Anyone here have an online business?

[Oneida100]

I am interested in starting an online business and was wondering if anyone here has done it and what would be the best place to gather information before jumping in?

Obviously looking to get into the business as cheaply as possible and slowly grow the business as funds become available. This would not be my primary source of income; more of a supplemental thing (unless it really takes off).

 

[Oneida100]

C'mon, nobody has any input? Are you telling me that everyone has earned enough to retire early strictly through investment strategies?

Not looking for a step by step tutorial on how to get rich, just a little guideance.

 

[calmloki]

Not sure what you are looking at doing - there are people here who sell on Ebay at various levels; this board is itself a money making venture, what are you thinking of? I rent apartments using Craigslist often, but don't think that is the kind of interment business to which you are referring. More information may get you more response.

 

[REWahoo]

Not looking for a step by step tutorial on how to get rich, just a little guideance.

_ Buy at wholesale sell at retail.
_ Maintain a margin that leaves you a profit after labor, overhead, and taxes.
_ Rinse and repeat often.

 

[TromboneAl]

I sold the computer software that I wrote (primarily a time and billing package) online. Without the Internet, the business wouldn't have survived. I started around 1988 -- and the Internet was quite different then.

My strategy was also to keep expenses very low, shrink wrapping packages in my basement, for example, and doing my own PR. It worked for me, but who knows, a "spend money to make money" approach may have been better.

Good luck!

 

[Moemg]

I would not call it an online business but I am an ebay powerseller . For me it's a lucrative hobby . I've been doing it for three and a half years . I started with things around my house and it grew from there . You need to have a knowledge of your items especially when you sell antiques . It also helps if you love to shop and if you are a garage sale person ( which I am not ). I do it more for the keeping busy than the money ( most of which I give away or fritter away on trips ) . It has also helped me get some photograhy skills .

 

[bizlady]

I have an online business. Have had it for 7 years and started it with the idea of just generating enough to pay for all of our insurance and taxes for both homes. My business is a drop ship business. I take the orders, then send them off to the vendor to fill. No inventory.

Yahoo Small Business is the platform I use. It is really easy to use, includes all sorts of features and integrates nicely with Paypal and a merchant account. I've operated it now for 7 years. You can PM me with questions if you like.

 

[antmary]

I have had an online business for four years. I found a good web person to design my website with a shopping cart; it is authentic-looking, and I don't have other advertisers listed on it. I "work" about 15 hours per week, and have found that contact with my customers is energizing and fun. As an artist, I can channel creativity into this project. I still consider myself "retired." Basically, I:

Have a local web designer and tech assistance
Use a local internet company
Sell a product for which there is demand
Use a local part-time bookkeeper plus a C.P.A.
Set up a merchant account through a bank
Signed up for PayPal
Incorporated (Inc) with the help of an attorney to protect our assets
Trademarked my products, logo, etc.
Keep a good relationship with an attorney for "troubleshooting."

We own two homes in full. This business has enabled us to finish building our "off the grid" house until we can rent out the house we are living in. We have not had to touch our retirement accounts. Once we are collecting rent checks and collecting Social Security, we will re-assess.

Sorry I didn't post before...best of luck with your venture! And, feel free to send my a private message as well...

 

[Nords]

C'mon, nobody has any input? Are you telling me that everyone has earned enough to retire early strictly through investment strategies?

Mostly through aggressive savings or high-paying jobs.

But, yeah, the 1982-2000 bull market was one heckuva tailwind.

 

[brewer12345]

Mostly through aggressive savings or high-paying jobs.

But, yeah, the 1982-2000 bull market was one heckuva tailwind.

Damn boomers. Hogged it all up and barely left any crumbs for the rest of us. Typical.

I think drop ship is the way to go, assuming you can find the right niche.

 

[Oneida100]

Thanks guys for all of the replies; I think that drop shipping is the route that I am going to explore. I'm not looking to get mega rich, although that would be very nice, I am mainly concerned with providing some stability and financial insurance for my family should I ever lose my job.

 

[v5200]

I bought an online business in 2002, and it has grown to several million dollars in annual revenue. I paid $20k for it, the best investment of my life! I'm hoping to sell it this year, and FIRE! That said, it was a lot of hard work... I found online resources extremely helpful, particularly info on Internet marketing (which is critical for success).

 

[NW-Bound]

But, yeah, the 1982-2000 bull market was one heckuva tailwind.

Damn boomers. Hogged it all up and barely left any crumbs for the rest of us...

I have said here that life isn't fair. But eventually we boomers have to go through the "distribution" phase for our equities. Step right up and buy, buy, buy...