In today’s video I’ll be talking about how to start an online business. You’ll be able to start an online business in Nigeria even as a kid. You can start an online business with no money regardless of the country you’re in, whether in Canada, uk, australia or as a teenager; 13 year old, 16, 15, 14. Even at home. You can start many different businesses like boutique, baking business. I have no doubt that you’ll start the best online business.
When it comes to an online business, you typically always have only two options when it comes to selling. The first option is “SELLING SERVICES” while the second option is “SELLING PRODUCTS”
Whichever one you choose is totally up to you but know this first. Selling services means selling your expertise, skillset and most importantly your time. Whereas selling a product is selling a tangible thing like a digital product, software or a physical product on an e-commerce store. Again, whichever one you choose is totally up to you.
BUT!! Before you start any online business, you’d need to ask yourself two very important questions.
Question One: Are Your Potential Customers Looking For The Solutions Your Business Offers?
This is very important because you wouldn’t want to create a product that your family members and friends like but after you put it into the market, very few or no people buy that product. What you’d want is to make research and be 100% sure that people are actively looking for a solution to a problem, in other words “YOUR PRODUCT”
Question Two: Does Your Business Idea Or Product Have High Profit Margins?
Take this example; You buy or make a product or service for and sell for . This means that your profit is only . This is going to prove to be an issue in terms of scaling your business and the long term growth of it because you only have profit for each unit f product or service you sell. It’ll be worse if you have to pay for things like employees, factory rent, bills etc and all you have is per unit. But lets say you make a product for and sell for . That means you have as profit. Don’t you agree that the things that I aforementioned are going to be a bit easier to take care of because of the higher profit margin per unit. The forex term “Buy Low, Sell High” is the key mindset in this scenario.
In business, specially online business you have to start small. Start your online business with only a few products, sell those, use part of the profits to buy more products and repeat the cycle again and again. This way you’re gaining experience and are mastering the online business game. Make Money Online video.