how to start an online business
TRANSCRIPT
How To Start An Online Business
Eliot PearsonVersion 1.0
IntroductionI’m a System Architect. I’ve been at my current job for ten years. I solve problems during my day job.
Outside of the office, I am a mentor, board member, and entrepreneur.
Let’s Reframe This Instead of trying to start a business. Let’s think about how to solve a problem? First, let’s start with you. What problems would you like to solve?
My ProblemAs a kid, I loved playing with toys. Toys and video games, but toys were here before video games. As an adult I don’t play with toys. Well, I do, if my niece asks me too. I go into stores and see toys everywhere.
Can I Find A Home For These Toys?
A Few Questions I Asked Myself● Would this venture be profitable?● What skills would I need to run this venture?● What tools would I need?● Am I really that passionate about it?
Would This Venture Be Profitable?Yes, if I sourced items very cheaply. Luckily there are tons of places and events where I can source items from.
● Big Box Stores (Walmart, BJ Wholesale)● Retail Stores (Target, Bath & Body Works)● Yard Sales● Flea Markets● Thrift Stores● Online Marketplaces
What Skills Would I Need To Run This Venture?Since this is an online venture, I need to use an online marketplace (or two).
I need to:
● Be able to make profitable choices● Use the online marketplace site● Be able to ship products● Use good customer service skills
Skills are important. Hopefully you can start with what you know.
What Tools Would I Need?For my problem this answer was pretty straightforward.
I needed:
● A computer● A web browser● A camera (mobile phone)● An Internet connection
Protip: Use a non-exploding phone
Am I Really That Passionate About It?If you can’t tell by now, the answer is yes. I still find it interesting and fun. I’ve been forced to learn things like Customer Acquisition Cost (CAC), Return on Investment (ROI), and Average Sale Price.
Which Platform Did I Use?Well, we actually picked two! We started in 2010.
How Are We Doing?Not giving out specific numbers. We aren’t make enough money to buy a house, but we are making car payment money. That was one of the first goals of the business. Can we make enough to cover a bill?
A Parent’s DilemmaYou like me have kids. Kids are expensive. You love them, but they are expensive. As your family grows, you try to save more and more. You can either focus on reducing costs or saving dollars for the future.
There are a few problems you will face. You cannot cut your costs to zero. You can only work so many jobs. Things come up like needing to get a new car or roof. What can you do?
It’s Time To Start Your Own BusinessIt is never too late to start. We started our Ebay business at 32. You should have more than one income source. Your income sources should be active and passive. If you have any questions about our personal journey or like in depth insight into anything discussed, please ask. Here’s a personal email account you can use.
Some Books I Read On The Topic