Part 2/5: Is now the right time for you to start an online business?

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In this post, we talked about multiple streams of income, and the importance of diversifying your income. I gave some examples of ways that you could start earning an income, whether you are looking to start a business from scratch or add some new facets to your existing business. If the wheels are turning, and you're thinking about starting an online business, keep reading.

The most important thing to consider when starting a new business is that you don’t want to make your decision from a place of scarcity or fear.

Starting a business is a huge decision and you want to make sure you are in the right head space.

The uncertain times we are all facing right now are definitely making it VERY, very clear that multiple sources of income are necessary, but will starting a business right this minute earn you an income quickly or cost you in start up expenses?

Let’s discuss some options.

Here are a few online business examples, with some real talk about what each option will entail, and what things might look like when life goes back to normal.

1. Become an Amazon Associate - earn commission for recommending your favourite Amazon products. This is something you can do right now, today and it won’t cost you a thing!

Commissions are very small, but if you are already using social media platforms, if you have a blog, an email list, or if you have family and friends you can recommend products to, you will be able to make at least a few sales via your affiliate links.

You could put together your top 10 amazon faves for different categories such as:

• Home

• Beauty

• Kids

etc.

There is zero start up cost, zero commitment, and whether you continue to share your Amazon faves is totally up to you. This would make a great side hustle when you're back to work full-time.

This is an awesome compliment to an existing business. For example, my husband and I own a gym (which is closed temporarily due to Covid-19) so we have set up an Amazon shop so our members can still purchase their supplements, protein and at home workout equipment online, from Amazon.

2. Join a direct sales company - earn commission for selling products and recruiting others to join your team. If the thought of direct sales has you thinking, no way! I'm not going to be "that girl" on social media, don't worry. I have a step by step system you can snag so that you become the go to expert and people are seeking YOU out. Don't worry, you won't be "annoying" or chase anyone down. Check out my Stand Out On Social Mini-Course OR if you want to really take things to the next level and build a stand out personal brand, check out my Brand Your Business Course.

If you have been thinking about joining a network marketing company and you have someone you have been chatting with, circle back to that person and make sure you ask them some very important questions, such as:

1. What training programs/systems do you have in place to ensure I am able to hit the ground running, quickly?

2. What does the compensation plan look like and what are the requirements for me to earn an income?

3. Does the company have a fast start program, and if so what are the requirements to earn immediate bonuses?

4. Is there a monthly fee I need to pay?

5. What happens if I don’t make sales each month? Is there a quota?

Being SUPER informed is essential. You want to know exactly what you are getting yourself into and you need to know EXACTLY what you need to do to make some extra cash fast!

You want to ask how sales have been during this period of social distancing, up or down? Health and wellness products are doing very well right now (think Arbonne, Essential Oil companies like YL and Doterra.) Skincare is also on the rise as people are turning to self-care practices.

A few things to keep in mind:

• If you are brand new to the products, you will need at least 1-2 weeks of use before you can start recommending them. By the time you receive your products and start using them, things may be back to business as usual. In this case, NWM may not be the best option for you.

• If you have been a customer, you will find the transition to consultant fairly seamless. Since you likely have products on hand you can start recommending them right away with tutorials and sharing your own before and after results.

• If you are part of a NWM company and you have put it on the back burner, now is the time to jump back in - you will be at a real advantage here since you have already made the initial investment into starting your business. There will be no risk, and no cost if you decide to crank things up and start earning an income.

My #1 piece of advice when it comes to becoming an affiliate - whether for a brand you love, amazon, or NWM is to talk to your warm audience - your family and close friends - and let them know what you are up to and see if they have an interest in purchasing the products you are thinking about selling. You could also do a poll on social media to see if there is any interest.

3. Open an Etsy Shop - monetize your talents/hobby!

You could open an Easy shop in about 5-10 minutes but the biggest thing to consider here is what you will sell, and how long it will take to create. You may spend the next few weeks creating your products (whether they be digital or hand made) and getting the word out about your new venture. You may not see sales immediately, but once you get your shop up and running you are good to go for residual income, even once things get back to normal.

Just make sure you have the time to manage the shop, provide customer service and to keep up with the demand (especially for handmade products) once things go back to normal.

Create digital resources - e-book, online course, PDF guide, etc.

4. Join Fiverr or Upwork - sell your services as a freelancer (podcast editor, photo editor, copywriter, etc.) The only thing to keep in mind here is the length of contacts and expectation of the people you will be working for. You don't want to commit to a long term project only to be back to work, or back to working your business full-time in a few weeks.

A few things to consider:

• Be aware of the time you will need to spend to get your business up and running (tomorrows topic)

• The investment - how soon will it take you to break even?

• How soon you can earn?

• What are the requirements to keep the business running long term?

• What do you want out of it? A little bit of extra money or potential for a full-time business/income source?

I hope this was helpful, and if you decide to start an online business definitely send me a DM on Instagram so I can cheer you on!

Continue to part 3 of this 5 part series here.