From running three online businesses, my realization is this : Don’t try ! It is a sheer waste of time and valuable neural cycles.
Then how to do an online business ?
There is nothing called online business. It is business, simple business where there are the below components :
1. Product or service
3. Others who are trying to sell the same or related things (competition)
4. Cost to make / deliver the product and services
5. Price at which these can be sold.
6. Amount left after discounting all costs (middleman fee, like banks, paypal) – gross profit
7. How will this vary with time while time is X-axis and Profit is Y-axis. Does it look like a straight line , a sine wave, a saw-tooth waveform or an S or a staircase going up or going down ?
8. Refer to the curve above and plot no of hours per week invested. How does it look like ? Does it look similar to the previous curve ? If yes, you are doing great.
There is nothing online in anywhere.
There will not be any online anywhere.
From the stand-point of business – online world is a channel, a very powerful channel nevertheless but it cannot change the above immutable laws of business.