, here are a few ideas from our team just to kick start your brainstorming session and help you discern the possibilities.
Drop Shipping – Another term for reseller invented for the online world is dropshipping. This term was coined with its concept of resellers marketing the items online without having to stock the actual item. The manufacturer would deliver the items directly to the buyer and price markups are up to you. Creating your own brand is recommended to solve competitive price points against other resellers. There are no risks in this kind of business unless of course, you pay extra for your ads and you end up with the wrong strategy. Ensure that your drop shipper is trustworthy and you can have a smooth sailing business.
Affiliate Marketing – Like drop shipping, affiliate marketing is also involved in marketing products that aren’t your own. The key difference in affiliate marketing is selling “discounted” products to your readers using specified codes that they will use upon checkout. Unlike drop shipping, you can’t create your own brand though because the goal is marketing the brand of other companies and commissions are arranged according to the terms of the source. Since marketing is also the main capital for this type of business, you need time and effort to win lots of sales.
Blogging – If you have a knack for writing and you think you can catch a lot of readers with your expertise, then blogging should be your business. Blogging isn’t just about boasting and ranting your personal life experiences anymore, it’s a world where your personal experience is seen as a review of the product. With a simple blog, you can gain brand advertisers, earn from AdSense, resell for brands directly or work with blog ad networks. You can also sell your content which can be graphics or writing-related. The possibilities are endless.
Vlogger – If there’s a blogger, there’s also a “vlogger.” What’s the difference? A vlogger posts videos on popular platforms like YouTube, Vimeo or TikTok. These video makers don’t do it just for laughs though as they can earn as much money higher than your salary through ad revenue, sponsorships, and endorsements. The great thing about being a vlogger is the fact that it requires no capital, no experience needed and you can even capture videos by simply using your iPhone. But just like the rest of the list above, remember, creating and editing videos needs some time and effort.
Digital Products– If you’re not so keen about selling products, you can always sell digital ones. You can sell various products that are sought out online and you don’t even have to worry about how you can sell it because there are various platforms that are open to each niche. You can buy and sell domain names, sell eBooks, audiobooks, pre-recorded audio of your voice or a sound effect you made, a recorded webinar, online courses, photos, graphic design, or a video. If you’re selling these digital goods, it’s best to convert your products into the right format. Luckily, you have DeftPDF online which allows you to convert to any format for free.
Freelance employment online – If you don’t think you can sell, here’s another option you can discern. Employment online can vary from being a translator, an online virtual assistant, customer support, marketing manager, social media manager, telemarketer, developer, graphic designer, video editor, transcriber, encoder and so on. Anyone online can apply but just like a regular job, some employers are very keen on finding the right candidate so the experience is needed. You also can’t control your schedule all the time as some employers require working on specific timelines.
Trade Currencies / Stocks – There’s too much risk involved in trading and the returns are hard to project but if you know current events, and you have a knack for numbers, you can wing this. Not everyone who tries this succeeds though and you need a lot of capital to be able to gain higher profits.
Sell an app or a game – Apps and games can earn from ads just like bloggers do but the beauty of selling these is the ability to upsell what you have. It can be in monthly memberships, selling items in your digital game world or perhaps a “pro” feature that allows them to do more with the app upon payment. Not all apps become the next big thing though and just like the rest of the list, you need a lot of time and effort before it hits off.
How do I start creating this business?
There is no exact way of creating the perfect business but knowing at least the basics will help you start. Here on DeftPDF.com, we’re sharing with you our simple and basic steps on how to start your business. This guide is best for those who have no entrepreneurial background.
1. Identify your niche
Know your forte and ask yourself, “what do you do every Saturday morning?” Studies suggest that by identifying your hobby and your weekend interests, you can identify what you are good at. Discern about this topic and think about it in different situations.
2. Think about the feasibility
In a business course, feasibility studies and thesis papers are submitted in class to properly dissect the areas that make your business.
3. Market Research
Commonly, when you do your market research, you try to explore if it can surpass trends and if there are enough competition in the industry. A good business will always be a staple, a necessity or a norm, which has a healthy amount of competition in the market. It’s good to have competition because you don’t have to educate each one about your product and you can always find out what you can improve on your competitor’s strategies.
Though your business is online, learning about the laws that govern your area (or around the world) is still necessary. There are factors such as zoning laws, trademarks, copyrights, shipping restrictions, business permits, original receipts, and digital rights. Make sure to get to know everything first before you start to avoid any unnecessary lawsuits or sanctions.
5. Name it right
Choosing the right domain name that captures the attention of your possible clients is one of the major decisions you will have to make. You also need to choose the platform of which you will use to sell the products. You can use an eCommerce platform, social media or just a plain informative site. Essentially, social media is one platform that is required nowadays, especially since it has a big effect on SEO.
6. Set up your analytics
You can’t improve if you don’t know what to improve on. Set up your analytics using SEO tools or simply use Google’s tools to measure your performance. If you’re using social media, these platforms already have built analytics that can create reports for you.
7. Focus on one then expand
Expansion should always be implemented when you’re stabilized. If you try to multi-task, you won’t be able to grow the first product at its maximum potential. But once you’ve milked your product to its peak, its always a good idea to expand. This way, your buyers have something to look forward to.
The most awkward and the most difficult process in business is asking for the payment. It's a shame for newbies because they don't know how to ask for it while other companies, want to retain their professional image. The solution? Send out a digital invoice with a friendly reminder! This is one professional approach that will keep relationships with clients and your pockets full. If you don't know how to create a digital invoice, you can create one here at DeftPDF for free. It's fast and easy to use. Just click on the tool, change the details on the template and save!