Earlier when recession had not struck and people were more or less leading an extravagant life, entrepreneurship was something that was frowned upon. People took entrepreneurs as jobless people because jobs in the pre-recession era paid well and paid more than anyone could think of. In all, the economy was a consumer driven one (it still is)! With jobs came higher salaries and job security, perks and an ideal life that most of us aspired to lead and live. Scene 2: Post Recession, the mindset of the people changed. They became more aware of the importance of having an own business.
Small Businesses and the Internet
Thankfully the internet was here all this time. When people faced a crisis in the real world with shortage of funds for their business, the internet provided them with the ideal and nascent platform that was yet to be fully exploited. Internet marketing with affiliate marketing, MLM opportunities, search engine optimization, blog marketing (niche marketing) soon became the order of the day for most internet business startups. It was beneficial from the point of view that the businessman did not have to fork his brains out in ‘manufacturing’ a new ‘real’ product but could do so with the help of online tools that could be easily used and the new product created, and eventually implemented.
There are many parameters to look out for when wanting to start an online business from home. Some of these are:
• The startup cost can be the main hindrance factor for nascent startups. There has to be a budget that needs to be defined by you and eventually look for a business that needs a minimum startup cost. Eventually you can seek to diversify with your profits earned but the startup cost should always be low to protect you from initial losses of they occur.
• The Profit potential of most home businesses is high if you can properly use such businesses to your benefit. Eventually you will find that what you started out a part time business, soon occupies a full time attention from you. In fact, you wouldn’t mind that because you will be earning more than the job that you had earlier.
• The ROI or Return on Investment period has to be short to enable start earning right from the beginning. If you can create a great niche product, undoubtedly profits will flow in faster.
• Look for a business that does not require too much infrastructural backup (including technological infrastructure). Later on as you expand and diversify, you will need to purchase additional hardware to maintain and keep your business up and running.
Affiliate marketing is one of the best home based online businesses that you can pursue, mainly because it is easy and fast to implement. Other ideas include:
• Writing free eBooks
• eBay business
• Internet and affiliate marketing
• Paid Surveys
• Social media optimization and marketing
• Domain Flipping
• Cellphone businesses and many more.
The best would be to start with one and spread out as you keep learning throughout.