If you're reading this a well done is in order. Even contemplating starting an online business shows an entrepreneur spirit that should be admired.
But just wanting to get out of the rat race is not enough. With it being so easy to establish an online presence, a clear strategy is needed to avoid falling into the trap of being another one of the numerous failed businesses each year.
To help you we have put together 5 crucial areas that need consideration to ensure that your dreams become a reality.
1. Have a Business Plan
Simply sitting down and writing up clear objectives for your business is a step that many do not take time to do. Maybe because they think it is pointless because they don't have to answer to anyone, but starting a business means holding yourself accountable and the best way to do that is to commit to what you want to do.
This should include your goals, what niche you are catering towards, and developing a clear strategy in the areas of advertising and marketing.
For example, so many that have taken our 15 Day Online Business Challenge have found that just having an online business model in place has given them the courage to step into an area of business that was new for them.
For this to be effective, make your business plan for at least 2 years and be sure to revise it to make sure you are on track.
2. Don't Just Think About It, Do It
Abraham Lincoln once said, “Give me six hours to chop down a tree and I will spend the first four sharpening the axe.” Whilst this illustrates the importance of planning, what is often overlooked is those last 2 hours. Getting to work.
The planning stage is vital, however, having a good idea on paper and then waiting for the perfect set of circumstances is not enough. In reality, holding ourselves back often masks a fear of failure, but viewing any obstacles as opportunities to learn helps in making sure that you keep forward momentum.
Have a work schedule and stick to it. It takes hundreds of individual steps to climb a mountain, so don't view any little task you complete for your business as insignificant, especially at the early stages.
3. Make Sure Your Online Business Can Deliver Online
If you were to start a business in the traditional bricks and mortar sense, the most important factor would be your location and look of your store. E-commerce is no different.
Your website represents you, so give it the attention that it needs. A website that is unattractive or hard to navigate will put people off in the same way that it would in a physical store.
Understanding how it should be presented is made much easier if you have a clear idea of what you represent, something that can be identified if you have a good business model.
As the goal is to grow your online business when choosing a host make sure to select one that can handle a reasonable amount of traffic.
You never know when things may take off and having a server that can't handle it is the same as not having enough staff in a store. In that situation you would blame management for not planning ahead, so the same applies to your online business. So do solid research to find the right hosting service for you, as these seemingly small areas can complicate your life later on.
4. Really Get to Know Your Customers
We at Legendary Marketer pride ourselves on the fact that we can help your online business grow. This is because I and the rest of the team have spent years isolating and utilizing our knowledge in the most important area for business growth.
Understanding customer behaviors.
You will not be able to make any progress if you don't first, know who you are marketing your business towards and second, track how they interact with your business.
Take the time to research the demographics and psychographics of your potential customers. With this information, you will be able to understand where to focus any advertising rather than spreading yourself thinly across all platforms.
Once you have customers, you should aim to keep them. Simple techniques like having an email list will keep you in direct contact with people you already know like your service or product. Information like this is gold dust for any business! You should also keep track of where people found out about you as this can be used in developing strategies in the future.
While all of these things are in some respects difficult skills that need to be acquired don't be disheartened. Hundreds of our students have been able to hone and develop these abilities and now are able to use them confidently in their own private ventures, so you can too.
5. Make Sure to Invest in Yourself
Running a business can sometimes feel like you are spinning multiple plates at the same time. gaining the confidence to feel as if you are capable of handling it all can take time, but getting equipped in the more pressing areas of running an online business can give you peace of mind beyond belief.
If managing finances isn't your strong suit, do a course in bookkeeping. If your state is doing a workshop on taxes for small business owners, go. Personal growth is one of our mottos as we feel that it is essential to become financially successful.
Even speaking to other online business owners and learning about their successes and failures can help in helping you achieve your goals.
As time moves on and you gain more experience, having the practical knowledge to back up what steps you take to improve your business will pay off in the long run.
Success Lies Ahead for You
Setting up a successful online business is a long road. But there are thousands of people reaping benefits because they applied the wise counsel they had received rather than rushing into it.
If you want to include yourself among them check out this free video that teaches you affiliate marketing secrets, like how to make high ticket commissions and supercharge your earnings.