Starting a Family Business on the Internet
- Wednesday, October 04, 2006
And finally, one of the best reasons to start a family business is the entrepreneurial education your children will receive. Once your kids get a taste of having their own business, there is no telling how far they will go! One thing you can be sure of: when your children earn money through a family business, they will realize that money does not grow on trees! Nothing teaches the value of a dollar more than earning it together as a family. Even if they decide to work for an employer one day, your children will have gained valuable knowledge and skills that will last a lifetime. Entrepreneurial skills are highly sought after, and future employers covet those who have demonstrable business skills. In short, your children will become much more confident in their ability to contribute to society, help others, and take their rightful place in furthering the Kingdom of God.
Why Start a Family Business on the Internet?
I have owned my own businesses since 1985. I have owned a construction company, a homeschool bookstore, a webpage development company, an Internet marketing coaching company, and several other Internet-based companies. I know the advantages and disadvantages of being self-employed. And I am always in search of the "perfect" business. So I decided to reflect on my self-employment history and write down my conditions for the "perfect" business.
Conditions for the "Perfect" Business
- No debt
Debt makes everything happen too fast. It puts too much pressure on your business. Debt is the number one reason most businesses fail in the United States.
- Something that can start small
You don't want to bite off more than you can chew. If you have never had one employee, you do not want to start off with ten! Remember, all things need a chance to incubate before they can grow, and your family business is no exception.
- Must include my kids
The whole purpose for starting a family business is to spend more time with your family. If you start a labor-intensive business in your garage and never see your kids, what is the point?
- Low capital investment
If you had a gazillion dollars, you wouldn't need to start a family business!
- Low time investment
- Generates passive income
Again, I can't start creating wealth until my passive income exceeds my monthly expenses. I want to earn money while I sleep (and while I'm on vacation!).
- High reward for little risk
Hey, as long as we are dreaming, I might as well throw this one in as well. I do not want to take huge risks, but I do want a huge upside potential!
Now, I'm not asking much, am I?
Actually, the only thing I know of that meets all of these requirements is an Internet-based business. I know of no other business where you can invest less than $65 (domain name and a hosting service) and start selling products within four hours. And with eBay, it is even cheaper and quicker than that!
Honestly, anyone can set up a simple web page with a product, drive customers to the page, make the sale, and ship the product. This is not rocket science. And it is not the private domain of "techies." If you can type a document in Microsoft Word and check your email, you can do this. Believe me. Oh, you may have to know how to apply packing tape to a package, but I think you will get the hang of that!
I live in a small town in Idaho. It is a rural community with a small state college. Of the small population here, one-third is college students. Not exactly a "booming" economy with plenty of customers beating down my door! So, in order to make a living, I have to find my clients elsewhere. Actually, I find millions every day. Now, not every one of them buys from me, but the fact remains, I have access to a huge client base through the power of the Internet.
I sell to people every day whom I have never met. This is an amazing concept. If you already have a business, I hope you see the huge potential you are missing if you are not making some portion of your sales through the Internet. What would you give to double your current customer base? I don't care what you sell; there is something related to your service or product that you could sell on the Internet. And the cool thing about the Internet is that once you set up your business, it keeps selling and selling and selling.
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