Choosing a Business Venture and Setup
The easiest way to make money online with a successful online business is choosing an area that is something you are interested in. As you will read later, content is the main factor for having a successful business and it will be much easier to generate that content if you are writing about something you enjoy.
So who makes a good candidate for starting an online business? Well that answer is simple. You simply must be passionate about something and be able to share that passion with others. So, lets get down to the basics.
First off you need a storefront. Since this is an online business that means owning a domain name. Your domain name should include the topic of your business. So, if you want to create a fan page for your favorite sports team and make money from that page, your website should not be named after your favorite cereal. Simple enough, right? So you have a domain name and you hosting your site. Next up you need to develop content for that site. Content is simply the same thing you are reading right now, an article. My passion is in financial management and building wealth. I offer advice and articles on taking advantage of your 401K, retirement planning, college planning and debt management. So to talk about these things is very natural for me and I enjoy it. I never have a problem coming up with content.
So you have your content and now you might be asking, so how does this make money? Well your content is going to be indexed by search engines and once it is, they determine when your website shows up in search results. Search engine optimization is a completely separate and a little more complex topic that I will not go into detail on right now. However, content will get you search results and that traffic is where you make your money. Going back to my example of a fan page …. So you have a fan page for your favorite football team. The way you generate income from that traffic is by offering products that fans like yourself would enjoy. So maybe have some advertisements for Jerseys for your favorite players. These advertisements come from affiliate accounts. In short that is a system that pays you a sales commission for each sale you refer them from your online website. In return for that sale they pay you a certain percentage. Some programs may offer you a dollar amount based on the amount of traffic you refer them. Once you are in business you can decide which programs are going to provide you for the most financial incentive you bring them.
This particular type of online business is a no inventory option. Perhaps you can make a product on your own and do not mind carrying an inventory. So instead of posting advertisements to other products, you would create a shopping cart to sell those products. If you are going to carry an inventory in your online business I would highly recommend some type of small business accounting software to keep track of invoices, orders, and shipping information for the products you are selling.
Starting an online business really is that simple. Once you are established you will be surprised at the amount of growth you can see. To set a clear anticipation, it can take time before you start bringing in a lot of traffic. It takes a lot of traffic to convert to sales and a lot more traffic to convert to a lot of sales. So, do not expect to make your first million during your start up phase. However, be diligent in your efforts to discuss and promote your website and you will be surprised to see all the income potential you have been missing out on.