ONLINE MONEY PLANET

With the convenience of online businesses, such as; e-commerce online stores, e-books, web design and web content creation, more and more people want to provide services online.  This had led to many people creating their own products and/or services that they believe are the next big thing.  But how can you tell if an idea is good or not?  We will look at some tips to help you plan out you online business idea and help you get started.

Working From Home

More and more people are choosing to work from home, in fact according to an article in ‘The Atlantic‘, nearly 70% of American self-employed people work from home, whilst one in three workers with a bachelor’s degree or higher have been taking work at home for the last decade.

Online businesses cost less than other businesses since it only requires a domain name and a web hosting service to get started, which would cost less than a hundred dollars. This means that it is easier than ever to turn your online business idea into a reality by setting up your own website.  For your web design, you can look for an intern, search for free WordPress templates, use free web design platforms as your options or, if you are good enough, tackle it yourself.

According to ‘Startup Desi’, the estimated costs of running an online business are as follows:

Domain name - $10 per yearHosting- $15 per monthPaypal commissions- roughly $2 per transactionWeb design- approximately $200-$800 (depending on the design requirements)

Also, with online business comes a wider reach in terms of target market as it is accessible anywhere in the world; which means, that continents are not a factor as you can be anywhere you want to be and you are still capable of providing product or services anywhere in the world with the help of the internet.

In addition, this can be done at home and can be run 24/7, making it convenient for you and your clients. It is convenient for you because you won’t have to worry about transportation. In fact, you can be at home working in your pyjamas and it would be perfectly fine. It can be convenient for your clients as they can contact you any time. In order to have an online business, you would only need a computer of your own and a reliable internet connection.

However, like any other business, online businesses require some factors that you should consider.

Do Your Research

You may already have your online business idea, but just like a brick and mortar business, you will first need to create a business plan. You need to know your target market, competition, funding, resources and strategic partners.

This is the very core of starting your business, so this is very important. If you don’t have any idea of what you want to do and who you are dealing with, you are more likely to fail. So it’s best to do your own research and be sure that you are well prepared. Always remember…

“By failing to prepare, you are preparing to fail.” – Benjamin Franklin

With regards to your target market, make sure that there is a need for whatever service you have in mind, how in demand it is and how you would be able to conceptualize and create unique selling points over your competitors. Researching is the key to all of this. You can use free tools like the Google Adwords Keyword Tool to check if there is someone in your country that is looking for the product or services that you want to provide.

For example: You have an idea and you designed a prototype for a