Question about becoming my own boss?

Question

For a while now I have been thinking of opening my own restaurant. The city I live in ( Louisville, KY) all ready has all the restaurant you can think of. I thought that would be the cheapest buisness to open. Now I'm not sure. Then me and hubby thought about a skating rank. We look up some info on the web and found out that the average start up cost for that is a million dollars. Now I'm thinking of an internet buisness. That way I can stay home with my children. Now I'm looking for information on starting up an internet buisness. First of all do you pay taxes on it? Is it cheaper then starting a regular buisness? Also have any of you bought one of those online stores? You know the kind that is prestoked and you just pay like $40. I live in poverty and don't have any saving. Neither me or my husband have good credit. I don't see us having a good chance at getting a loan. Any ways thanks for your help in adavnce.

Answer 1

Restaurant and skating rink businesses are expensive and cannot be started with only $5,000. If you don't think you can have access to loan, it is best to forego your plans about these businesses.

Online businesses are easier and cheaper to start. There are no physical store to lease, and other overhead expenses of owning a retail store or restaurant.

However, I would dissuade you from starting one of these "prestocked" online stores. For one, how many other similar merchants are there with the same exact storefront and selling the same exact merchandise?

The Web offers tremendous opportunities for those who know how to harness it. You hear of stories of people who earn thousands if not millions of dollars from doing business on Web. While there are many scams (same way in the traditional business world), there are various ways you can legitimately make money on the Web.

Here are some Web-based businesses that you can start. Think of what you can do and the opportunities for the type of business. Advertising is hot right now on the Web and many are earning with hardly any investment, just writing on their blogs or websites.

1. Sell products on the Web - Big boys like Amazon or Lillian Vernon online catalog or smaller businesses like BigKidsVideo.com or Candle4Less.com all sell products on the Web.

You can either sell: (a) through your own storefront through your own website or applications such as Yahoo Stores; or (b) sell through online auctions like eBay

2. Information Delivery. Others such as About.com or EuropeforVisitors.com create content and monetize their content in a number of ways:

a. Advertising - From the article "How to Generate Advertising Revenues for Your Web Site" http://www.powerhomebiz.com/vol28/adrevenues.htm , there are several ways you can earn money from advertising:

1. Join an advertising network. Advertising networks are organizations that aggregate Web sites that offer advertising space, and sell banner ads (and other advertising options) across them. Traffic requirement is often a minimum of 5,000 monthly impressions, although many do not accept sites hosted by free page services.

Burst Media http://www.burstmedia.com
Fastclick (ValueClick). http://www.fastclick.com
Advertising.com. http://www.advertising.com
Tribal Fusion http://www.tribalfusion.com

2. Participate in contextual advertising networks. Contextual advertising are text ads delivered based on the content of the web page using an automated system.

Google Adsense https://www.google.com/adsense/
Yahoo! Publishing Network (currently in beta and available to US publishers only) http://publisher.yahoo.com/
Intellixt http://vibrantmedia.com/site/web_01a5.htm
Quigo Adsonar http://www.quigo.com/adsonarexchange.htm
IndustryBrains http://www.industrybrains.com
Commission Junction Evolution http://www.cj.com
Kontera http://www.kontera.com/
Clicksor http://www.clicksor.com/
Clickbooth http://www.clickbooth.com
Kanoodle's BrightAds http://www.kanoodle.com/
Chitika's eMiniMalls https://chitika.com/mm_overview.php
ContextWeb http://www.contextweb.com/Corporate/

3. Sell advertising for your site directly. This is admittedly a more difficult route for a small business site wanting to earn advertising revenues. But hey, as they say: "no pain, no gain!"

b. Affiliate Programs - you sell other people's products that your audience may be interested in; and you get a certain commission after the desired action was done (whether a sale, a lead, subscription to email newsletter, or however this is defined)

c. Paid online content. Hoovers.com or WebmasterWorld.com Supporters forum all require paid subscription before accessing the information

d. Content licensing and syndication. Some publishers such as the Associated Press get paid every time their content is published elsewhere

Answer 2

An Internet business is a excellent way to make money! you mentioned on line stores that you pay $40.00 to have, basically you are a "reseller" on these sites but to make money from these sites you need a lot of traffic in a very competitive field..Personally I do other things to make an extra income from my computer (1) sell items on "auction" sites (started off with unwanted items that I have at home) (2) my own website and blog (which cost me nothing to start and I have "contextual" ads on them (3) I also do surveys and "read" email, you just have to find the right sites to get involved with...For a more detailed explanation, check out my previous answer below

Answer 3

Being your own boss is a big risk, I have had my own business for 12 years now & I have made a profit for 10 of those years. You can not be successful if you do not have a financial cushion. The internet re-selling is a big rip off, stay away from it. You want to work at home and take care of your kids..have you considered child care for other peoples kids?

Answer 4

You can do it!!!!!!!! All night long!!!