There Has Never Being A Better Time Than Now To Go Online
If you’ve found yourself with extra free time these past couple of weeks (and months!), the idea to start a business may have come into your mind. Whether you know a lot about business or nothing, this is a great time to take your income online.
Maybe you already have an existing business, but you’ve yet to take that business online. Reach your customers and find new ones with an online biz. Find out why now is the perfect time to start a business, and 3 ideas to get you started.
The biggest hurdle for many of us as the 2020 pandemic hit, was the loss of income across almost every sector. For some of us, it meant looking elsewhere for a source of income. This is where many of us found the benefits of passive income.
Taking your business online can be one way to create avenues of passive income for you and your biz. Passive income can be just making sure you have a consistent income coming in, that isn’t 100% dependent of how many hours you will be able to show up at work this week, or whether you need to stay home. Passive income can simply mean something you have worked very hard to set up, market and sell to people that now offers you a consistent income. An online business can help create that for you.
I don’t like the idea and script that many ‘coaches’ and ‘boss babes’ use that include passive income. The idea of sipping mojitos on a beach while watching the money roll in sure is a great one, but without hard work, passive income isn’t achievable. Passive income isn’t something you just set and forget and then become rich; it takes planning and marketing and time. It is possible, though. It just may not be the ‘dream entrepreneur lifestyle’ that many people perceive passive income as.
Read our article; ‘Why Passive Income Should Be Your Goal’, for more information on Passive Income and achieving passive income.
When taking my business online, my main goal was having a fully automated experience for customers, and myself. I had a lot of other things going on in the business, so when someone bought our online magazine, or one of our workbooks, I simply didn’t have the time to send it to them personally and follow up. Luckily, with digital downloads, once you’ve created the product, there is very little to do once you start selling.
The great thing about digital downloads is that you can make it a fully automated experience, making passive income a very achievable goal.
Of course, there is still marketing and creation to worry about, and keeping in contact with clients and customers. However, digital downloads are highly sourced after as many people are home and boredom is striking, and it also allows you to free up your time. Once you create a digital download, you don’t need to worry about shipping, you don’t need to worry about packaging or any other problems that physical products impose. It also means you have created something that you can sell over and over again without having to rely on suppliers, time to create, or lulls in the market. Once it’s sold, its automatically downloaded straight to your customer. Follow up emails can even be automated to your customer. With the power of digital, your passive income options expand greatly.
One option that has seen huge popularity in recent years is dropshipping. The idea of dropshipping is that you hold none of the stock on site, instead your website acts like a middleman. Customers still come to you to buy the product, you simply order it in from your supplier and they send it to your customer. You are still in charge of marketing your product, creating a business around a niche of products, and keeping in contact with customers. However, the stock is not in your hands.
You can learn a little more about dropshipping at this article from Entreprenuer.
Some things to consider when dropshipping are;
Dropshipping has always had a higher delivery and turnaround time for customers than local warehouses. However, with the increased demands of the pandemic on the industry, delivery and wait times have pushed this wait even longer. These wait times may turn customers off purchasing.
The location of where items are coming from has come to light with the Coronavirus. Shortages overseas, customers not wanting to buy from overseas warehouses, and lockdown issues have all caused problems for dropshippers. Researching where your products are coming from and knowing the possible restraints an overseas supplier can cause is important to know how to overcome them.
While you might not think you have expertise to share, there is probably something within your niche that you can provide information about. The good thing for you is, people want to learn! So many people are upskilling right now, learning a new hobby or business skill, and people have the time to learn.
Online courses are a great way to connect with existing customers as well as a stand-alone business. If you’re already a serviced based business, this can be the perfect time to change a 1 on 1 business model into a group coaching and online course setting.
Whether you decide to do live group calls, or pre recorded content, workbooks or audio, an online course can easily add another stream of income.
There are many platforms you can choose to sell online courses from, but our favourite is Teachable.
Ready to start your online business? Join our free 7-Day Startup for a crash course in starting an online business in just 7 days. Get all your basics down pat with our actionable guide for women wanting to take their income online and into their own hands.