How to Start an Online Business from Home
The idea of being financially free off one’s own business is one many of us dream about. But what is stopping us from getting from the dream state to reality? Well, if you haven’t already dived into starting your own online business, you’re soon to discover that it requires a lot of different facets that can be, well, overwhelming. Especially if you’re new to the whole business thing. But with some proper planning, the possibilities are truly endless! And, gratefully, in today’s modern world, you don’t even have to leave your house to get started. So, without further ado, we’re going to share exactly how to start an online business from home!
Online Business Ideas For Beginners
Great, you’ve decided you are going to start an online business, or at least are interested in starting one! But what to do? Sell clothing? Podcast? Online Courses? There is so many options out there – it can be difficult to decide. And some of them are more complicated than others – like, starting a rocket ship company – maybe that’s business #2 or #3 (or, hey if that’s your thing I say why not go for it!). Here are some great online business ideas for beginners.
#1. Choose Something You Are Passionate About.
No matter what, owning your own business is going to present you with challenges, stressors, and new opportunities to learn and grow. And if you don’t really care about what you are selling, it’s going to be hard to keep the drive and discipline to keep going and be successful. So, #1 is huge especially when you are just getting started.
#2. Create an Online Course.
An online course is a great idea for an online business for beginners because once the course is created, it doesn’t require much of your time to keep generating revenue. Yes – you will need to do some marketing and maybe stay up with social media or however you intend to get it out there, but the course itself generates money on it’s own.
#3. Start a Product Line.
This may seem like a daunting one, but it really just requires the right manufacturer. You want to find someone who is willing to work with you to create what you want, the quantities you want to order, and the quality you are looking for. And with Amazon, anyone can upload their products and start selling to everyone! Like Supplements? See what Private Label Options We Offer
#4 Become a Freelancer.
Do you have a skill like writing, graphic design, or marketing? As a freelancer, you’ll be able to put those skills to good use by helping people across the world with their projects, while putting money in your pocket. And you don’t even need to leave your house. Freelancing doesn’t mean committing to months-long projects that eat away at your free time. You can easily pick up bite-sized tasks that fit your schedule. To find people that need your help, try freelancing marketplaces, like Upwork and Fiverr.
How Much Does It Cost to Start an Online Business from Home?
Well, this can vary so much depending on what kind of business you are starting. For a simple online course it can cost no more than $500 to get your licensing, website and course set up if you’re already savvy at computers. But if you are launching a product line, or need to outsource all of your website and marketing it can cost $10,000 – $100,000 to get started. Before you get too overwhelmed from this wide range of cost let’s break down how to figure out exactly what it is going to cost you to start an online business and make it successful!
First, you want to make a budget. So, things you have to factor in are product development (if needed), licensing, website design & fees, marketing & branding, monthly fees & costs, payroll (if needed), and any other miscellaneous costs. When making this budget I highly recommend using some sort of template on excel or downloaded from the internet, there are so many available for free.
Once you have inputted all of your expenses into your chart, figure out how much money you would need to keep the business running (with minimal sales) for six months or more ideally a year. This will give you a general idea of how much money you need to get started.
Now, you may be thinking I don’t have $50,000 to get a business up and running, but the truth is there is so much money available to people starting a business it is overwhelming. You can get loans, investors, borrow from your family etc. Instead of saying can’t afford it, try asking yourself how can I afford it? If this is really your dream, with a good idea, plan, and the will to persevere you can make it happen!
7 Steps To Start An Online Business From Home
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Figure Out What You Want To Create
Maybe you’ve had an idea for awhile, maybe you just are fed up with working for someone else, either way like I mentioned above find something you are passionate about! And get creative, you are an incredible individual made to create something unique from you. The same old thing is not going to cut it for your customers, and you are going to get bored. So, that old dream you’ve been hiding in the deep dark corners of your being – it’s time to bust it out and wipe the dust off.
