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Seven things to Consider before starting an Online Business
Are you thinking of starting a Home Business?
After two and a half decades in the corporate world, when I started my first online Business in January 2020, these are the seven things I considered.
1) Physical Products or Digital products
After a lot of contemplation I decided that I would start my online business with only Digital products. I did not want to deal with shipping, returns , bad products, inventory etc.It is much easier to start a business with useful digital products. Also the cost of starting an online business with only digital products is much less than with physical products.
2) Solo business with nobody to report to and have nobody reporting to you.
I decided that I did not want to report to anyone, nor have anyone reporting to me.
I have worked for so long, brought up two kids who are almost out of college now so I wanted to have to do what I really like -which is to travel. As long as I have my laptop with me I can work from anywhere. So I chose something in which I do not need an infrastructure and people reporting to me. While every business involves interactions with people and which I do really like , I did not want anyone reporting or obligated to me. I want to be free and so I chose something which would allow me to do just that.
3) Online Business with Low Investment
Money gets more money and if you already have a lot of money you can invest in real estate , stocks and shares etc. to earn a regular income. But as I did not have a lot of money to start with and no online digital marketing experience, I decided to start with a business which required a very low investment. In fact, initially I looked at just free opportunities. Frankly they donât really work. So I looked for opportunities with low investment and found an ideal opportunity which could generate high returns with low financial investment and reasonable investment of time and effort.
4) Creating Recurring Residual Passive Income
While exploring various online opportunities, I realized that there is no way to get an immediate passive income unless you have a large amount of money to invest in property or in financial investments. You need to invest time and effort along with a little financial investment to grow your business and set it up so that it can generate a recurring monthly passive income for you after a few years.
When I was exploring various options last year, I was working on a corporate job with a good income and incentives. I also needed something that could grow big enough to ultimately replace my monthly corporate income. My ultimate objective is to work hard for a couple of years, set up a business and start generating a monthly income from it even after I stop working on the business. Fortunately, I found just the thing business which can generate me a regular monthly income equal or more than my corporate salary and in just a few short months it has started showing some results.
5) A Business with a genuine product which many people need or want
I wanted a business with a real product which people can actually use and which helps them also in some way. While I was researching my business idea, I found many pyramid schemes where there was actually no product .Then there were some products which were very low cost to start with , just $10-$15 but when you actually went to buy it , you were bombarded with lots of upsells. As the upsells were not disclosed earlier, some of the products were quite useless without the upsells and some were frankly of very bad quality. I wasted a lot of money and I frankly did not want to sell something to people which I myself didnât like or care for. So I ultimately found a company which has a genuine product, has been in the business for a long time and has been paying the affiliates working for it regularly every month. Those who are putting in the effort , have been earning a full time income with it.
6) Global Online Business
I live in India and I was looking for a global opportunity. I also travel as my sons are studying in the United States. So I was looking for something which I could work on from anywhere.
Most products are focussed only on English speaking countries and do not have websites in other languages. I found a company which has designed all its websites which can be read in any language and are able to pay their workers in any country globally through direct bank transfer, cheque or Paypal. A Global online business can also have a large customer base and indeed I have customers from various parts of the world including Phillipines, Portugal, Canada, Nigeria etc.
7) Easy Online Opportunity which anyone can follow
For most of my life, I have traded Time for Money. I have missed out on time with my family, following my passions and doing what I really want to do. I now want to work on my own from anywhere and generate a full time income from anywhere.
In Today's world it is necessary for everyone to have multiple sources of income. Even if you have a very fulfilling job or business today, things may change and have changed for many of us in 2020.
Here are three options which you can start even if you are currently employed in a full time job or business or even if you are a student. All these three opportunities can generate a Full Time Recurring Monthly Passive Income which will continue even after you stop working .
Depending on the investment required , the effort and the time you can put in you can choose to join one or more of them.
Listed below is the investment, expected returns and the effort required along with the pros and cons.
Global Domains International (GDI) - Affiliate Marketing
Investment : $10 pm(Basic Member) , $50pm (Premium Member)
Product : Domain Name and Hosting (Affiliate Marketing)
Expected Earnings: $50- $3905pm or more (Basic ); $200-$20000pm(Premium)
Effort Required : Medium-High.
