How To Start An Online Business
I am more and more often asked how to start an online business. Having been earning full time online since over 10 years now, I can say that it is not all that difficult, but there is a learning process that one has to go through and for that, it is best to start with a good training.
Creating an online business is a dream shared by many people. It’s a way to achieve financial independence by working from anywhere, without a boss on the back, with complete freedom. The Internet offers many advantages:
- There is no need to own or rent some premises, shop, offices, therefore a much lower starting investment is needed.
- You have the possibility of starting alone, without any particular expertise. The Internet today offers turnkey solutions to get started, such as the WordPress CMS on which you can learn how to create your own professional website.
- You potentially reach 60 million consumers or more if your company is open internationally.
- High flexibility, automation of processes, economies of scale … the Internet is the ideal playground to set up profitable systems.
But then, how to proceed?
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Starting an online business is just about the same as opening a brick and mortar business. Apart from the initial and running investment is much lower as well as is the risk involved.
By being just about the same as opening a brick and mortar business, I really mean that you need to be somehow entrepreneurial, in order to be able to ‘sniff’ the demands in the market and to have a bit of imagination. Have you got what it take to be an entrepreneur? The answer is simple: if you think you have it, then, you are and entrepreneur.
So, if you have an entrepreneurial mindset and want to learn how to start an online business, what follows is definitely for you:
Step 1: No need to reinvent the wheel
Trust me, nearly every clever and ingenious ideas have already been exploited online, in one way or another. If you believe that you have got an original online business concept, to me it in fact means that you have not done enough investigation.
So, if you think that you have a unique business idea, your first step is to head on to Google and type in a few keywords related to your business idea. Meticulously examine every top websites that offer comparable products or services. It means that you might have to try out their products or services and find out their strengths and weaknesses.
From there, you will have to measure those strengths and weaknesses to enable you to introduce a BETTER idea.
Keep in mind that the entrepreneur is not to invent. His/her job is to look for existing proven business ideas, to improve on those ideas and get a share of the market, and preferably a bigger share.
Step 2: Think of the marketing system
Although having a good product is important, what is more important is how you intend to market it.
Without a decent marketing plan, no matter how good your product is, it’s going to be difficult for your online business to expand.
No matter what you intend to sell, your marketing structure should answer these 3 important questions:
- Will your marketing attract and capture a list of potential consumers or customers?
- Can you cause the system to become viral, so that users will refer more users?
- How will you turn prospects into customers?
As an example, not long ago, I have perfected what I believe to be a great online tool that should help me manage all my investments. I am sure that if I offer this tool on the market, someone will be happy to pay for it. But before I even start developing this tool for multiple users, I have to answer the 3 questions above.
Here is how to start an online business:
I will have to develop a system where investors can subscribe for free and manage a limited number of investments. This should answer my first question.
If they find the service useful and want to manage more investments, they will have to upgrade their free account for a monthly fee. That takes care of question number 3.
The difficult one is question number 2 – how to get it to go viral?
I plan to develop a system where users can allow the public to view their portfolio, inviting followers to sign up to their watch list, a bit like the Twitter effect. This should result in the website to become viral.
And this is how I proceed with all my projects. Simple isn’t it?
Step 3: Work
Once the idea is shaped and the marketing program is well designed, the final step to get started with an online business is to get to work.
This is the difficult part because of the many things to take care of, but you can only progress one step at a time.
First thing you have to do is to build your website. You can buy a ready made script (if it is available), use the free MYOB script that I’ve developed for our members or find a freelancer on Fiverr to create the website for you, either from scratch or by adjusting existing ones.
When your website is ready, you have to promote it and keep promoting it. And that’s only the beginning…
This is how to start an online business. After it’s launched, to maintain it is another question. But if you start off with the right online course, things will become easier as you go along.
Thanks for reading
I hope that you now understand how to start an online business. If you have any experience on the subject we would love to hear from you. And, if you have any questions, please use the box below and I will respond as soon as possible. If you enjoyed this article please share it socially and leave a comment below, I will highly appreciate it!
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