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It’s more important than ever now to have multiple revenue streams because everyone has learned the hard way that job security is a mere myth.
Starting an online business is the best way to go about generating a side income because it requires low investment, low logistics, and provides unlimited scale.
Not only side income, but considering the scalability and sustainability an online business provides today, it can really become the primary source of your income, outearning your day job.
Apart from everything else, there’s one more thing that starting an online business can help you in, and that’s the ability to invest and make your money work for you.
So, how to start an online business and grow it to the point where it can generate you cash? Well, the good news is that it is easier than ever now to start a business online.
The better news is that we have a walking truth of making it happen. Alison Prince is the Creator of the 0-100k system who went from being a Jr. High Teacher to building 4 multi-million dollar online businesses with 4 kids at her feet.
Make sure you stick around till the end because Alison will not only share how to start an online business in 2021, but she’ll also give you the exact framework to get started today.
Why Start an Online Business
Alison went to college to become a teacher in the hopes of earning a good living for herself and her family. But like most college graduates with a job, she was living a paycheck to paycheck life.
She hated how money was controlling her life and how her family was just inches away from getting into debt. So finally, Alison decided to start an online business from home, and she started it by selling things that were not useful to her anymore.
Today, her business has helped her not only escape the stressful life but experience financial freedom, which seemed like a far-fetched dream a few years ago.
Now, the reason behind telling this story was not to establish Alison’s credibility in front of you but answer the question of why to start an online business.
An online business can not only give you that extra stream of income, but it can literally turn around your life, as it happed with Alison.
Also, you don’t need to have an Ivy League MBA or have a crazy business background to start because Alison went from a high school teacher to owning a multi-million dollar business without any fancy degree or background.
Another important reason why you should look forward to having an online business is we all saw what happened to all the brick and mortar businesses during the Covid crisis. The government literally forced them to shut down.
People who thought they have job security were all uncertain about their next paycheck. This is why having an extra stream of income that is safer than your job is crucial in these times.
Types of Online Businesses
While most people are just aware of a few selected ones, there are a plethora of businesses that you can start online.
The reason why Alison jumped into e-commerce is because it is the fastest way to bring in cash. But there are other things you can do, such as an online course, which is great for scaling quickly.
Though to sell a course successfully, you have to build a lot of trust online. And to build up that trust, you have to build a massive following, testimonials, results, and other things. So entry barriers are high.
Similarly, you can become a social media influencer if that’s your thing because entry barriers are really low. All you need is the ability to create engaging content.
Also Read: How to Make Money on Instagram For Beginners
If you’re good at marketing, you can build a social media marketing agency that helps other businesses market themselves and build a brand online.
The scope of online businesses is really unlimited, and you can really choose to go in any direction depending on your skills and interests.
Alison has her expertise in e-commerce and that’s also the most common online business people venture into, so the tips she is giving away in the next section on how to start an online business will mostly apply to e-commerce businesses.
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How to Start an Online Business
Ok, so now that you know why to start an online business and the types of online businesses you can start, it’s time to learn how to start an online business in 4 simple steps.
1. Don’t Come Up With a Shark Tank Idea
The first thing that gets into the way of most people starting an e-commerce business is coming up with a product to sell.
Most people make the mistake while selecting the product because they try to come up with a unique, one-of-a-kind idea. That is not the right approach if you’re just getting started.
Because if you come up with this brand new idea, then, first of all, it will take you months to get the final product ready, and it will cost a hell lot of money before you can even make the first sale.
Also, you’ll have to convince the population that they need your product before you can sell them. So what’s the solution? Simple, sell what’s already selling.
When you sell a product that’s already selling, you essentially cut 80% of your work. It’s not about stealing the idea but following the trend.
You can literally sell the most common thing in the world and still make six figures. In fact, it would probably be easier selling common stuff than selling your innovative, extraordinary product. Alison has students who’ve made millions selling a scarf. So yeah, common things sell.
2. Leverage Other People’s Audience
Another common mistake people make is they keep putting efforts into growing their social media following organically. No matter how much content you create, it takes time to grow.
In the first place, It is just a myth that you need a huge social media following to sell online because you can literally leverage other people’s audiences.
Big brands do it every day when they pay millions to celebrities like Kylie Jenner and Beyonce to promote their products.
Obviously, you’re not gonna use Kylie Jenner to promote your store, but there are micro-influencers all over social media who have a very loyal following, and you can easily get a shoutout from them.
By leveraging someone else’s audience, you can save yourself months and years of hard work trying to build your own following.
Having influencers speaking for your brand also serves as social proof and establishes trust with the customers depending on the credibility of the influencer you’re working with.
3. Set Up the Business & Business Systems
Setting up the business and business processes the right way is the most important thing to do in order to maintain your mental peace.
Just like any other business, you’ll need to get your EIN, LLC, and other legal requirements. It can take quite a long time to complete all the formalities. So, in the meantime, you can start building your store, get your products shipped, do the product photography, and set up all other systems you need to operate efficiently.
Don’t obsess over futile things like your logo design or business cards because these are the things that you can sort out even after you start your operations.
First, focus on setting up the store, getting the product in, implementing business processes, and then on things like your YouTube subscribers and logo animation.
4. Stop Overthinking and Take Action
Let’s face it, most people reading this blog will take no action at all. Only a few will actually do more research, and a fraction of those will do anything.
To all those people already making excuses in their minds as to why this is not for them, please stop overthinking and take the first step.
Whenever you decide to do something good for yourself, your brain starts thinking about all the possibilities that can go wrong. For example, when you decide that you wanna get up at 5 am to go to the gym, your brain will start thinking of all the reasons you shouldn’t.
What you have to do is turn the negative self-talk off and take action. Whenever your mind says Netflix is better than learning how to build an online store, shut it up and do what’s right for you and your future.