What business to start as a first-time solo founder.

As I am an Online Entrepreneur, I always suggest starting a Profitable Online Business 10 out of 10 times.

If you have this same question “what business to start on your own as a solo first-time founder”.

[I assume, you might be good at basic Online and Internet skills]

So, my answer is to someone who has similar questions such as

I want to start an online business, but I don’t know what to do?

I have less than $100 and want to start an online business what to do?

I have less time and money but I am dedicated to invest productive time and minimum amount what I should be doing and where to start?

First things First:

Now that you are really serious about starting your own business, there are a few basic things you’ll need to know:

1. Know yourself [what type of person you are and what skills, resources you have to build online business, any commitments such as family, full time job etc.]
2. Desktop and internet to work with (a website such as self-hosted WordPress).
3. Time: a good 6 months to one year time and the commitment to be consistent, persistent and taking actions mindset.

Why Profitable Online Business Matters?

Simple. You are in the business to make money [side income, passive income, full time income or 6 figures income] All other stuff passion, being your own boss, flexible timings, spending time with family and love what you love to do (work) are secondary.

Are you getting me?

Yes. Profitable business is what all matters at the end of the day to be happy, healthy and peaceful.

Once, this is figured out [making profits from what you do online]

You will simply love and create more value to what you do and to your family, friends, to the society and most importantly to your self-care.

Choose any of these following 3 business types [Profitable] if you are dedicated to start on your own.

I mainly see 3 kinds of profitable online businesses:

1. Blogging Business [Affiliates and Your Own Products]
2. Online Training Business [sell your skills/knowledge online]
3. Selling Your Products Online [Informational products, Digital products such as e books, PDF files, books and to some extend your manufactured products such as paintings, music, handicrafts]

Now:

Online Business Success always starts with ‘YOU’

So, it is very important to know more about you before you want to know about your customers, market and product/service offerings.

And it’s ‘YOU’ one and only ‘YOU’ who will break or make your Online Business.

So Ask Yourself:

Who am I?

• Your Purpose of Starting up Online Business
• Your Status of Skills, Knowledge, Expertise and Resources
• Do You have a very clear Frame of Mind
• You have put some time to Know Yourself Better [Take actions, consistency and commitment]
• Time, Money and Support you have from family.

Purpose:

Find and write Your Purpose to start an online business. [Hints for you]

• To Earn Extra Money Online [with the option of keeping your full time job intact]
• To Make Full time money and quit job
• You are passionate to start a business and make name for yourself, help others, be it a hobby business, share your knowledge, experience etc.
• Simply to solve problems [your own or others] and make a difference to the world.
• You start to be famous and overnight success [which does not happen in real life]

Having a purpose will motivate and helps you to be stronger when the going gets tough in your online business journey.

Skills, Expert Knowledge and Resources:

Be honest with you and write down your strengths, weaknesses, skills, expert functional area, resources you have.

A quick tip: just write down only the skills, strengths that are valued and loved by others (your friends, family and employee)

Simple reason when your strengths and skills and expertise (special qualities) are valued by your friends and family than there is a good chance that you have paying customers for the skills you posses.

When there are paying customers you can simply build an online business based on these skill set and expertise.

I deliberately did not include the word passion.

Why?

Your passion does not fit into the scheme of profitable business. It only matters if and only if you have passion that is a profitable business [a market or a demand for your passionate skills or expertise]

Build products for your users not for yourself. “If you cannot sell your products than build products that your users want” — Seth Godin

The frame of Mind:

You are committed to spending some 4–6 hours of time every day not focusing mainly on immediate income from the online business.

You have no overheads (system, the internet, hosting space etc)

You have the basic things that needed to start an online business.

1. Desktop/Laptop
2. Internet Connection
3. Domain name and Web Hosting space
4. Website/a blog/online teaching platform

You have the skill set and basic business skills and have hands on experience on internet tools.

You are ready to learn and do all things needed for a successful online business.

· Coding [WordPress: it’s very easy]

· Designs [using tools] [or you no need to be a Photoshop expert]

· Promote on Social channels

· Learn Digital Marketing

· Read and read all niche blogs

So overall, nothing to lose attitude and get ready to experience the new Online Business Startup ride with an expectation of minimum side income say $2000 for your bill payments in 6–9 months time.

You have put some time to Know Yourself Better

Quick things you have to follow to become successful:

Action Taking mindset

Finish the things which are doable in 2 minute time [feels better when you finish the tasks if it is big or small isn’t ?]

Priorities and finish the tasks with a focused mindset

Complete the tasks you started, do not leave it for the next day. If it is taking more time skip and move away and find some other time to do it. And if it is not a great thing to do scrap it forever [you always have alternatives]

Be motivated and do not lose your confidence if you do not see any results after 3 or 6 months. [Rome was never built in a single day]

Be consistent in what you do and always keep reading industry related blogs, influencers, your competitor or your niche websites, social channels and know how they are doing the things.

Time, Money and Support:

Time: keep a 6 months to 1 year time

Commit yourself to put your efforts everyday for 2–4 hours even if you have a full time job, family and even a small kid to take care of.

Money: You cannot build businesses without investment [even though if you are ready to put extra time as an investment there is no escape be ready to put anywhere between $500 to $2000 for your Online Business once you see the results in 3 months time for tools and systems that will enhance your skills and make you more productive.

Quick realization: Facebook, Google and all other big companies are in the business of making money you cannot have more traffic and users looking for your products without investing very minimum money for promotions. [free, paid and earned traffic is all you want do. Do not bank on only free tools, resources and free organic traffic]

Check Yourself: Do you really care for less quality products or services? Do you care of websites which has low speed and takes a while to load pages or do you care for their design and simplicity of usage if not great?

So, it’s same with everyone. So invest in quality website, platform, speed, good design to attract visitors [they have very less time span to notice you]

Support: from family, friends and colleagues or freelancers and other people who might help you with the works that you might face difficulty [it’s ok to outsource or get help for the things that you are not good at and no one is perfect and does all. But pay minimum and use whenever and wherever you required only.

Note: If you are starting up an online business it’s just not you it is also your family and your better half is also taking same amount of risk, pains and time they are also involved. [So make sure you balance everything work, part time, passion etc]