You have a great idea for an online business, but it seems like too much work. Do you put the idea aside until you have more time in your busy schedule and potentially miss out on the opportunity? Or, do you watch out for the wind and jump in?
There are several strategies you can use to quickly create a business, even if all you have is one hour a day.
Don’t Do It Alone
Entrepreneurs are so used to wearing multiple hats that it can be a tough habit to break. However, if you want to create more than one successful online business, you have to start leveraging other people’s time and money to do it for you. Use these 5 tips to create an online business for your next business venture (Source: Doba).
- Outsourcing Your Work – Forget about trying to do it all. Instead, build a team of people who are willing to get paid when you get paid. Tie their work in with deliverables so when they make money, you make money too. For example, you can outsource advertising by setting up an affiliate program. You can outsource order fulfillment by using a reputable drop shipping company.
- Streamline Process – Complex processes take time and generate very little revenue. Take a look at how you plan to do business and streamline it as much as possible. Can you use dual opt-in emails to build your contact list without manually transferring them? Use a tool like Aweber email marketing to automate processes that will take up most of your day.
- Reduce Overheads – Use drop shipping to reduce inventory and shipping requests. It’s a smart way to leverage other people’s money to buy products for your inventory without making you pay for it. Advertise virtual offers and take advantage of virtual product lines such as e-books and seminars to increase your profits.
- Partner with Someone – Create a joint venture so you can split the work in half while doubling your potential income. You also get twice the business experience at no extra cost. Combine email contact lists to generate more sales.
- Use Pre-Sales to Avoid Pinch – How do you know that the idea you have is not a huge failure? To avoid wasting too much time on a business idea that will never succeed, try to pre-sell the idea even before the product is developed. If you can generate enough interest to build a sizable list of potential future customers, you know you have a winner on your hands.
Bret Harper love to work as a world consultant in starting an online business and starting with the help of dropshipping.