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Best Time To Get Into Online Business

There are times when event of great magnitude may force you to act which you may have been delaying. Perhaps you have been thinking of starting an online business. It may appear to you that current crisis may not be the best time to start an online biz.

It is best time, because the crisis has taught, that you cannot rely on one job to have reliable earnings. Though with no assurance of jobs forever, it is still better time to start online business, thanks to cheap and accessible technology. No major expense necessary. You only need a computer and an internet connection.

Before you jump into your online business, you need to decide what model you want to pursue. It is important because you are entering into business because you want to have extra cash. You do not want to be dependent on the job totally. That may be good cause for you. But realistically, consumers do not care for your needs. They are in drivers seat as you must deal with them. So, the important question you need to ask is, would they pay for it?

There are four basic models to choose from:

  • High End- Higher Price, few customers (Rolls Royce, Neiman Marcus)
  • Golden Goose- High Price, Many customers (Starbucks, Apple)
  • Mass Market- Low Price, many customers (Walmart, McDonalds)
  • Labor of Love- Low Price, few customers (Almost everybody)

If you are pursuing online business, you need to consider pursuing either high end of golden goose model. In any case, your goal is to avoid the labor of love model.

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Back to the question above, will they pay for it?

The answer is categorically YES if your product(service) has following basic criteria:

  • It has value.
  • It meets their needs.
  • It saves or earns them money
  • It makes them happy
  • It keeps them healthy.

Whether you do offline business, online business or you are at your regular job, you are catering to human behavior. That is, you are dealing with humans and interacting with their needs and emotions. It is essential that the online business you select will be addressing the human elements.

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In todays crucial time, most people are in the same situation you (we all) are in. They are looking to become how to strengthen their own economy. They are realizing that depending on one job for their economic survival is NOT enough. As the needs will be mutual, it will be easy to pursue online biz that may help build their economy.

If you realize the importance human aspect of the business, you can easily create online side businesses easily due to how user-friendly and accessible technology is. The truth is, there is really no excuse not to be making some side income from home via an online business. If you want to, you can.

This article was published on 22.06.2020 by Prakash Kunjeer
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