Our new era has totally changed the rules of making business. Geographical borders which are restricting people from a global business were completely destroyed by the Internet. The globalization opened new possibilities for everyone not depending on their geographical situation. Today everyone who uses the global network can make business with anyone. The only things you need are your personal computer, Internet connection, and knowledge. Yes, you need the knowledge to make online business. At the present time, noone can tell that the reasons for a person’s failure are a particular country, government etc. Today, in the century of globalization, you can succeed in every field and your geographical situation cannot limit you anymore. We see that loads of teenagers become famous on Youtube, Facebook, Instagram etc. Lots of people from countries of the third world make money by the help of the Internet. If you are reading this post, you must be really interested in online business. You may be a beginner in this field or someone who has recently made a couple of dollars via the global network. No matter who you are and your financial status is, if you are reading this post, you are questioning yourself and comparing different types of online businesses. I may guess if I tell that you are on your path to decide which online business is the most profitable and suits your personality the most. In this post, I will try to give the most profound answer to this question.
There are tons of different kinds of online businesses starting from Forex trading, online stores, online marketing, offering your services on Fiverr or Freelance.com, trading on eBay, Etsy etc. All of these enterprises may be extremely profitable. What is the right question to ask yourself while choosing an online business you will start? Ask yourself the following question:
1) WHAT ARE MY TALENTS, CAPABILITIES,AND MY FEEDBACK?
Different kinds of businesses may suit you more than others. Therefore, I suggest you to ask yourself what are you good at? You should look deep inside yourself with a profound introspection and discover your abilities. If you have awesome analytical skills, you may succeed in Forex trading and at the same time, your skills may be useless on eBay. If you are good at web developing, translations, programming, you may find yourself on Fiverr where numerous people may need your skills and knowledge. If you are good at communication and you have some financial or any kind of useful knowledge, you may offer your consultations on your personal website. If you are good at selling and you like trading different things, you may succeed on eBay, Etsy, Amazon or on your personal store. If you are skilled in entertainment activities, YouTube may be the best playground for you. You will apply your talents and make a financial income with ease. There is no reason for a perfect singer to trade on eBay and for a simple seller to write a book and sell it on Amazon. Not everyone can write a good book. Every activity requires practice and knowledge. Everyone was created with a particular purpose and no one can perform all activities with the same level of success. The first things you should think about while choosing your niche are your born talents, knowledge, and personal abilities.
2) WHAT IS MY FINANCIAL CONDITION?
As you know, particular types of commerces require specific financial budgets. For example, you cannot run an online store if you have no products to sell. To have these products, firstly, you must buy them. Of course, you may use things like dropshipping or make photos of products from different stores and then sell them on your online store but these activities will require additional efforts and may be very risky. For example, you sell someone a t-shirt and then you request this t-shirt to be shipped to your buyer, but the t-shirt does not exist in the warehouse anymore. What are your next steps? You will cancel the order and tell your seller about the reason for this cancellation. There is a 99% likelihood that this seller will never even visit your store again. There are tons of online shops which offer a perfect customer support and provide people with high-quality products, and this buyer will forget about your store as long as it does not satisfy his needs and additionally adds him some disturbance. Ok, it’s clear now that to run, for example, an online store you will need to have some money. Trading on eBay may require fewer finances than trading on Amazon. Etsy is the cheapest one. To make money on Fiverr the only things you will need are your knowledge and skills. Sometimes you may need a peculiar technical staff to perform your tasks. Trading on Forex or NYSE (New York Stock Exchange) will demand thousands of dollars, and if you have no practice in these fields you may loose all your money in a few seconds. The aim of this paragraph is to let make it clear for you that some online businesses may require your financial input and you aren’t absolutely free in your choice. So, loot at your pocket and in you bank account and try to choose the most convenient type of online business that is compatible with your net worth.
3) WHAT ARE YOU PASSIONATE ABOUT?
If you read success tips of different business gurus all of them will tell you that you should make what you like. Doing the things which you are passionate about is the best recipe for a great success. Look at some famous singers, software developers, actors, politicians. All of them love their business and it is the main reason for their fabulous success. Of course, you may be successful in the field which you don’t like but the whole process of such business will disturb and annoy you. Hence, it will influence your mental and psychological condition. Imagine yourself making something that you really love and additionally, your business is giving you financial income. What can be better that this? Making what you really love and your business is rewarding you with tons of money. The whole life will become a joy. Some communicative, extroversive people may dislike activities which require too many analytical skills, working with graphics, schemes and etc. On the other hand, an introvert may not like a business which is connected with communications. Firstly, you should explore yourself and then choose the business which really suits your personality.
4) ANALYZE THE SITUATION ON THE ONLINE MARKET
Online stores that sell digital things, mainly mp3, are not so profitable nowadays as they were a couple of decades ago. A person will not give his money for a song when he can download this song for free somewhere else. Of course, there are some people who are still paying for it but the majority use free services. Digital things can be easily copied and distributed amongst the masses. At the same time, physical goods will be always popular and those who sell them will have a regular income. I give you an example of the porn business. At times when online video was not much spread, the porn industry was making tons of money by selling movies on discs, and porn journals. Currently, no one needs to buy a porn film on a physical disc. It became easier and more convenient to watch porn online. The porn industry is still make money but they have already diversified their income sources. Before you choose your online business, you should carefully analyze the online market and try to predict which kinds of activities will be profitable in future and which of them will die.
Keep in mind my tips and check out my future posts to become more successful in online business!