There are many great benefits to starting an online business that are beyond comparison with traditional business start-ups. You can begin your online venture with little or no capital, it requires little initial “business planning”, and the barrier to entering the online world is much lower than a traditional model.
However, beginning your online business also has drawbacks and distractions as you must distinguish yourself from all of the other “noise” that is out there also attempting to make a worthy income with an online mindset. This partially explains why less than 5% of online start-ups actually make any money let alone turn a profit as the online home business model is so attractive to so many people.
So before you dive in online, perhaps with a simple blog as a result of an idea you have, here are a few considerations to take into account as you begin your online journey.
- Market identification and determining if you can profit from it
- Market research, targeting, and determining needs
- Developing your web presence and value proposition
- How to generate and deliver content
- How to drive traffic to your content
- Converting and monetizing your traffic for profit
These are a few critical areas that can certainly be broken down into specific components as you plan your online business. The internet is filled with advice and courses with tactics and tools dedicated to each of these areas. Because of all of the online advice, digital products, and distractions it is very easy to become distracted or worse yet paralyze yourself in the depths of over analysis and not even get started.
Initial planning followed by action, whether good or not, is the best way to move forward. Every business will need to adjust to the constant moving online world. The main thing is to just get started.