Everywhere I go, I am always getting asked how to start an online business. Here's just one example from the Inbox this week:
I have been working in the corporate world for more than twenty years and have hated almost every minute of it. I have plenty of horror stories I could tell. My health is a problem and I need to change course.
How did you do it? Did you wake up one morning and just say, "Here I go!" or did you have a plan laid out for quite awhile before you jumped in?
Also, what products or product did you tackle first? How did you decide on a product? Like you I would love to have the freedom to go out and eat and travel around the world and work on that "bucket list" before actually kicking it. Thanks...
Most people, just like this guy, want to know how I got started so they can model my success. Unfortunately that may not be possible, but there IS good news...
How did you do it? Did you wake up one morning and say, "Here I go!" or did you have a plan laid out for quite awhile before you jumped in?
Some back history will put this in perspective. First, I was in my early 20's and had very little business (or life) experience. I also had very little to lose - or risk: no assets, no credit, no debt, and we were already barely scraping by. I didn't yet have a lifestyle or a mortgage - or a big income to replace.
I did have a plan, which was just some scribbled out notes and ideas on a legal pad. This was for my first business, which was an offline partnership with my husband. My second business was also an offline venture, which I kept after our divorce (almost 11 years ago). That second business was a local Web Dev company.
I didn't have any real experience with either business, or with business in general. There was a lot of winging it, outsourcing, and learning as I went. And a little dose of really good timing with both ventures.
So yes there was a basic plan, and from there the plan just continued to evolve as I learned more and as the business grew. I recommend that, by the way: get started, and let the plan grow and evolve along the way.
Over-planning can easily keep you from doing, and taking action is the only way to get a business off the ground.
How did you decide on a product?
At the time, I went with what I knew - and with what was hot. Things are different now than they were in the 90's. In regards to both competition and opportunities.
There are even more options now, as more people are coming online and using the internet on a daily basis. A lot of people worry that the gold rush is over and all markets are already too competitive, but that's simply not the case. Online buying continues to grow every single year, and many new opportunities are opening up.
I recommend you read and do the "quick exercise" at How to Choose a Niche.
When I think back on how I started, I'm grateful that I am not still running a busy electronics shop - or my web dev company, which came with many phone calls and meetings and clients. Do I have any regrets about the business models I started with? Of course not! They were the stepping stones to get where I am today.
How To Start An Online Business - Today
Since I no longer create websites or marketing plans for clients, I now do it for myself - by creating affiliate sites and keeping all the profits. I have more creative freedom, a flexible schedule, and of course make more money in less time.
I learned a valuable lesson from my first businesses. Specifically what I don't want, or how I don't want to spend my time. I discovered (the hard way) that as an entrepreneur... the majority of your waking hours will be spent consumed with thoughts and ideas, and of course actual work, related to your business.
Given that, I now choose businesses and products and markets that I want to be consumed with. So much of your lifestyle will revolve around your career, so it only makes sense to choose a niche that is going to bring you great personal enjoyment.
I recommend you pick up 2 books: Socialnomics by Eric Qualman, and Crush It! by Gary Vaynerchuk. Both of these will give you some insight into what's going on today and on choosing niches and business models you can truly enjoy. Then follow the 10 Steps in How To Make Money Online - For Beginners
Start Today...
You're never going to have the perfect plan, or know how things will end up, before you start out. You have to step out in faith, make smart decisions, and let things unfold as they will. That is the best part about being an entrepreneur! 😉
Best,
You're reading about how to start an online business... but are you taking action yet, or seeing results? If not, I highly recommend: What's Holding You Back?
Next, see: The Lifestyle & Income of a Super Affiliate
About Lynn Terry
Great general overview, Lynn. I love it when you talk about how far you've come!
Definitely!
To make a good plan, you need experience and knowledge. But you'll never gain experience if you don't start doing stuff first...
So just do it now, and think about it later. 🙂 Doing an online business doesn't give you much risk either. 😉
Cheers,
Allen
Truer words were never spoken than that you will be consumed by your niche.
Thanks as always for your words of encouragement to all of us
Jim
You're right. I know from experience you can plan a business for so long that it never actually gets off the ground. However, I also believe it's true that most people see websites as low risk, so they do not plan them like they should and they struggle without really knowing how to identify and fix problems in their business.
