Make money Online isn’t a mythical thinking
It’s a reality, but you will require to have access to helpful tools and information that helps you to earn money online. I have suffered my own share of failures, and it was all down to lack of understanding of how to make money online works. But I have also successfully managed to make money online with four small business start ups that have seen me earn money online while sleeping, with freedom of location and time, at my own terms without being bossed around.
Because of this, I consistently get emails from subscribers who are quite excited about starting their own small business. Without further ado, here are the ten things you should do before starting any sort of small business to earn money online.
1. Clarify what you plan to do
One of my readers is dreaming of opening a coffee shop in his neighborhood. Another reader really wants to start a blog on video gaming for busy thirty somethings. All of these are likely great ideas, but they all need some more thought.
With some businesses, it’s obvious: you’re going to sell a product. With other great ideas, it’s not so clear.
So you will have to first figure out who are going to be your customers, do they truly exist, and how will they discover you? You don’t have to research this (that will come later), but you should at least be able to describe who these customers are, and have some idea how they will find you. You should also honestly ask yourself whether there are enough of these customers to sustain what you want to do.
What sets your idea apart from what’s currently out there?
With Newswatch, we are aware that there were other similar blogs out there. So we sought to set ourselves slightly apart by writing quality content with our own legitimate voice and update it on a steady schedule, something that we didn’t see in the industry and personalized finance blog-sphere at the time.
2. Find a mentor
The process of mulling over those questions will likely cause you to second-guess the purity of your plan and also make you wonder how you really can make this work. That’s the perfect time to find someone who can be a mentor for you.
For you, a potential small business person, that means a person who has started some sort of enterprise successfully on their own, if it’s a sizable business or just a sole ownership. Some mentors will be easy and engaging to talk to, others may be more challenging, but the two things you really need from any mentor are candor (a willingness to talk profoundly and honestly about things) and support (are they actively helping you towards a positive outcome).
Whats next then before I start to make money online?
Find businesses in your area that are outside of your niche. With the coffee shop, try to find a small business owner in the area that you’re going to target. With the blogging, look for someone who has knowledgeable about the topic you’re going to write about, but doesn’t blog about it.
If it’s an online person, ask them if they have time to talk at length on IM (better) or by email (if this is the only option). If you still get a firm no, send a gracious response and let it drop- don’t make an annoyance of yourself and respect that other people are very busy.
Don’t know where to start? Here’s where you can find a mentor to Help You Earn Money Online (or three)…
Locate anyone you trust that has successfully started a business. Because you can feel much safer bouncing your fears, this person will be a great one.
Locating and identifying businesses in your niche that are outside of your area
Do one thing benevolent to get their attention. Most people who are successes have a pile of things that need their attention. You might get it for free if you’re lucky, but it’s usually easier to do something kind to get their attention.
This is key, as it goes right to the core of challenging parts of the business model. I’ll even give you a tip with News watch: if I could start all over again with it, I would have had a slower writing schedule right at the start so I could focus on more individual quality posts.
3. Do some honest soul-searching about passion
You’re now prepared with the basic relevant information that you need to know about your business, and you know the pain and sacrifice that it involves (the mentor will give you a clue if they’re worth their salt). Now comes the real question: do you have the passion necessary to carry this through?
Making money online isn’t easy! A successful business that earn money online demands a lot from you
Even if it is something that you believe you’ll enjoy from top to bottom. Ask yourself if you have the commitment to collect the resources to get started.
It may sound like I’m trying to talk you out of launching, but without the fire to intently and unquestionably answer “yes” to those questions, your business has a very, very strong chance of failing. If you’re not fully devoted to success, don’t even start.
4. Do some market research
Now, you need to know whether anyone’s going to buy what you are selling. This is called market research, and it’s a vital step to take before you make the leap into a business.
I actually did this myself when trying to figure out a local SEO consulting business before I started a few years ago. One good method I’ve found is to buy a bunch of quality chocolates, get permission from the business to conduct a short survey outside of their shop (many will say okay if you aren’t trying to start a business in direct competition), and then ask consumers if they ‘d answer a few questions in exchange for a piece of chocolate.
The first step is to clearly define your market
Who exactly are the people that will partake in what you’re offering? What places are they visiting right now?
Float the idea to your contacts that you’re thinking of starting a new business and you ‘d like some input from potential customers, and describe who you’re looking for. If you don’t have a social network within the area where you’re going to try to build a business, get started building one now.
Look for some specific people who would potentially partake in your business. These people will be the ones that will give you the real skin on whether your business will work or not.
Ask them whether they would be willing to visit such a place, should it open up. Ask them what their favorite similar places are and why. Many people won’t give you useful feedback’s-still, note as much as you can because no matter what it will come in handy.
5. To make money online, you need to write a ‘detailed business plan’ that spells out exactly how your business will earn money online
You should have established a very clear idea of how your business will earn income and most of the notable problems along that path, along with concepts on how you’ll get around those challenges. That document is your business plan. I call this a road map to make money online.
