The most important difference between rich people and not-so-rich ones is the attitude of the person. To become rich, you need to change your behavior, thinking and decision making capabilities.
Rich people always think about growing their income and then getting good returns on the income too. They create multiple source of income and brainstorm on building wealth by compounding the income.
If you are working in a company as an employee, your main source of income is the salary that you get at the end of the month. That is a fixed income and believe me, that salary can not make you rich enough. It is important to add more sources of income and grow your money or savings that way. It will lead to financial freedom as well as financial stability.
Online businesses allow you to work from home and grow the business without investing too much money.
Imagine, if you plan to start a brick building company then how much investment you need to make or arrange. You need minimum $60,000 – $80,000 as a working capital to start a brick building company and it may take 2 – 4 years to get the ROI.
Similarly, if you plan to even start a small bakery, that too will need good amount of investment and you need to be there in the shop. That means, you will be bounded to remain the shop and need to keep thinking on getting the ROI first as you have invested a lot of money there.
Unlike these physical businesses, the investment is almost zero in starting an online business. With as small as $100, you can start a good online business and grow that to as much as $10,000 per month income source. Believe me, I am telling you these numbers based on my own experience and I guarantee that it is 100% possible.
The only think that you need to do is have patience and put you best effort (just for 2 – 4 hours per day).
When I left my job at a software company in 2008 and started my own online business, the early investment was just $75 and the business turned into $5000 per month income source in just 1 year. Now a days, it will not take even that much time, thanks to social media sites and brilliant tools.
Don’t Invest But Reinvest
Well, Internet business is easy to start and may need zero investment at start. But if you want to grow, you should re-invest the profit. So once you start making $3,000 – $4,000 a month, you should start investing in traffic and other promotions.
Here are 5 online businesses that you can start today without any technical experience and with almost zero investment.
# Professional Blogging
Start a blog on a niche of your expertise and get traffic from search engines as well as social media sites. I would strongly recommend to start a blog on a topic that is dear to you. As you have to write articles almost on daily basis, it is important that you should have interest in that topic else it becomes a burden very soon.
Once you start getting some traffic say 10,000 visitors per month, apply for Google Adsense program. Once approved, you can start making anywhere between $60 – $120 a month. As your site’s traffic will grow, the earning will grow too.
For Adsense, you can expect $3 – $7 per 1,000 views. That means, if your website is getting 50,000 views a month, you should get $150 – $350 a month from Adsense. It is important to place the ads at proper location to get more clicks. As Adsense in CPC (Cost per Click) ad network, you earn only when someone clicks on the ads running on your website.
I started my online journey from a blog and within few years, I earned $50,000, mostly from ads.
# Affiliate Marketing
This business is good if you are good at selling something. For affiliate marketing, website is not compulsory but good to have (I strongly recommend). Now you need to pick some products where you can get good commissions. You have to sell the product from your website or with your own link and you will get a cut for every sale.
For example, Amazon offers affiliate commission on it’s products. Now if you have put a banner of a newly launched book on your website and somebody buy that, you will get a commission on that.
So in affiliate marketing, you don’t have to develop any product or provide any service and still you can make good amount of money. With affiliate marketing, I made $100,000 in just 9 months of period. You can find good products on portals like Clickbank and ShareASale to promote and get good commissions.
Important Note: Stick to 3 – 4 products and keep selling those for few months.
# eCommerce Portal
You can sell things on Internet and get paid using payment gateways. The process may seem very complex but believe me, it is very easy. I have mentioned few tools to setup an eCommerce website without much effort.
Once the site is up and running, you can list the product and start selling it. As you will grow the traffic, the sell will automatically grow.
# Ad Agency
On Internet, there are advertisers and publishers. Advertisers are the companies promoting their products or services and publishers are website owners where these ads can be shown. If you are good in communicating with people, you can connect these two.
Create a list of publishers and get a quote from their side. Now get in touch with advertisers and give them offers in a package. This is a win-win situation for everyone. For this business, you need to setup a website and an email address. Now pick you phone or email and start taking steps.
