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How to start a business- Part 4: Doing online business

Make Money Online

Doing online business- all about it (1)

There might be two types of situations that you are facing at the time. One, you need to increase your total source of money and make your life a better place. Two, you are in a tight spot, where you desperately need more money, more earnings. Whichever the case is, you can get a lot of benefits out of online business. On this part of how to start a business, we will be having a detailed look at the perks and also some of the risks of doing online business.

You might ask if I am telling you so much about online business, so many good things, then why am I telling and focusing on the risks? Because, in any business, there is one thing in common. And that is the risk factor. Because you can never say with a 100% guarantee that the product or the service that you are offering are going to be purchased.

Doing business is all about the game of percentage of chance. Being a good and successful businessman doesn’t mean to get all the things done correctly. It actually means to increase the rate of success chance as much as possible and lower down the risk factor in the same process. How much you are able to increase the likelihood of your success and making a profit is actually the main game here. The same goes for doing online business.

 

You need to understand the risk factors and what controls them. For every single segment of the business. Because this is the only difference between doing a job and a place. But in a job, you have a limited areas of progress. And on the other hand, when you are doing business, you have an unlimited scope of doing improvement.

 

Online business: How to start

Conducting study for online business is important

Whenever you are making an approach for starting an online business, you have to go through some critical choice making parts. Because, in the first part of this series, I told you about making the choice of the sector in which you want to start your business. That is the tricky part. Because there are so many options and so many opportunities.

One mistake, that many people usually make is to go for multiple. There is no harm in doing multiple businesses at the same time. But when you are making just the start, it might cause more trouble than profit.

Because, when you are at the starting stage, you don’t have a reputation. You don’t have any firm ground. People in the market of your sector don’t even know you properly. At that moment, if you are going for taking on multiple plans at the same time, you will never be able to increase the chance of your success.

What you should do, is to start with one. Make that one business known to people. And when a lot of people think good about your business, you can create another one. And the fun part is, you can utilize your own first business to promote the second one. You might have some ready sets of possible customers from your first business into your second business.

This is important for you to keep in mind:

Another thing is that, while you are making your planning to start and you can’t find the right thing to start a business, there is a way to get through that too. Allow me to explain.

The following part of this article might be a little confusing and hard to understand, but be patient. I will explain everything.

Studying for online business

Doing online business requires less amount of investment, infrastructure, security money. Hence there are a lot of people who are starting online business startups. But have you noticed that, even though a lot of people are making their startups, a few of them are actually lasting in this sector? Then what makes them different?

Why did the others didn’t last, and those people did?

What will be the difference-making point for you to be lasting and successful in doing online business?

All will be answered.

Let’s start from where we left.

 

 

There are basically two types of business that you can start:

 

  1. Business of a product(s)
  2. Business of service(s)

 

If you are confident that you can bring in wholesale products and then deliver them to the customers on online orders, then you can make a start. If your business is of service, then you have to be good at something. Suppose, you are a perfect decorator. You have a good sense of interior decoration and that is why you can make your own business of planning for people’s home’s interior décor. You can easily make your reach locally and take orders online. And when the time comes, you can expand your business.

But there is another type of product and service-based business that you can do online. Which is known as online freelancing.

Now here, you might have a question.

What will you have to do?

Before answering that question, let’s clear some concepts regarding this sector.

Mostly what I will be talking about in this sector is going to be about digital products and services.

If you have been to online freelance marketplaces you know what I am talking about. If you haven’t, then let me explain. Freelance workers, who are capable of doing some digital services (examples will be given) make their profiles in the market places such as Fiverr, Upwork, People per hour, and many other similar websites.

Buyers, who need digital services, go to the marketplace websites, and hire people for doing their work. And the worker gets paid. This might sound like doing jobs online. But it’s not. It is more like a business rather than a job. Because, when you are making your profile, you are basically opening a service providing shop. And you have to wait for the customers to arrive and purchase your service. If they do, you get paid. Sounds exactly like a business doesn’t it?

Because it is a business.

 

 

Let’s talk about these “digital” products and services now

Suppose you have a shop already, and you need someone to design a nice signboard for your shop. That signboard is nowadays designed through a computer. The hand-painted days are way gone. This, you might already know. So someone has to do the design for you. That is a digital product. And the service that he is giving is a digital service.

Online digital services can be millions of different things. Writing, designing, making websites, doing SEO and so many things to take names of. You can even start to do such type of online business of giving digital services. And the cool part about this is, you don’t even need to handle tons of products and make arrangements for the shipments. You can email them with the product. And that’s it.

So, until now, what did we learn about?

  1. An online business can be of both products and services
  2. Starting the business takes less money to do so
  3. Digital services have the most potential in the sector of doing online business

Digital services are like an ocean inside another ocean. Because just as the internet, the scope for this type of business is unlimited. You can never finish reading about it. And that is why I will not make you confused by giving tons of data that might not be useful. In this part, I have only discussed about the sectors of doing online business. The next roles in this series will be featuring all about digital services and more. It will also be about the details of the work, how to start and where to look for work.

The next part will be about doing online business about products and services.

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