Small Business Ideas That Can Earn You Income From the Internet

The rapid growth of the World Wide Web has given birth to numerous small business ideas that business-minded individuals can exploit to earn them substantial amounts of income online. It is no longer uncommon to hear nowadays of people becoming millionaires just by starting an online business. The great thing about the internet is that it’s still growing so you shouldn’t worry about “opportunity shortages”. However, the online business rush has caused a lot of markets to get saturated. With that said, if you can start an online business now, do it. Don’t wait for tomorrow. Everything is moving so fast online that a single niche can get saturated in just one passing day.

Here’s three of the best small business ideas that you can build today to start earning from the internet.

1. Affiliate marketing. If you have experience with offline sales, it has a lot of similarities to affiliate marketing. You don’t own the products and services you are selling. You are merely the middle man. You simply sign up with an affiliate company or program then start promoting their products or services. If you are able to sell something, you earn a commission from it. Depending on the company you signed up with, affiliate commissions can range from a few cents to several hundred dollars. To be successful in affiliate marketing though, you should have excellent internet marketing skills. You should be able to get your affiliate products in front of the right customers.

2. Blogging. Among the small business ideas mentioned here, this is the easiest to set up. There are free blogging platforms out there so you can have a blog running in just a matter of minutes. You need to understand though that earning a significant income from blogging will take some considerable time. Weeks, months, or even years. You need to build your blog’s readership first before you’ll be able to make money from it. There are also numerous ways on how you can monetize a blog. These include banner advertising, display advertising, affiliate marketing, and direct ad selling.

3. Freelancing. If you have a skill or talent, i.e. writing, web design, illustration, etc., you can offer it online as a freelancer. There are dozens of online job boards and directories where you can find potential clients for your services.

If you are looking for small business ideas, the three ideas mentioned above could be everything you need. Start out with any of them before you branch out to more complicated business endeavors.

Business Plans for SBA Micro Loans

In many instances, you may be required to submit a small business plan if you are applying for a SBA micro loan. However, it should be noted that this document does not need to be nearly the same length as a standard business plan that would be required for any other of the financing programs that are available through the Small Business Administration.

Typically, a regular business planning document is approximately forty pages to fifty pages in length and provides an overview of the entire business. If you are specifically applying for funding through the aforementioned program then you can drastically reduce the size of this capital request business plan. Most importantly within your truncated document, you will need to provide a breakdown of how you intend to use your micro loan funds, a financial projections overview, and an examination of the products and services that you sell.

In regards to how you will use the loan proceeds, you should create an extensive table that showcases how each dollar of the funding will be allocated. If you intend to make tangible asset purchases with this capital then you may want to include the names of the businesses that you will working with as it pertains to specific acquisitions. In some instances, for purchases over $10,000, the bank or financial institution may request that they disburse the funds directly to the potential vendor.

As it relates to the financial section of the business plan, a properly formatted profit and loss statement coupled with a cash flow analysis are the two most important components. For this Small Business Administration program there is less emphasis placed on the tangible assets that are held by both you and your business. However, it should be noted, you will be required to provide a personal guarantee as it relates to your funding request. If your business is already operational then your bank or financial institution may ask you to submit three years of tax returns for the business. You may also be required to submit your personal tax returns as well. If you are uncertain as to how to properly prepare this type of documentation for a bank then it may be in your best interest to work closely with a certified public accountant or an enrolled agent to assist you with this process. Whenever an individual or business is seeking funding, it is imperative that they have an extremely well organized application.

In conclusion, the SBA micro loan program is an excellent method of obtaining financing for your small business if you do not have large capital needs. As always, it is very important for you to have a complete understanding of the debt obligation you are undertaking, its potential risks, how the funding will improve your business, and what you will do if the business does not work out as planned.