Popular Picks for an Online Business

Setting-up a business today doesn’t have to be a hassle anymore. In fact, many people have noticed that online businesses, compared to traditional ones, are preferred nowadays because of several reasons: high marketability, low maintenance, low capital and ease of use.  

If you’re thinking about creating your own business, here are ideas that do not necessarily require much capital but would surely add to your income:
  
1. Blogging
Blogs are available for free almost everywhere, but known hosts include Blogspot or Wordpress. The good thing about blogs is that you can write about almost anything of interest and if you’re blog receives alot of visitors, you can welcome advertising for websites or big companies. The price of advertising can range from a $50 to $1,000 per month, depending on the amount of visitors you have per month.

If you’ve just created your blog, Google Adsense would be a good starter. Google puts advertisements related to your blog posts and you get paid for every click that a user makes. This would help you earn extra for the mean time, while you build a stable fan base.

2. Affiliate Marketing
In affiliate marketing, a user signs-up with an affiliate program and is given commission for every successful transaction entered in his name. Affiliate programs are abound in the internet and some give up to 50% referral commission for every product sold. The good thing about it is that you only have to sell products and do not have to provide capital nor produce original products. If affiliate programs interest you, you could check out websites like Affiliate Scout for a directory of affiliate programs you can try out.

3. Online Retailing
Selling stuff that you might find lying around useless, might just be the same thing someone’s looking for from the other part of the world. Online retailing has become a hit because capital is barely needed and products are mostly stuff that you don’t need anymore. Instead of throwing them away, products can be advertised for free in websites like Ebay and Craiglist, where prospective buyers are always on the lookout for something.
   
4. Sell your Skills
Many people around the world actually gain extra income by selling their services online. Be it writing content for online magazines to creating an online portfolio and selling your advice on a per hour basis, selling your skills is easy because you could always think of something you do best and offer it for a fee. If you’re interested in article writing, check out websites like Associated Content, Suite 101 and Odesk. And if building a portfolio or website appeals to you, head to Free Web Hosts for a list of free website providers. 

How to Find a Business Mentor

Source: Small Business Transitions

If you’re planning to start your own business or you’ve already started one and need some advice on how to move on, asking for the help of a business mentor is one good way to ensure success in the long run. However, looking for a business mentor is a daunting task but with patience, some trial- and-error, and a few great tips, you’re sure you could take your enterprise to a whole new level. 

What do you need?

One thing to consider before you pack your bags and go looking for a potential mentor, is to define what kind of advice you need and from whom. A business has a lot of areas to work on: promotions, staff management, financial management and so on. You should make sure that you’re looking for advice from the right person because there’s no such thing as an ‘over-all’ mentor to work with.

Who do you need?

There’s a clear line between mentors and advisers. Mentors are people who try to help you monitor everything and constantly give you feedback. Advisers, however, are there only to give you advice on a certain matter, hence the name. Do you want someone to keep track of your progress and then give advice or just someone to run to whenever you need one? This is something to think about.

Your budget should also be taken into consideration. Mentors are mostly costly at around a hundred dollars, but that doesn’t mean it’s the end of the line. In fact, several governments like New Zealand and Ontario, Canada have programs that offer mentoring.
Online websites like Score, offer business mentorship for free. Just remember to send thank you cards to your mentors, or treat them out to lunch for the help they give. A little something goes a long way.

Build a connection.

If you’ve already found your mentor, build a connection with him. This maybe hard at first since you don’t want to drop a pile of files of proposals or project plans for him to sort through in your first meeting. Try out something easier, like a question about your business that goes like “What do you think of …” or “What if I do…”. This would certainly keep things running and would lead you to diverse topics to talk about. Once you’ve established rapport, things will certainly follow through.

Last but not least is to enjoy.

Building a connection takes time but time spent is all worth-it. In fact, you could even ask your mentor for some support groups in your area which you think could help you build more connections. Bear in mind that your mentor has connections of his own, if he’s been on the field for quite sometime now. Having you introduced to his associates would bring up a lot of opportunities.  

Affiliate Marketing as Your First Business Venture

Sample Affiliate Program (Source)

Affiliate marketing is a popular business practice where a merchant or retailer will ask “affiliates” (individuals or groups) to help promote their business. Customers who use an affiliate link to buy products or services will be directed to the original merchant’s site to complete their purchase. Affiliates then earn commissions based on the number of leads or sales they turn in. This marketing program is a simple way to boost merchant profits and a good way for individuals to get started with a small online venture.

 
Find the BEST fit for you. 
Research and compare different programs through existing reviews. Not all programs are equal so be sure to read the fine print. Reputable affiliate programs offer the best training methods and will walk you through to your final sale.

