Making money online is a slow process that takes time. Understand that my desire is to share with you a few of my life experiences in business and what has worked for me. It does not mean that it will work for you but hopefully, it will allow you to come up with some ideas.
The quick and easy businesses are the ones that everyone is doing and that rarely lasts. In fact, there may be an instant firework show but in the end, the business model is probably not sustainable. Making money online is a painful process that takes time, effort, and discipline to see your project.
This is true with anything. Just because you spent your life savings on your new endeavor does not mean that it will work. Not all ideas are equal and certainly, not all of them are profitable.
You will never make any serious money working your day job. The people that are extremely successful are the ones that are in business for themselves. The great news is that you can create a side hustle while working your day job.
My personal reminder is that Thomas Edison tried thousands of times to invent the light bulb. It will not take you a thousand times of trying before you make money, I promise.
Since my blog is fairly new I will share with you some of the things that I have started and worked or did not work. For example, I started a franchise operation with some highly recommended friends in a Montana location that failed. I lost upwards of $30,000 on that venture and the highly recommend friends bailed on the whole operation. Lesson learned the hard way. I was extremely grateful that I shut down the whole operation before losing anything else.
On the flip side, I now run a franchise that has been rated the #1 franchise for over 5 years. Last year we did close to $650,000 in revenue with a small team and fleet of vehicles. I started that franchise out of my garage.
After that, I started an online retail e-Commerce store built on a dropshipping platform that does 6 figures per year. This is not a hugely profitable business but it does allow me to have some extra cash to work on other products and business models.
Currently, I have launched into some branded product lines that I'm really excited about. I sourced my products from China and learned so much through the entire process. I will keep you updated on those product launches and share them with you so you can learn.
One of the biggest reasons I have been opening online stores is because of the ability to scale quickly. I wanted to make a good deal of money so that we could travel when we wanted to. I also did not want to have any employees and do something that I could be on a beach working on my laptop.
As a result, I now run 4 different companies each with there unique aspects. Thankfully they are all making some money. The real question will be which ones will I sell when some of the other ones start making serious money?
While making a good deal of money from my dropshipping business was great, it has required a significant amount of my time. When you run a dropshipping eCommerce store you have to deal with shipping and updating tracking numbers. You also have to deal with customer service and organizing returns. You have to deal with building out ads and inventory updates to Amazon and eBay platforms and abiding by their rules. In all, there are some things to think about before launching into this business model. Personally, I wanted a more passive income business model that required less time on my part and was more scalable. I still believe that I will continue to run my dropshipping business model and I will be in the process of hiring a freelancing customer service representative to handle all of the duties of the store now that it is streamlined well.
Please understand that I do believe in dropshipping business models for the right person. Because my dropshipping business was making some decent money I decided to work on launching my own branded products. There are better margins in this plus you own the brand and can wholesale it to other distributors. I'm utilizing the Amazon platform and having them ship my products. This allows me to scale this model to 1 million dollars per year without having to hire any employees.
My goal in doing this was to make more money passively and to own a brand instead of selling other people's branded products. I also mentioned before that not having employees was something I wanted. Amazon FBA provides the solution in regards to both of these dilemmas.
In summary, to make real money online you need to try a variety of business models before something will really take off. This is really the only way to get out of your day job and live the life you have always wanted. Your day job may not have the ability to work remotely or provide the income that you want. Starting a business and working from home can if you have the determination and right idea.
I want to be very clear that you should only work on one business idea at a time. I personally have a one year rule but for everyone, it may be different. My rule is that I will give each of my business models 1 full year of effort before moving on to something else.
Why one year? For starters, I use the one-year ideology because it is way above average. We live in a culture where most people cannot stick to doing something for one month let along an entire year. I know from past successes that anything worth doing is worth trying for one year and will have a better chance of success. You cannot hop from one idea to the next month and have it be successful. There is no way that is sustainable because you have not put any real effort into it.
Do one thing at a time. I find that if I have too many businesses that I started at the same time that I become scattered and my efforts are spread thin. Focus on one idea at a time and plan to dedicate at least a year to do it. Remember that a good business idea is worth the time and effort.
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