With the pandemic wiping out jobs, more people are starting their own online business instead of going back to work for another employer. Today is the day that you can become your own boss. Below are some ideas on how to start an online business.
Axios is reporting that the true unemployment rate in the U.S. might be "a stunning 26.1%." This is by using the definition of unemployment as a "person who is looking for a full-time job that pays a living wage — but who can't find one," not the federal unemployment which uses different metrics.
An article from Bloomberg says that self-employment filings are "up 16% for the first 31 weeks of 2020 over the same period last year," and "Americans are filing paperwork to become their own bosses at a clip one economist calls off the charts."
And why not? During the days of social isolation & quarantining from the pandemic many people fell in love with the idea of managing their own schedules, working from home and taking control of their own life instead of working for somebody else and wasting their day executing their ideas and agendas.
Entrepreneur said that it's not hard to start an online business, writing “it’s nowhere near as intimidating, difficult or time-consuming as you may think.”
You can be your own boss, and you can start today by following the ideas below to get up and running in no time.
Create Something Unique For Your Online Business
So you’ve figured out your big idea, and you're ready to go forward full steam. Make sure you create something different from the rest of the pack that will make people want to choose you instead of your competition.
If you don’t make yourself different in some way, people won’t have a reason to choose your product or service over others. It’s OK to do some of the same things as your peers and competitors, but your big draw needs to be something different: what they’re not doing.
Find An Online Business Idea That Motivates You
You’re going to get out of bed every day and do this all day long, so if you view it as a chore or want to avoid doing it, you’ll have a tough time committing & staying psyched. Choose something that you enjoy, have a passion for and are motivated to make a change in the world. Then you can wake up excited for your day instead of dreading it.
Make An Online Business That People Can Use, AND Can Actually Make Money.
The dreaded “just find your passion” cliche comes to mind here, and combining that thought with the “find out what motivates you” item above translates into creating something that actually works as a business.
There are all sorts of apps, products & businesses that people are passionate about or think are a great idea, but if it doesn’t make money, you don’t have a business, you have a project. Don’t get stuck committing yourself to something you love that never generates a profit.
Make A Plan For How To Get The Word Out About Your Online Business
The hardest part of an online business is getting people to pay attention in an overcrowded marketplace. In the beginning people think that the word of their business will spread and people will start showing up, but the opposite is true. Everyone is really distracted from so many online things that they only have so much bandwidth every day.
How will you compete with that? Advertising and social media will only get you so far, and SEO (search engine optimization) is valuable but competitive. What else will you do to make people aware of you? Get creative and find ways to attract attention.
Pick a hosting platform and start an online business website with about 3 - 5 pages to start. This ideas is outline in greater detail in my “How To Start An Online Business” guide, but the idea is to get up and running fast.
You can adapt and change the website as you go, you don't need a perfect site to get out of the gate. In fact, it's better that you do a minimal amount of work, because you'll need to change things based on what you learn along the way.
This is known as a “minimum viable product” as popularized in the book The Lean Startup by Eric Ries. It allows you to use concepts like validated learning and experimentation to figure out what works and what doesn't.