What Is An Online Business, Why You Need One And How To Get Started For Fast Profits

 

What Is An Online Business

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NOTE: This page is part of the Online Business Guide. To go through the Guide in order, go here: Start Online Business Guide

What is an online business? It sounds like a ridiculous question, because the answer is so obvious.

 

An online business is a business that exists
on the Internet and conducts its activities online.

 

But there really is much more to it than that. And we are going to explore the question, “What is an online business?” from many different angles.

By the end of this page, you’ll understand what an online business is. But more importantly, you’ll grasp why I believe EVERYONE should have their own Internet based business.

This page is detailed, so I suggest reading the page all the way through once, and then use the Table Of Contents to revisit specific sections later.

 


Online Business VS Physical Business

When my wife and I moved to Chile from the US to help the family with her father’s illness… we needed to make money. Moving to another country might sound cool and exciting. But you still have to make money to live.

We started a restaurant. So, I know how expensive, time consuming and difficult it is to start a physical business.

  • If you think you have enough money to start a physical business… you probably don’t.
  • Going to get up and running very quickly… probably not.
  • And going to start seeing profits in a short period of time… probably wrong again.

Believe me, starting a physical business (especially one that ultimately fails), is a nightmare you don’t want.

On the other hand, starting an online business is cheaper, less time consuming and much easier to make profitable.

With a physical business… so many people get paid before you do.

  • Government licenses and permits.
  • The landlord.
  • Construction workers.
  • Equipment companies.
  • Water, electric, gas and other basic needs companies.
  • Your employees.
  • The suppliers.
  • And the list goes on and on.

I have to admit, circumstances of my life pushed me to jump into starting a physical business before I was ready. If I had to do it again, I would do it better.

But after running my own online businesses, I would NEVER again start a physical business. No way. Not ever.

It is so much cheaper and less time consuming to start and run an online business. I can even run multiple businesses at the same time. And the profit potential is HUGE.

As long as there is a choice between physical business and online business… I will always pursue making money online. Period. No contest.

 


Online Business VS Job

When you have a “job”, you are not your own boss. Someone else tells you what to do. And if you do what you’re told in a way that makes your employer more money than they pay you… you might not get fired.

It is no wonder a lot of people dream of being their own bosses. As a business owner, you make the decisions and you reap the rewards.

This is true. And when done right, being your own boss, being in control and being the one that receives the profits is tremendously fulfilling. It can be life changing.

But being your own boss doesn’t mean there are no challenges.

The truth is, being your own boss is not only liberating… but can be scary as well. As the boss, you are responsible for EVERYTHING. And if you haven’t experienced this level of responsibility before it is going to be a new sensation.

And sometimes “new” means “scary”.

But the fear of starting an online business and being your own boss can be greatly diminished by following a proven plan.

And the potential to improve your financial future by starting and running an online business is just too great to ignore. This is why starting an online business is such a big part of my Wealth Plan Blast Off.

I keep going back to this quote:

 

Entrepreneurship is living a few years of your life like most people won’t, so that you can spend the rest of your life like most people can’t.

– Anonymous

 

The point is this, the benefits of being the boss of your online business greatly outweigh any hesitations you might have, or challenges you’ll need to overcome.

 


What Is An Online Business To Start From Home

There are many different sizes of online businesses.

They can range from…

  • Online businesses run entirely by one person from home (or a husband and wife team like in my case).
  • Up to huge online businesses with thousands of employees and physical office buildings.

I focus on the types of online business you can start from home, because that is what I do. And the good news is, the topics available for online business are limitless. Fully researching the right topic before you get started is probably my biggest tip.

There are also many different types of online businesses, and many different ways of making money.

Here are some of the most common Internet business models:

  • Advertising: make money from ads on your website.
  • Affiliate Marketing: getting commissions for recommending other people’s products.
  • Dropshipping: Sell physical products to the public and the factory ships directly to the customer.
  • Ecommerce: You create or buy products and sell them online directly to customers.
  • Software as a Service (SaaS): Run an Internet based service where customers pay for the use of the service, instead of buying software they run locally.
  • Infoproducts: In depth information about how something works, or how to do something delivered online to people who need the information.

Keep in mind, the kind of business you start does not need to fit neatly into one of these boxes. You can combine different types of monetization together.

As a matter of fact, I believe the best online business to start combines affiliate marketing with selling your own digital products.

Regardless of the online business start, you’ll need to set up your online infrastructure.

 


Online Business Requirements

There are some infrastructure requirements you’ll need in order to start an online business. While it might look like a lot at first glance for the beginner, it really isn’t all that much. Plus, setting up an online business is infinitely less expensive and easier than starting a physical business.

Here is a general list of what you need (if you want to start a business like mine)…

      • Domain Name
      • Hosting Provider
      • Blogging Platform
      • Website Template
      • Plugins
      • Email Provider/Autoresponder
      • Digital Product Delivery System
      • A way to collect money, like PayPal or Stripe.

My wife and I struggled in the beginning to put everything together needed for a successful online business. But you can dramatically shorten the learning curve by following our lead.

Did I mention it is cheap (comparatively)? You can set up your entire online business infrastructure from between $500 to $1,200 a YEAR. Even on a tight budget, the startup costs are not overly prohibitive.