Very cool, and I appreciate the advice about only choosing products you want to be consumed with. I think you are chasing a long term dream as opposed to just making a buck. Question: We are in early planning phase of starting an online Diamond Business. We need custom branding done but we want a free branding concept (business cards, FB, etc) preferably via app. We have gotten a lot of mileage out of
http://mindflashad.com/branding-concept-quiz-design/
Which has cool concepts but does not auto upload to FB, which is what we need. What did you guys use for your branding? Any advice here?
Great!Starting business online is not that easy. There are so many things need to consider like what type business or services you are going to offer.
I think doing what you love, but honing that to something people will actually buy makes sense. There always has to be balance in the universe and in ones life to experience sustained serenity.
I also believe that balance and leaving plenty of time for personal development and happiness is as important [maybe more] then money and success means very little in this unstable world if one does not have inner stability and peace. It's the slow/steady folks who are in one piece when they reach a major goal, what's the point of success if your a burned out mess when you arrive.
I love that Lynn takes daily naps, I try to too!
Good luck to us all!
All you need to start a business is the courage to do it. First step is the hardest, because people tend to be afraid they'll lose money and time, but you can't succeed in something you never even tried.
Thanks Lynn! Really, this overview post is a great resource; particularly for the links that bring to other rich content (e.g. how to choose a niche, affiliate sites). This is really great for me in this particular moment of my blogging journey: I have just subscribed to Amazon Associates and put some affiliate links in my blog (not intender as a money maker), with the aim to finding interesting niches and building specific websites for those: your tips and teachnings are really valuable!! Will keep following you (and read through your archives).
Great article Lynn. It's funny I did an interview with Kevin Riley a couple of months ago and this topic is was one of our major points. People who want to work from home or start an online business will often over-think a plan or strategy to the point they never take action because of the excessive over planning.
The second thing Kevin and I agreed on was that most often newcomers will give up too early in their attempts of starting a business when they reach their first stumbling block. One thing I tell all of my list subscribers is that there never will be a perfect plan for success - we all live in "Plan B" of paths to success.
Thanks again for the great article.
--Rick Roberts
The best thing about online business is that all really need cost you in setting up is the domain name. I have sites that sell stuff through affiliate programmes so it's free to join and I don't even have to worry about the outlay on stock.
Great Story Lynn,
I was in corporate Business for decades and loved it. I was laid off when I said I am not willing to relocate to Texas from Silicon Valley.
There were no jobs and the country was in a recession so I started a handyman business charging $50 an hour. I did not want employees so i worked for friends and family and referrals. It was very fun, my plan was to work 20 hours a week.
I went back to school, I already had a BS in marketing, and learned Internet Marketing, Dreamweaver, Photoshop, Web design and mobile advertising to name a few and have 26 units in cool classes like this.
I started a consulting business doing web sites and SEO. I did not like it very much so have stopped taking on new clients.
Now I sell iZigg mobile SMS text marketing to local businesses and recruit new salespeople on my team. I love it and have found a fun way to make money doing what I love. I love to help people so this new venture gives me a chance to help local businesses as well as help all the people I recruit to be successful in getting the lifestyle they want.
I still build niche web sites and am building a membership site for my iZigg Mobile Media 90210 recruits. I am once again doing what I love and focused on one thing instead of looking for the next shinny object to make money.
Thank you so much Lynn for your tutelage and support as I found something I truly love to do that also pays the bills.
Hi,
The information within this article and even in the comments left here are very important and veritable. I wish I had these informations back when I was at the beginning of my online entrepreneur career. It is very important to have a well structured plan with all the calculi so there won't be any surprises, (bad surprises) along the road. Thank you very much for sharing this excellent article! I'm thinking of opening a new website anyway so I will use the techniques shown here and see what happens, I bet it will show up to be pretty good. Keep up the good work!
Best regards,
Maria
Lynn,
Great advice as usual. You will never be fully prepared or have all the answers. You have to do the research, make an informed decision, seek wise counsel, e.g. Lynn Terry, do what you do best and either learn or outsource the rest, find out what works and what does not work, constantly evaluate your results and above all else follow Click Newz.