What is Required:
You need to refer members to GDI. If you are a basic member and
you refer 5 people, they refer 5 people and so on till the 5th level , you will start
earning $3905 per month. As a premium member this can increase up to $20000 with
just 5 members. There are many other bonuses also.
Pros:
If you do not have a large budget , this is ideal for you.
If you are good at recruiting others ,this is a great program for you
If you already have a large team, this is a great program for you as you will start earning quickly
Has been around since 1999 and pays regularly , so it is a tried and tested company and pays regularly.
Helps create a recurring income. Once your team is in place, you will get a recurring income even if you stop working.
Good program from newbies as not much investment is required
May take time to build till the 5th level.
Cons:
You need to put in effort to recruit and grow your team.
Consistent and Persistent efforts required till you have a full team in place.
2. Gofounders and Onpassive: Founder in an upcoming Unicorn Company
Investment : $97 (increasing to $149 when Soft Launch Starts)
:Plus ($100-$250 at time of launch)
Product : Become a Founder in an AI & IT company before it Launches
Expected Earnings: $4,000-$10,000 per month recurring (within 3 months-1 year of Launch)
Effort Required : None-Medium
What is Required:
This is an automated opportunity and if you do not have much time to spend, this is ideal
for you. You become a Founder in Onpassive, a US based AI and IT company through
their Gofounders Platform and earn a recurring passive income as the company grows.
Your one time investment of $97 (or $149) as Founder fee and another one time investment in products $100-$250 (exact price to be decided soon) can generate a life time of recurring income for you and your family. This Founder position is available only till the company launches in December 2020.Those who are interested in growing their
business and earning faster, can invite others to join them as founders , build a team and
grow faster.
Pros:
If you want to start earning online with the least possible effort, this is the right company for you.
There is no need to sell or recruit unless you want to
It will provide you with all tools that you require for digital marketing at a one time out of your pocket cost to you.
It will help automate your other businesses (if you have any)
Good program for newbies as traffic and sales are automated
Your income can grow really fast as the company grows without you having to do anything
Cons:
The company is yet to launch in December 2020. This can also be seen as a positive thing if you want to grow your team before the launch just by paying $97. If you are ready with a team of 3 or 9 or 27 or 81 people before the company launches. your earning will grow very fast immediately after launch.
3. CashFX - Grow your money and start earning daily within the next 72 hours.
Investment : $300 (Minimum) ; $100,000 (Maximum)
Product : Automated Forex Trading
Expected Earnings:$50- $25,000 per month or more
Effort Required : Low-Medium
What is Required:
You start earning daily after 72 hours of joining. You earn 1-3% per day through automated
Forex training. You also earn in six additional ways by sharing the opportunity with others.
Pros:
This is a sure way of Earning on your investment daily.
Everybody who joins earns daily.
It is possible to grow a small investment to a large amount
You also get training on Forex trade
You can also copy trades
This can create a recurring weekly income
No selling Required
One can refer the opportunity to others but even if one does not, one can still grow a small investment into a large one.
Cons:
The only way to invest is through Bitcoin. You invest in Bitcoin and get paid in Bitcoins. This may be a restriction in some countries.
đ€ 7 Things to Consider before starting an Online Business
đ About Vandana Nanda
đ My Story : The Journey Thus Far
Vandana Nanda, is the Founder and CEO of Winbrand Academy, an Online Personal Branding and Digital Marketing School.
After working in the corporate world with IT and Education companies for over two and a half decades, Vandana decided to venture online in 2020 on a full time basis.
Working online with Time Freedom and Financial freedom has been a long cherished goal for her. Vandana has travelled the world and experienced both extremes of life , going from being a successful corporate executive and a homemaker to being a single parent and bringing up two young children while also focussing on a full time corporate job.
She has been able to bounce back, learn new skills and continue on her path to achieving Financial and Time Freedom. She has made it her mission to achieve financial freedom herself and also help thousands of people across the globe to find financial freedom by doing what they love. Through Winbrand Academy ,she is helping Entrepreneurs, Small Business Owners, Real Estate Agents, Insurance Brokers, Authors, Actors, Musicians, Lawyers, Teachers, Industry-Specific Professionals, and of course, people with a specific Passion from around the globe brand themselves.
Vandanaâs purpose is to help people brand themselves as Leaders and Authorities in either their specific niche or in whatever their passion is while creating an income doing what they love.