In this guide, entrepreneur Gilad Krein shares types of online businesses that anyone can start, even with no experience or huge capital. He also shares tips to help you get started as a digital entrepreneur.
Running a business online has a lot of perks. It allows you to work from home and on your own time. You also do not have to rent a physical space or even own physical products sometimes.
The internet is offering more and more opportunities for people to sell not just products but also services.
Gilad Krein Explains How to Get Started with an Online Business
As more traditional businesses transition to the web, this is a good time to start an online business. To get started, Gilad Krein recommends these helpful tips:
- Understand Your “Why”, have a vision
- Develop a Unique Business Idea
- Know the market and Identify a Profitable Niche
- Choose a Business Idea That Fits Your Lifestyle
- Write a Business Plan and set Long & Short-Term Goals
Let’s discuss each tip.
Understand Your “Why” and Have a Vision
If you do not have a reason, the big “why”, for starting a business, then there is no need to start it. The “why” is your driving force, the bedrock of your company.
Gilad Krein suggest you think it through: Why do you want to start an online business?
Perhaps you want to be in control of your time, you want to pursue your passion, or you have a great idea that is profitable and scalable.
After coming up with a fantastic reason, you still need to create a business vision. Every entrepreneur must have a vision; a mental picture of where the company should be within a time frame. When vision is lacking, there will be no foresight. As a result, the entrepreneur gives up easily in the face of challenges.
Basically, your vision statement should reflect where you’re going and how you intend to arrive there.
Develop a Unique Business Idea
Business ideas exist around us. To find one, look inwards to discover the problem you want to solve. For instance, during the pandemic, children were out of school. Even adults had to stay at home.
A unique business idea would be to start an online tutoring platform where you can teach grade or college students. You can also teach skills like music, photography, designing, and so on.
However, placing your brand at the forefront of the market is not a simple task. You might even be surprised to discover that other people are already offering the same product or service like yours. Therefore, you must make sure that your idea stands out.
To be different, you have to do things differently. Start by researching similar ideas, then think about what you can do to make yours better. For instance, you can use a tiered pricing strategy to accommodate customers at different levels.
Know the Market and Identify a Profitable Niche
A niche is an area that you specialize in. In an online fitness business, you can find niches such as yoga, fitness gear, and weight loss. Identifying your niche helps you to focus on specific marketing strategies to grow your customer base.
Some niches are competitive, while others have less competition. However, find one that is profitable. It’s not enough to develop a unique idea; there must be people who will pay for your product or service. Hence the need to understand the market.
To identify a profitable niche, you can use tools like Answer the Public or Keyword Planner to find keywords that people are searching for. If the main keyword has roughly 10,000 searches per month and a related but specific keyword has about 50,000 searches per month, go for the latter.
You can also search social media, such as Facebook, Instagram, and Pinterest, for popular hashtags. This will give you an idea of what people are interested in.
Choose a Business Idea That Fits Your Lifestyle
While some ideas are profitable, not all of them are suitable for you. Gilad Krein says that online businesses allow you to be your own boss, so choose an idea that suits your day-to-day life.
Assuming you love to teach, you can start a tutoring platform. If you prefer to stay in front of a camera without getting tired, you can start a YouTube channel or create video tutorials. You can also start a personal blog like Gilad Krein if you like sharing your personal experiences.
Write a Business Plan and Set Long & Short-Term Goals
A business plan helps you to organize your idea and give it a structure that is appealing to potential investors. At a glance, one can see where you’re going and when you will break even.
Your idea may be huge, but it’s always best to set goals. You can divide them into short – and long-term goals to enable you to focus on specific activities per time. Because situations can change with time, it is important to set goals that are realistic, even if you are ambitious.
Investing in Guidance and Learning
Breaking into the digital market as an entrepreneur could be quite daunting. You may not even know where to begin. You need to develop various skills, connect with people, and build your brand.
In business, never underestimate the place of mentors and training. Here are some useful tips to consider:
- Start by taking online courses and lessons.
- Scout for people who have experience in your area of business interest and then request mentoring.
- Use social media platforms such as Facebook groups and LinkedIn to connect with professionals.
- Start networking; attend social events and talk to your competitors so you can find the weak points in your business idea.
- Do not wait until you gain all the knowledge you want; you will certainly learn on the job.
Gilad Krein Recommends Turning to Your Passion
Whether you have a college degree or not, you can start a successful online business. However, you still need some form of business training and guidance.
Digital entrepreneurship requires turning your passion into a profitable venture. But if your passion is in the low-profit zone, you can spice it up by offering related services or products that are profitable.
Don’t forget to create a business vision, make your idea unique, study the market, and network with other professionals. When these things are in place, the sky will be your starting point.