Stay away from ‘Get Rich Quick’ programs.
If it sounds too good to be true, it’s probably not. Keep in mind that it takes hard work and patience to make your affiliate business succeed. There’s no guaranteed, fool-proof, auto-pilot system for your online business. Constantly check and recheck your merchant’s background and reputation. 
 
Be consistent.
Be prepared to wait (awhile) to have a stable income. Build your reputation through traditional and innovative marketing techniques to promote your affiliate business. It will take a lot of discipline to meet your goals and grow your profits from month to month, year after year. 

Don’t spend too much on training.
Seek out free resources and expert advice to generate traffic and maintain your online business. Internet marketing is actually one big community where success is based on good networking. If you have the right connections you can enjoy a lot of free resources to help you earn and run your business right. 

Business Ideas: Where to Find Them

Source: The University of Maryland - Robert H. Smith School of Business

"Lack of money is no obstacle. Lack of an idea is an obstacle."
-- Ken Hakuta

Getting that great business idea is the first step to being an entrepreneur; and it can take some time if you don't know where to look. It’s a good thing that starting a business now is easier than in times past. You can take advantage of many free resources to help you find that brilliant business idea. Here are some great ways to kick start your dreams and turn them into reality.

Look Into Your Skill Set
The first place to look is your own skills, profession and interests. Here’s a checklist:

1. What special training do I have?
2. What’s my personal history and background?
3. What’s my educational background?
4. What are my meaningful work experiences?
5. What am I good at, what do I enjoy doing in my free time?
6. What volunteer work have I done?

If you’re thinking about turning your hobby into a profitable business, do this with a healthy dose of reality. Doing what you love and turning it into a full fledged enterprise can come as shock to most people because it takes a certain amount of honesty to follow through. Ask friends and family what they really think of your skills and once you get past your inner circle, you can seriously think about making money off your own talents. 


Explore Opportunities in Current Events
Being an entrepreneur means having an eye for opportunity. If you’re interested in finding out what sells, take in the local shopping scenery. Observe which groups of people buy what kind of products and services. 

Come up with Something Completely New 
The first rule of business is to find a need and answer it. Finding your target market is the whole point of a business idea. Profile your market with as much detail as possible and ultimately solve a problem in that area – and keep them coming back for more.

Improve on Something that Already Exists
One of the greatest myths of starting a business is that you have to have an original idea to become successful. The fact is - a lot of great products today were built on existing ones. You can look at what you already patronize and see what you would like to improve on if you were making that kind of commodity. Find your own angle and think of how you can have an edge over the competition. 

Examples: faster delivery, friendly customer support, better prices, newer materials.

Explore Different Markets
Another myth that discourages new startups is saturation. Once you’ve already entered a “saturated” market, you’re the underdog. The trick is to find another demographic or location that your business can appeal to. You can offer the exact same service and product elsewhere where the market is still growing.

Finding a good business idea is critical to any successful venture. Catch little nuggets of inspiration in your environment or observe opportunities in current trends and other localities to start your own business. Good luck and happy hunting!  

From Employee to Entrepreneur: How Do I Do It?

Everybody’s getting into the action these days. People are starting to look for ways to become more financially independent – a 9 to 5 job just isn’t enough anymore. If you’re one of those people, you may start wondering about a small home business as a way to make more money. You either do it for more income or if you want to pursue a hobby seriously and make money from your interests.

If you are scared to start out fresh, you may still tinker with your business ideas while keeping your day job. But eventually there will come a time when you will decide to work on your own small business full time. How do you make that transition from employee to entrepreneur?

First things first, you must be ready for anything and answer the following questions.

Source: Startup USA . biz 

1. Do I know what I’m getting into?

This means two things: understanding the nature of the business and knowing the necessary skills and work that needs to be done to understand your target market. Doing enough research and market testing is crucial. This will help you get a good ‘feel’ of what really sells and what the market needs right now.
 
2. Do I have a clear and sound business plan?

After you’ve done your research you will have to make a plan about your direction 
and vision for your business. Start planning details for the initial year. Where will the business be in 6 months? What should it accomplish in a year? Setting goals and milestones is good for tracking your results and progress.
  
3. Do I have the resources to make my business work?

Opportunities appear at every turn and you need to have the proper leverage to make them work for you. The next thing you need is capital. After you’ve done your market research, calculate how much you will spend on materials, equipment and labor. Make a checklist of all the things you will need and scope out the best deal. Have a file on potential investors and advisers to help you get through what you need to know. Starting out can be scary but if you’ve covered all your bases, you can get your business up and running in no time.