Building an online business

Building an online business

With the ease of starting an online business everyone is trying to get a piece of the cake. Some people offering misleading and unconfirmed information online. It is good to focus on a niche, get an audience and find a way of earning money in the process.

With the boom of the Internet and social media has arisen a new category of entrepreneurship. Successful entrepreneurs such as Mark Cuban, Elon Musk, and Peter Thiel got their start with online businesses. An online business offers an unparalleled opportunity to run a business worldwide with only a laptop and Internet connection.

Here are five simple steps to making money from a dream or an idea you have and enjoy. You don’t need the gurus to start or grow a business that will free you to make money on your terms.

  1. Focus.

When I say focus, the first thought that comes to your mind is probably “niche.” While figuring out a profitable niche is important, it’s not the end all be all. Focus means figuring out who you want to serve and how you will deliver value to that group.

  1. Build an audience.

This is where many businesses miss the mark. You put together a beautiful website with all the right plugins, widgets and opt-in boxes. You follow all the steps, but the money doesn’t come because you have no audience.

There are many ways to build an audience and quickly:

  • Be a guest on a podcast. Every morning, Radio Guest List will deliver to your inbox a list of shows looking for your expertise.
  • Guest post on blogs. There are blogs that get millions of visitors each month. In 2012, I guest posted on 50 blogs that brought half a million visitors to my website.
  • Get exposure from large author sites. If you can be interviewed or write for sites like Entrepreneur or the Huffington Post, you get exposure to millions of potential leads and customers. Writing for these websites builds authority, grows your social media presence and leads to sales.

  1. Develop a monetization plan.

After you’ve started to get exposure, it’s time to implement your plan to generate income.  Your website/blog needs a content strategy that aligns with a promotion schedule. It shocks me how many coaching clients come to me without an organized plan to generate revenue. Plan what products and services you will be offering your customers. Use your exposure and content plan to sell premium offerings and build your business.

  1. Test and refine.

Once you have a plan and have implemented it, study what works and what doesn’t. There is a lot of advice online, but nothing beats good old fashion testing. Try different offers, bundle various products and services, run sales from time-to-time. Once you have an offering that takes off, run it every 30 days. Refine your process and improve the parts of your plan that aren’t working.

  1. Launch and scale.

By this point, you will have built “1,000 true fans” and a business that’s ripe for growth. Always launch with a bang when your promotions hit at the end of each month or quarter. This means you have affiliate partners, joint partnerships through webinars and launch bonuses. Each launch should produce serious revenue and momentum for your business. From that point, it’s a matter of reinvesting and scaling.

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You need to find an idea that will be catchy and attractive to your audience. Get a domain name and create a brand name that you will improve on. You will also need the support of great influencers who will help flow traffic your way.

Online businesses can be some of the most profitable enterprises around – with low overheads and staff requirements, the potential to make money is huge. But most online start-ups fail, so how you can you differentiate yourself and make a success? Here are the 8 steps you must follow to begin your business.

  1. Have a killer idea

It’s not enough to copy something that has already been done, or to create something lackluster. You have to really capture the imagination of your audience, and give them something that they really want – even if they didn’t know they wanted it until you came along. If you have a basic idea, work on it and come up with a unique selling point which will make you stand out. Just check out these 3 odd, yet successful online businesses you would have never of thought would be a success, yet they are.

  1. Set yourself up

The first thing you will want to do is choose a business name, but before you go telling everyone, make sure the domain name is actually available. If you can’t get the domain name your after you’ll have to look at alternatives.

Thankfully, new domain extensions are becoming available, so if the .com for your business name is already taken, there are now over 1,000 top level domains available to help you find one to suit your business. For example, if you’re an online coffee seller and the domain name is taken, you could register instead.

  1. Create Your Brand Image

Alongside your new domain, it’s time to get set up on social media. Claim the name of your business everywhere you can, even if you don’t intend to use them all at once. It’s better to have the name reserved to prevent someone else getting hold of it first. You should also create a logo that represents your brand well, a brand colour scheme, and a tone of voice with which you will communicate with your customers.

  1. Get Out There

Even if you are still waiting for your website to be built, it’s time to get out there on social media. Start following people, putting up previews of what you will sell or what’s going on behind the scenes, and generating interest. Respond to comments as much as possible so that people can see you are a keen start-up with lots going on. The more interest you have in your website at launch, the better – you can even start building a mailing list now ready to send out first-day offers.

  1. Launch With Fanfare

Don’t just quietly open your website and wait for everyone to show up. Shout it from the rooftops! Post about your new site as often as possible on any and all social media. Send out an email to your mailing list, and remember to copy in friends and family who would be interested. You can even get in touch with local newspapers or websites in your niche to ask them to feature your launch. Get the news out in any way that you can.

  1. Find Influencers

One of the biggest keys to success in the online sphere is the support of influencers. These are people with large social followings and whose recommendation is enough to drive huge sales. You may have to pay them or offer them a lot of free gifts, but it’s worthwhile to get someone on board. Ask them to post as much as possible about your brand to drive those visitors over to your site.

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