Making money through online business has its own perks. But starting up an online business is not solely for money, there are other purposes too for which online business can be started. Which exactly means that there are a few approaches that you can take to building your business online.
Business is a journey where you can only visualize your destination, but your path might take you somewhere else. Because things don’t really go the way they are planned. The only way to grow it any more would have been to open a network of sister stores, and eventually be king of a broader niche. But since that involves building out new sites, it is a difficult proposition.
So what kind of business do you want to build, and what do you need to do to build it? There is no correct approach – it’s a matter of what you want to do and the amount of time and effort you are willing to put in. Because the approach you begin to take might not be what you end up doing.
So there are basically three approaches which are:
2.Turning Your Hobby Into Business
The barriers to entry in this type of online business are really, really high. These operations require lots of funding – not just for inventory, but for operations too. A growth-focused business does not aim for profit first, instead it aims for growth first. Here your first priority will be growing and dominating the market. Growing your customers, revenues, etc. If you can stay there for long enough, you might just be unstoppable afterwards.
This is basically built on an idea and is fueled by professional, meticulous execution. Before you start calling up angel investors, remember this: you may well be headed towards a corporate life here. Growth operations will eventually put you at the helm of the “business” part of online business.
Turning Your Hobby Into Business
Hobby businesses are most probably the easiest entry points into online business. These usually start out as an obsession that eventually turns into an addiction that you can’t get enough of. Once you are bitten by this bug called online selling, there is no looking back from building an online presence.
These won’t make you a millionaire, but they’ll be enough to be worth the time and effort you put in, and will bring a nice source of side income. A hobby business is something you can truly bootstrap. Once you’ve gotten the hang of some online skills, you can apply them more seriously to a bigger niche.
These type of businesses require a lot more work and money to set up. You won’t be able to really bootstrap it unless you are an expert in all departments – designing, coding, marketing, and accounting. Even if you are, you’d have to devote a LOT of time to it to really get it to where you need it to be. As you start building your audience and driving traffic. This is where the crowd begins to thin out.
Lifestyle businesses sound very appealing, but they are still hard work. The way ecommerce is set up nowadays, you can actually run a full-fledged business from anywhere in the world as long as you have a decent internet connection and a laptop or even your smartphone. Lifestyle business either take a sizable chunk of cash or a lot of time to set up, sometimes both.
To sum up, there isn’t a right approach basically, it all depends upon how and what type of business you want to start – or where do you want to see yourself. You can probably build the business in a hobby or lifestyle business, while working your regular day job, and once you feel confident enough, you can quit and move on.