How to start an online business – Six steps to success online
Hey, thanks for watching this great video on “How to start an online business”. I’ve made a few notes relating to the above video which you’ll find below.
We are first going to take a look at the necessary fundamentals to creating a successful online business.
Who, What, Where and How
Who is your customer? The importance of defining a customer avatar is that it helps answer questions concerning your products.
- Problems/ specific customer avatar
- Who are you?
You’ve got to figure out what type of micro niche you want to dominate.
What are you talking about
- Consider at least 20 to 30 problems your ideal customer may have
- Go to forums to find out
Where are you taking them?
- Your job is to provide solutions to their problems, educate them and teach them through your service (this could be articles, podcasts, videos, eBook etc.)
Show them where you are taking them (Tip of the iceberg)
Through the medium of communication you’ve got to show:
- Where you can take them (from the 100 lb weakling to the Hulk)
- How do they get there
- Fundamentals (The rest of the iceberg under the water)
4-Pillars of online business – T, H/M, C, S
But first a quick detour before we carry on
Your Home Site – How you appear online
Above the fold i.e. the first 30% (mobile) is really important
You should have your USP (Your Unique Selling Point) (Either as Imagery/Text) as a headline and a sub-headline
Be clear on who you are and what you provide
And don’t forget to include a subscriber button
OK, Let’s get back to the 4-pillars of online marketing
T – Traffic
Where will you get your traffic i.e. Facebook, Twitter, YouTube, Instagram, Pinterest etc.
If your customer avatar is female then you may pick Pinterest as it is well known that the majority of people on Pinterest are women.
If your customer avatar is male then you may pick Twitter and YouTube
However, you shouldn’t discount the other traffic sources
Use the 80/20 rule to get targeted traffic – know where your tribe is online and focus the majority of your marketing effort there.
H/M – Home site/Mother-ship
You’ve got to hustle and maintain momentum especially when starting out
Post at least three times a week to get the ball rolling – more if you can – once a day if possible.
Create videos and then convert them into multiple content i.e. podcasts, transcribe them, create slide shows etc.
C – Conversion
Use good quality lead magnets, and i really do mean good quality, in the form of checklists/free report/courses etc.
You should aim for 10% site wide conversion. You can do this by strategically placing subscriber buttons and hyperlinks.
S – Sales
Create sales funnels
4 stage funnel
Opt-in (lead magnet) >> Case Study >> Case Study >> Call for action (phone call or otherwise)
6-Skills You Will Need to Start an Online Business
Here they are, in no particular order:
You’ve got to leave the 9-5 employee mindset behind. You are now an entrepreneur and as such you must cultivate a ruthless determination. This will not only help you succeed in your business, but it will also dramatically improve your life. Never give up. If something is blocking your way find a way around it and keep going.
Learn to be pragmatic. There is no room for an ego in your business. \learn from others who have trodden down the path before you and copy what works. Don’t get caught up in hype be realistic about your business.
If there is on thing you will do is fail. You will fall flat on your face. However, don’t let failure be a negative experience. Learn from your failure. All you’ve done when you fail is found out what does not work. Failure is a learning experience. to succeed all you have to do is be more right than wrong.
You have to learn to focus on the right things to get the right results. You’re not here to play. You have to work on YOUR business and not in your business. Remember you you started this business to be your own boss and not an employee.
You have to learn to delegate or outsource what you’re not good at or what you cannot do yourself. Pay someone to take care of the things you don’t want to do or cannot do. Delegating or outsourcing doesn’t have to be expensive. There are many sites that have people with the necessary knowledge to do what you don’t want to yourself. Being an entrepreneur is all about finding ways to make things easier for yourself, so you can focus on your strengths.
You have to take action. There is no better way to learn than through action. There comes a time when reading the next book or following a course becomes irrelevant. At some point you have to apply what you’ve learned to get results.
You’ve got to become good at creating content. This can mean writing, recording podcasts, or even creating videos on a week to week basis.
This is a business treat it like a business.