# Online Education
If you know something and like to teach people, this business is very good for you. Create small 10 – 20 minutes videos on the topic and upload it on YouTube. Give link of your website under YouTube description area and ask people to visit your site.
On your website, offer them a package of 20 lessons or more and also offer them variety of other topics to choose. They will buy the package as needed and you can run the business by spending not more than 2 hours per day.
If you have little bit of technical knowledge, you can start freelancing and earn some extra income. As you are not going to join any company, I don’t think your current employer will have any problem. Programmers, Voice Artists, Copywriter, Designers, Bloggers etc. get paid at least $30/hr. and if you are good at it, you can get $60 – $90/hr. too.
Never Compromise on Building A Strong Foundation
When I was starting my online business, this much help was not available. I made certain mistakes and learnt lot many things in a hard way but here I will share my learning with you. My sole purpose is that you should not make those mistakes and build a great online business for extra income.
Along with these tools, I would also give one suggestion and i.e. Even if this online business is your side income, take things seriously and professionally, just like any other business. Track your tasks, goal and time so that you can measure the success at the end of the month.
Most recommended tools for starting online business
# Email Autoresponder – When I started my first blog back in 2008, I was not aware of this awesome platform or practice. The most important asset that you build along with your website is the email list. I started bit late and left too much money on the table. Such email list of subscribers is the money machine that will grow with time. I strongly recommend Aweber email auto-responder as it comes loaded with features like followup sequence, smart delivery option and more.
Pricing of Aweber starts at $19 but believe me, it is more than worth that money.
# Hosting Service – Hosting server is required to keep your website files and the website live. There are many hosting service providers available on Internet and you may find some providers offering the service for free too. Don’t ever go for free hosting service. You will compromise the website and it’s traffic and on long run, you will feel terrible about that decision. Good hosting service makes sure that your site is secure and it serves the pages fast (which matters in SEO). After working with many hosting service providers, I found Hostgator as a reliable and good. Hostgator plans start at $3.95 per month and it is 100% good to start a website.
You can upgrade the plan later as you grow your traffic. If you have good budget in pocket and like to have total freedom from the hosting side, in such case go for WP Engine.
# Website Platform – For building a website, WordPress is the best platform. It is capable of running all types of website and it’s free. If you find it difficult to install and use WordPress, I can help you there too. Once the WordPress setup is done, you can choose from available themes for the design purpose.
I recommend Divi theme from Elegant Themes to start your website as it comes loaded with lot many design features as well as Divi Builder. This page builder will allow your to create designer pages without writing any HTML or PHP code.
If you choose any other theme and still like to have that Page Builder capability, get Beaver Builder plugin. It is one of the most recommended page builder plugin and loved by the WordPress community too.
# Google Keyword Planner – Before writing your first blog post or creating a page, check the keyword popularity on Google Keyword Planner. It is a free service available under Google Adwords program to help you understand the popularity of the keyword. For example, if you plan to start an ad agency, search for the keyword Digital Marketing in Google Keyword Planner and check it’s popularity and traffic.
# Moz Open Site Explorer – This free tool from Moz helps you understand your competition in a better way. Before starting or launching your website, you can use this tool to understand the available competition and accordingly, you can set the goal.
If starting an eCommerce website, I recommend following,
- WordPress Plugins
- WooCommerce – For physical products
- Easy Digital Downloads – For digital products
With these tools and minimum investment, you can start your online business.
Starting a business is easy but after certain period of time, you need to think about growing it further. That’s why I will also recommend to keep reading good books and blogs related to online businesses and marketing.
To start with the basic understanding of the Internet business, I would recommend you to go through 2 courses (Highly Recommended). These courses are built with the motive to explain the non-technical person about online business and how Internet businesses work. I myself have gone through these 2 courses and believe me, they are capable of changing your thought process altogether.
With these ideas and tools, I am sure you can start an online business today and earn some extra income.
My best wishes are always with you. Feel free to talk to me if you need any further help or 1:1 coaching. I am extremely excited to talk to you on this matter.