The biggest requirement for starting an online business is sticktoitiveness. An online business is not a get-rich-quick scheme. It is not something you do for a few months… and then retire with billions of dollars.

Don’t make the mistake of thinking that because your business is online it is not a real business. You must treat your online business with the seriousness it deserves right from the start.

 


How Online Businesses Make Money

We’ve already touched on the different ways your Internet business can make money. Now I want to talk more about my favorite combination:

Affiliate Marketing + Selling Digital Products

You see, the best online businesses are ones that help people. People have problems, and they need solutions. People have needs and wants, and they require guidance on how to fulfill them.

You can help people by providing solutions to their problems, or helping them achieve something they need or want.

So, where does the money come in?

Everything starts with helping people. You want your online business to be useful. And in the process of helping people it might be necessary to point them to other people’s products and services or your own. (That is where the money is).

When, in the process of helping people, you point your online visitor to products and services that pay you a commission if a sale is made… you are affiliate marketing.

When, in the process of helping people, you point your online visitor to your own informational products you sell and deliver online… you are selling digital products.

The combination of affiliate marketing and selling your own digital products is both inexpensive to start and has huge profit potential.

  • Affiliate programs are generally free to join… and there is no limit to how much money you can make.
  • Digital products don’t require a huge investment to make… but you can sell them forever with high profit margins.

That is exactly what you want to see in an online business.

In my opinion, this affiliate marketing – digital product combination is the way to go.

 


Online Business Benefits

I have experience with both physical business and online business. Hands down, an Internet based business is better for a whole host of reasons. Let’s focus on 4 of my favorite benefits of starting and running an online business…

Low Barrier For Entry: As I’ve stated earlier, you can set up your entire online business infrastructure from between $500 to $1,200 a YEAR.

Depending on your financial situation, that might seem like a little money, or a lot. But believe me, this is not a big investment to start a real business with unlimited profit potential. It just isn’t.

That means this is a real opportunity for just about anyone who is willing to put in the time and effort to be successful.

Fast Profits: The cost of starting and running your online business means you can become profitable very quickly.

Just think about it. Let’s say you spend $1,000 a YEAR on your Internet based business. You only have to make over $1,000 a YEAR to be profitable. (This is not a high bar).

Becoming profitable as fast as possible is important because it keeps you motivated. Pay for your business infrastructure as fast as possible… and the rest is pure profit.

High Profit Margins: If you follow my lead and create an online business that focuses on affiliate marketing and selling digital products, your profit margins are going to be huge.

As an affiliate marketer, you get to recommend best-in class solutions to your online visitors for a commission if a sale is made. And since the affiliate program is free to join, your commission payment is practically 100% profit.

By selling digital products, you do the work once, and can sell your product forever. And since the product is digital, it costs very little to deliver, so the sale is almost all profit.

Lifetime Income: Internet businesses can produce income for as long as you want.

Running an online business is not physically challenging. And the amount of “work” you do on a daily basis is up to you. Frankly, most of the heavy lifting is done in the beginning.

The point is, you never have to stop running your online business and making money. You never have to “retire”.

Since the overall goal of this website is Lifelong Financial Security, this is very important. There are many ways to make extra money. Do one you can continue collecting money from forever.

 


How Online Business Fits Into The Wealth Plan

A lot of people think they need to come up with a million dollar idea in order to start an online business. You don’t.

In a nutshell, the Wealth Plan Blast Off is about making extra money, and investing that extra money to make more money.

And it might surprise you how even a modest amount of extra money invested the way we do can add up over time.

Let’s look at an example…

Your online business makes $500 extra dollars a month. (This is a modest amount considering start up and operational costs are so low, and the profit margins are so high).

Since this is extra money, you invest it by trading Forex the way I do, and get an average of 25% annual gains over 10 years. (This is a modest amount considering the strategy I teach in the Forex Trading Blast Off has produced average yearly gains of 470%, 422% and 558% over the past 5 years).

 

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If you buried your extra money in the backyard, you would have $60,000 after 10 years.

But by investing and getting a better than average return, you have close to $200,000… more than double. Pretty great, right?

Now think about this…

      • What if your online business produces more than $500 a month in extra money?
      • And what if your investing produces returns higher than 25% average yearly gains?

Both these scenarios are realistic.

Are you starting to see the power of the online business and investing combination? It’s huge.

Starting and running an Internet business on its own can be life changing. But the huge potential of starting and running an online business AND investing can be a real game changer.

Putting this plan into action can set you squarely on the path to lifelong financial security.

If this opportunity excites you, go back and read this page again. 

To Your Wealth,
Edward Lomax

P.S. I hope you now not only understand what an online business is… but see why you should want one.

 

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Brainstorming The Best Ideas For Online Business

Find Your Niche, Scout The Competition & Explore The Profit Potential

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Take Immediate, Relentless Action

“Create a definite plan for carrying out your desire and begin at once, whether you are ready or not, to put this plan into action.”

–Napoleon Hill

Focus Only On What Works

“Lack of direction, not lack of time, is the problem. We all have twenty-four hour days.”



–Zig Ziglar

Succeed Where Others Fail

“Successful people do what unsuccessful people are not willing to do. Don’t wish it were easier; wish you were better.”

-Jim Rohn

 

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Wealth Plan Blast Off

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