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Make A Business Plan:
Seriously. This step is so often overlooked because let’s be honest, it’s not as exciting as the amazing thing you want to create. But, it’s the most important because without a plan it’s so easy to get off track, not budget, and not really know where the business is heading. A business plan helps not only decide where you want the business to go, but also finances, marketing, profit capabilities, etc.
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Figure Out How Your Products Will Be Made & Shipped:
If you aren’t selling a tangible product which needs shipping you can skip onto #4. If you are creating a product the key is finding a good manufacturer, and fulfillment center. A good manufacturer depends on what you are looking for – some key aspects are pricing, minimum order quantities, quality, and efficiency. If you want to read more on this click here >> How to Pick The Right Private Label Partner
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Figure Out the Legal Requirements for an Online Business:
Different businesses require different licenses, regulations, and legal requirements. Start with figuring out what legal requirements you need.
- Generally you at least have to register with the state (go to your states secretary of state website to do so). When you do this you must decide if you want to register as a Sole Proprietorship, LLC, or Corporation. Generally people begin as a Sole proprietorship or LLC as corporations require a lot more legalities.
- Get an EIN. This is done through irs.gov and is completely free. You will need this to get sales tax licenses in your state and register for multiple things as a business.
- Depending on your states taxes, you will also need to file for a sales tax license. And potentially even your city as well. These forms and info can be found online.
- It can be super helpful to consult or higher a lawyer or tax consultant to ensure you have everything you need.
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Make A Website:
A website is everything for an online business. So, it’s crucial to make one that is easy to use, easy on the eyes, and promotes your brand well. And, you want google to like it as well. How to do this? Well, there are some amazing platforms you can make a website on – my favorite is squarespace it is super easy to use, has beautiful layouts and easy to implement some of your marketing bits like SEO.
And don’t forget about obtaining a website domain. What is so great about squarespace is you can do this right through their platform! However, if you are using another platform like wordpress you will need to obtain a domain through somewhere like hostgator (which is who we use) or another domain hosting site and then link it into your website.
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Marketing & Branding:
This is another one that often gets overlooked by people who are just starting an online business, but spending the money on marketing and branding (and spending it wisely) can be the difference between getting whatever you create out there or not.
Branding – For this you really need to figure out what does your brand (or you) stand for. What is the message you want to relay to your customers, what problem are you solving in the market, etc. Once you have this broken down it is easy to see how you want to promote your brand online.
SEO – SEO is how people type something into google and find you, and is critical to getting your brand noticed. Are you already good at the computer, and like to learn? There is an amazing company called Pathfinder SEO who will coach you the entire step of the way to improve your SEO, or you can hire someone to do the work for you. The only thing about SEO is it takes awhile to work, so this isn’t going to be your fastest way to get customers.
Marketing – So, you have your brand message down, you’re reaching people organically on google, but you want to get your product, course, or podcast out there now! So now we’re getting into the advertising and marketing. And this is really going to vary based on whatever service or product you are offering. My advice? Find someone you can trust, a reputable consultant, a highly rated company, someone who can help you figure out the avenues to take to market your offering to the people who want it.
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Take Risks & Be Persistent
Take risks with your ideas, your marketing, everything. I don’t mean willy nilly just flying by the seat of your pants launching at anything that’s risky (but, hey who knows might just work), I mean taking calculated risks. Taking the leap, because that’s what having a successful business is about.
It’s going to require risks, and sometimes they don’t work out, and sometimes they do. It’s going to require persistence, and a will to not give up. A person much smarter than I once said, “Success is stumbling from failure to failure with no loss of enthusiasm.”. Keep going.
Final Thoughts:
How to start an online business from home can seem daunting, but in today’s modern world it is completely doable! With everything available online you can reach the entire globe from the comfort of your couch. If you are looking to create an online business now is a great time to start. Get an idea, create a plan, find your right team and get started!
Written by:
Nicole Wallace