Because at first glance it seems like a big waste of time, many people contemplating on how to make money online, whether it’s by starting a sole proprietorship or earn money online through a partnership, always skip this step.
What’s the logic behind skimping?
You have your ideas already worked out in your head and you know what you’re going to do, so why make a fuss about writing out this substantial document?
There are two enormous reasons for doing this.
Further, it presents you with a document to provide to others for recommendations. When you have a whole plan all together, it’s very easy to take it and show it to others, showing them your ideas and plans in one collected place.
The thing you most need to worry about is that it’s thorough and that it’s readable above all else. Don’t worry about formality unless you’re going to attempt to borrow your capital or get investors to get involved.
It makes you move carefully throughout your entire game plan to make sure you haven’t missed anything. By setting down every idea, thinking meticulously about it, specifying it, and linking it to the next step, you’re taking the time to ensure that you haven’t missed anything important along the way.
6. Speak to your “inner circle” and make clear they support you
When your business plan is comprehensively set to go, you would be doing yourself an injustice if you didn’t circulate that plan around your inner circle. Talk to the people who matter the most to you, show them your plan, and ask for feedback.
With regards to your family, make sure that they’re willing to support you in this endeavor. Without the support of the people whose lives you interconnect with every day, a successful business won’t happen, period. And guys this is massive! I would not be doing better what I do if my family was not involved .
And here is why…….
Running a business will require your other half to be ok with you missing bed time stories every once in a while, (if you have kids) sometimes business will need more from you, especially in the early stages of starting to operate. That means late nights in the office and more work carried over home which eats into family time.
Worse case scenario is when you have to take a pay cut or quit your job altogether, requiring your partner to support the family financially until you start to make money online.
Please be sensible and don’t quit your job before you start to earn money online. it’s just common sense gents!
What sort of feedback should I seek?
Have them try to find holes in what you’ve written.
They’re usually giving you criticism for a reason, even if it’s not readily apparent to you. If you do have an answer for a particular criticism, add it to the business plan. If you think it’s completely off the wall, still jot it down and do a bit of investigation into it.
I would include the people whose opinions you trust the most, including at least one cynic, as well as your mentor. These people are great for our egos, but not very helpful with making us successful.
7. Modify your detailed business plan
After you collect all of this feedback, use it to revise your business plan. Go back and rewrite parts of it. Use all of that feedback to make your plan better.
A business plan that’s ready to go is one that inspires you every time you think about it. It feels complete to you, and the people you’ve shown it to are positive about it.
If you have willing people, use them as a feedback cycle. You might even want to do this in “levels,” meaning you give the first version to some people, have them suggest changes, then give the second version to another group, and so on.
When do I know that it’s done?
In one way, it’s never truly done. You’ll find that some parts of the plan were out of order and some parts were missing-that’s unavoidable when things get rolling.
8. Learn how to live frugally
Because they provide the support you’ll need to execute the game plan, the last three points can be done at the same time as the first seven.
The best first step I’ve found for trimming the fat from your spending is to trim the fat from your monthly bills. There are many ways to do this: be more energy efficient, don’t use optional services, trim the “extras” that you don’t need on your plans, practice maintenance of the stuff you have, and so on.
When your business is a successful, you may have the income needed to enjoy such things, but for now you don’t have room for it. Learn about frugality and practice it until it becomes second nature. Leave that credit card in your pocket.
You need to learn how to run your life like you run a business, and you don’t run a business by throwing cash to the wind. Start cutting your spending on all fronts, but particularly on the nonessential.
A major stumbling block for most people is a sense that they need to have the newest, latest, and greatest of everything. I know many people who “lease jump” meaning they lease a car for two years, then move to a brand new one to lease-over and over again. That’s a gigantic waste of money, money that could be used to build your business into something amazing or construct a strong personal safety net.
9. Build up the capital you need
For some people, their small business won’t require much investment at all to start with, just time. For others, the seed money may come from a relative or an investor or a friend. For many people starting their own small business, the money will come from their own pocket, and that means it’s time to start saving now.
It should be part of your business plan, you should know your startup costs in great detail. This should be your goal for saving, and the absolute best time to get started is right now, even if you haven’t sat down and tabulated your total startup cost yet, or even have any idea what that will be.
Set up an automatic savings plan today, putting away as much as you reasonably can on a monthly or weekly basis. Put that cash straight into a high-yield savings account, then just leave it alone. Wait until you’re ready to make your move, then tap it.
10. Make sure you have a safety net
Many small business-people I know get so excited about their plans that they take the leap without really thinking about a plan for failure. It’s a fact of life that many small businesses fail for various reasons, even ones that are well thought out and well executed, so it pays to think about that “what if” before you even start.
Make sure you have at least a few months’ worth of living expenses in the bank at all times. Never, ever go without an emergency fund, especially in the early days.
Don’t get the finances of the business mixed up in your own personal finances. What I tend to do is pay myself effectively as a contractor to my various businesses-I provide things for the business in exchange for pay.