Second Income Business

Succeeding at a second income business is really a matter of how much time and money you want to commit.

In this article I'll share with you my experience with starting a second income business and more important, how it can succeed.

I've been working the online sales angle since 1995, when shopping carts and merchant accounts were difficult and sometimes unreliable. The company I helped start produced a software product we sold at big box stores and was available as a download at our online store. That was my first experience with online sales. What I learned, I continue to use today, along with all the internet marketing tricks I learned along the way.

Choosing the right Second Income business for you is not a mystery. Many successful business owners start a business from seeing a necessity or they have a passion for a hobby and turn that into a business. If that's not you, then start looking for a packaged business that peaks your interest or something associated with your current or past experience.

Today anyone can start a business with a great website. Here's where I find my clients make mistakes. Investing too much money in logos, printed materials and web site design can limit the capital you’ll need to market. Start with good clean professional looking designs. Logo price $99-200, Print with desktop publishing, web design and build out start at $750.00 and up.

Buying into a pre-packaged second income business is one popular method of starting a second income business. One example of this is to buy a pre-built store with a line of products you choose. If you choose this type of package you need to make sure all vendor agreements are in place including any drop shipping, inventory requirements, special licensing or legal issues you need to be aware of and that your territory is not limited.

One of my clients recently asked us for some ideas on Second Income businesses. Through the interviewing process I discovered he was planning on retiring in a few years. I recommended he choose a line that had online retail, wholesale and B2B customers. The key was the ability to sell wholesale, retail and B2B.

Once a decision was made, on the pre-packaged business, we moved onto discussing marketing of the business, how long he was planning on running the business and if he was planning on selling or gifting the business to a family member. It’s always a good idea to plan ahead and have a “pla
B”.

If you have a question about your existing business or would like to know more about starting a Second Income or new business contact my office at 310.577.8660 or email ron@accentdigital.com