How to Start an Online Business in Spite of the Bad Economy

An online business, done correctly, can be your ticket to not merely surviving tough times but thriving. They can actually provide more income than a regular 9 to 5 job allowing you to escape being a wage slave or if you’re a little older and that early retirement may have to wait a few more years this may be perfect for you.

Think about it. Now more than ever, people and companies are more conscious of their spending habits and are turning to the internet to save cash and get value for their hard earned money. This doesn’t mean that any online business will make you rich. You’ll still need to learn how to set yourself apart from the competition and determine ways to streamline your operations just like any other business.

One huge plus, especially if your 401k has taken a beating and there’s no equity in your home to borrow against an online businesses normally doesn’t need as much start-up capital compared to a traditional brick-and-mortar business, but usually requires a steep learning curve. If your currently unemployed this should present no problem but if you are hanging onto your job it might take a little longer to get up to speed. There are no shortcuts and like any business, certain skills are required to make it worth your time.

Just like any other entrepreneurial endeavor a half hearted attempt at being an online entrepreneur will get you nowhere. Before you decide to delve into this avenue of business, consider how much time you can devote to your online business. Also consider what type of business suits you best. Your personality and skill set are great tools to use in making this assessment. Look deep within yourself. Take a long hard, objective look. Keep in mind you’ll be putting a whole lot of time and effort into the new venture.

Eventually, you’ll have to decide which online business is best for you and for most people that usually means deciding which business will generate the most income.

Now let’s take a quick look at some of the top online business opportunities that await you online…

Blogging - A blog (short for web log) is a website maintained by an individual with content (text, pictures, art, videos, music, podcasts, etc). Consider it your particular take on anything and everything. Be warned. The internet is already supersaturated with blogs, so if you’re thinking of adding another, try to do some sort of business blog to help attract interested advertisers. A well constructed, well written, popular blog can attract advertisers or become part of an affiliate marketing network.

Affiliate Marketing - Basically, affiliate marketing is a marketing technique where revenue sharing occurs between advertisers/merchants and online publishers (you). Choose a search engine optimization friendly domain name, and create a website around it. Add content, drive traffic to it, and look for merchants with affiliate programs or try joining an affiliate marketing network that will link your site to related merchant sites. Create more websites. This is probably the most labor-intensive and technical online business opportunity out there but there’s considerable income for those with the technical skills to make it worth their efforts.

Online Auction/E-commerce- One man’s trash is another man’s treasure, especially in the online marketplace. You might begin by auctioning personal items online from your attic or garage. When you’ve depleted these items, you may want to sell merchandise that you have obtained cheaply from local sources, for example, to interested buyers from around the world. You could also manufacture your own uniquely marketable items like handcrafted jewelry and other arts and crafts projects. Then again, be sure you stand out from the crowd because, as many people have discovered, there are a LOT of people selling the same type of products and merchandise online.

VA (Virtual Assistant) - As more companies downsize, support services begin to shift from the real world to the virtual world. Providing administrative and business support to other business owners might not make you rich but it might be worth doing if you’re unemployed or a stay at home parent.

Freelance Services- Provide professional services like copywriting, web design, photography and illustration. These jobs are truly skill based. Therefore, learn and exceed in the necessary skills to attract and maintain your client base. An impressive portfolio will take you much farther than an impressive resume in this line of online business. So be sure to make your published work speak volumes about your skills. This online business requires a considerable amount of talent and knowledge to make it feasible as a significant source of income.

Financial Solutions Marketing and Training - Of all the online business opportunities available, the most lucrative and most rewarding appears to be that involved with internet marketing and financial education and wealth management. This business allows one to make a substantial amount of money, and allows one to teach other people how to make money. Helping other people achieve their fondest dreams of obtaining a wealthy lifestyle can be a truly rewarding experience in more ways than one. You too can learn to create wealth by using the right mindset, the proper tools and a fair amount of initiative.

In summary, do some soul searching and prepare yourself to make a big commitment. Don’t do it "half-way"; go the distance and give it your best shot possible. Whether you succeed or fail you always know you did your best and that’s what counts. If you require additional professional guidance you may want to review the mentoring and business coaching services of Ethos Mentor.

Ellisa Brenneman is a born entrepreneur. She's started green businesses and has vast experience managing public, media and investor relations for small-cap public companies. Ellisa is the owner of Ethos Mentor. Ethos Mentor provides entrepreneurs with affordable one on one mentoring, business coaching and capital raising services so they can launch and grow their businesses.

Ethos Mentor
Ethos Mentor offers entrepreneurs affordable business coaching, mentoring and capital raising for start-ups and existing businesses.