Another great bit of advice, Lynn! Thanks for your wonderful insight. I'll be checking out those two books, too, as well as the URLs you refer to.
Always GREAT stuff 🙂
I found it interesting that you moved from helping clients with their marketing and websites into marketing your own (or affiliate) products. That's a switch I myself am trying to make. As a freelance copywriter/marketing consultants, I've helped my clients make lots of money. Now I need to move from servicing them into marketing my own products. Thanks for setting a fine example, Lynn.
Hi Lynn
Thanks for your very real and truthful comments. I have stopped buying all the latest products online now lol! and instead I'm concentrating on my core business, which has suffered as a result of my becoming distracted. However I will have my online business up and rolling shortly. (I suffer from continuously overplanning and struggle with techie stuff, even though I find it challenging).
A great book that I've been lent to read is "How to make money while you sleep!" by Brett McFall, A 7-step plan for starting your own profitable online business. This is a great start up book, which is easy to read but with some very practical advise.
I do enjoy reading your articles and all the comments. This is my treat of the day, before I get busy in my work and do my annual accounts argh!!
Great advice Lynn, It's always inspiring to learn how successful entrepreneurs got started. As you said action is important. Just get started and develop a business as you go along.....I gather from this post that your main income is from Affiliate sites? This is something I shall also pursue.
John
Leamington Spa, England
To start an online business requires maintenance. I slacked a little some weeks ago, and found my readers number dropping form 200+ a day to 40 and that hurts! To make sure this does not happen to you, update your blog once a week, and be constant at it. I learned the hard way.
to your success!
I recently listened to Gary Vaynerchuk's book on CD and it was both informative and entertaining! To get the full effect of Gary's message, I highly recommend either buying the audio version of his book or checking it out at the library.
Based on my own experience and that of other small business owners I know, the business really does become something like a child. It's amazing how much time and energy it takes up. However, there's nothing better than doing it all for yourself, on your own terms. It's inspiring to read about the kind of success you seem to have found.
I am both humbled and inspired by your success story, and Clay Franklin's too. Thank you both!
I don't want to spend 20 years of my life in the job I hate (like that guy that wrote to you! How could he anyway? I wouldn't be neither capable or willing to do that!) and ClickNews is showing me a viable alternative! Two thumbs up!
Lynn, great point about the fact that we'll never have the perfect plan. That's what held me back for many years. This phrase from author Robert Ringer has really motivated me lately: "Nothing happens until something moves." That something...is us!
Great post. I know it was a very slow start for me in online business. I gave up several years ago, then some time back I met some people who were doing a good living with putting up blogs and promoting them to make money with Adsense and other products. It's a very motivating thing, when you don't know how to start, to learn about paths others have already trodden.
Starting online is easy, if you don't expect to get rich in a month or so and retire in 2 years. Online business is just like any other business. There are no "secret weapons", "magic formulas" or so... You just have to be serious about your work and results will come.
Lynn I just wanted to say thanks! I have read your blog for many months and I have never got up the nerve to comment before. After hearing you speak at NAMS5 you really inspired me to take action and start a blog based on my passion. With this post you have once again helped me on my journey to become an online entrepreneur.
I agree with you, Lynn. there are lots of business available online. it's depend on you which type of business you want to do.
I think it's never too late to start a online businees. I keep hearing how the market is too crowded and things like that but I think that is enough room for everyone. A business plan is necessary but should not expect to build it the perfect one. When you start a new business you must take action right away, in business, time is money and no one should spent time his precious time just for build a business plan.
To me, there are 4 simple steps to really make it on the starting phase of any form of online business:
1. Research
2. Plan
3. Take action
4. Constantly learn
These 4 are extremely important to really make it online. And also, it's best to enjoy what you are doing (probably the niche that you'll be choosing to engage with).
I believe to build a sucessful online business requires two major bit:
1. knowing the internet, inside-out, looking for techniques of experienced small business owners.
2. Work hard!
The rest should come by itself...or at least this is how it worked for me:)Thanks for sharing.
This is a good article for those who is a newbie in online business like me!
Many thanks! :')
Great article for new people looking to make money online. Thanks
I think I'm going in reverse from you, going from doing some affiliate marketing to helping my computer and business clients with there local small business marketing.