Alright, so you might think $1,000 isn’t exactly a mountain of cash, but trust me, scoring your first buck online is a pretty big deal. It’s not just about the money; it’s about cracking open a whole new income stream. Once you’ve got the hang of making that first online dollar, hitting the $1,000 mark is just a matter of time.
So, how can you earn your first $1,000 online? The answer to this question lies within you, and only you. All you have to do is recognize your strengths and put them to work for generating online income. You can easily make $1,000 from the comfort of your home within seven days—one day to create a business plan and six days to execute it.
Grab a piece of paper, note down the questions below, and jot down your answers to discover the best online business strategy for you. Please note that online businesses can also have offline sales channels.
1. What skills do you possess?
Can you create websites, handle social media, rank websites with SEO, create kick-a$$ videos, design posters, or make illustrations? Are you an effective salesperson who can convincingly convey the benefits of a product and sell it? Can you facilitate others in getting tasks done more efficiently? What is the unique value proposition that others would be willing to pay for?
Once you’ve identified your skill set, you can begin working in that area to create a product or service that can be sold. To be worthy of payment, you must offer significant value to your customers.
For example, you can leverage your knowledge of websites or your contacts to assist local businesses that are unfamiliar with domains and hosting in establishing their online presence. By taking charge of their online identity, you can charge a premium. While outsourcing service providers may offer complete websites for $100, they may not actively approach local businesses to explain the benefits of having a website. By persuading local companies to establish an online presence, you can sell them websites at several times the price of outsourcing providers.
2. What products or services are in demand?
Once you’ve identified your marketable skills, it’s time to look for products and services you can offer. Which products are in high demand and in short supply? Is there a large market of eager buyers for a particular service? For example, businesses in your local market might be keen to have their own websites, but they may not know how to go about it or assume it’s expensive. You can offer them affordable web development services.
3. Do you have the time required to run an online business?
You can easily spare some time to start and operate an online venture. Determine how much time you’ll need to launch your online business. Let’s assume you want to run a web development company. You’ll need to be available online via email and chat applications like Skype to respond to client queries and requests. Can you allocate one to two hours a day to communicate with clients and answer their emails? Can you identify the right workers to outsource tasks to?
The number of hours required will depend on the nature of your work or business. If you offer search engine optimization (SEO) services, you can manage your business by dedicating a few hours a day and outsourcing the actual work. Otherwise, you’ll need to spend more hours on the work itself.
4. Do you have the money to start a business?
A lack of money shouldn’t be a problem. You can initiate an online business with less than $15. All you need is a website to present yourself professionally. Invest in a domain name or URL address ($1-12) and secure web hosting using promotional coupons. Most registrars and web hosting companies give you a heavily discounted rate for the first term as a new customer.
If you think creatively, you can start an online business without significant investment. You can acquire a domain name inexpensively using discount coupons available online or by purchasing low-cost domains like .info. You can use free web hosting services such as Blogger.com or 000webhosting.com to create your site. In addition, there are services such as Github Pages, Cloudflare Pages and Netlify that you can use to create static websites for FREE.
5. How will you find buyers?
Attracting buyers is the most crucial aspect of any business. Once you have a website ready, consider getting some business cards printed and designing attractive brochures explaining your product or service. Reach out to your prospective buyers in person, over the phone, or via email. You can find contact details for potential buyers through local classifieds, yellow pages, or by simply walking around your local area.
Picture this: You’re starting a web development agency. You walk in with a laptop packed with a killer presentation on why every local business needs a website. You’ve got a portfolio of sites to impress your potential clients. You show them how one of your local business clients started getting more customers with your digital marketing services. You make it super easy for them to get similar results and grow their revenues.
Now that you have answers to these fundamental questions that require analysis before starting a business, review your responses to identify various businesses you can start. Determine which one excites you the most and assess your potential for success. Analyze your answers, finalize a business strategy, and put it into action. With a week of dedicated effort, you should be well on your way to earning your first $1,000, especially if you choose a niche with high demand and eager buyers.