The majority of my articles give training, tools, and resources to existing online business owners. This article is specifically written for you, Building an online business from scratch, starting where every full-time, financially free online business entrepreneur began.
Ever since the financial crisis hit, more people have turned to the Internet to “make money online” to create a better life. The desire to work less, spend more time with family and create a respectable pension provision, are all reasons to build an online business from scratch.
The truth of the matter is, that while all of these things are possible there’s a big difference between the dream and reality.
If you want to know how to start an online business, or how to do online business from home, then keep reading.
What exactly Is An Online Business
A common question I get asked at social functions is what do I do online. If I sold shoes or clothes online it would be easy to explain and understand. But my passion is online business education, within the Affiliate, Internet, and High Ticket Affiliate Marketing space. This is not so easy to explain over a beer & burger!
Teaching people how to build an online business from scratch, such as this blog post for example. It educates you as the reader, and the page links to other training resources and affiliate programs that I promote, which is one way the business works.
Building An Online Business From Scratch – Mindset
The biggest hurdle to climb in a lot of instances is the ‘mindset transition’ from employee to online business owner. I’m always amazed when people expect a weekly wage packet from a new online business venture. Or fail to grasp the concept of investing their time or delayed gratification.
Building an online business from scratch takes time, planning, dedication, and a tenacity to succeed through adversity. The advantage (and disadvantage) of building an online business is you can build it along side your current job or business.
Research Your Topic
Successfully building an online business from scratch is about research, and being clear on four critical areas:
- Finding people who are looking for solutions to a problem (your target market)
- Providing them with a solution (your product or service)
- Understanding your profit & loss numbers
- Be CLEAR on what you want & your expectations
As I mentioned in the mindset section above, there is a mindset transition from employee to a business owner. Often people skip these four critical areas of research. Instead, they get a product to sell that they THINK the market wants. Rather than conduct proper research first then offering the solution to a problem.
It’s far easier to provide a solution that people want what you have to sell, rather than trying to convince someone about the benefits of your new 15-second turbo potato masher!
Cash Flow, Profit & Metrics
Understanding your numbers is also critical to your success.
Calculating your net profit after expenses in a business plan will give you an indication of the validity of your venture. While this seems like an obvious step to take, you’ll be amazed at how many people don’t understand their basic metrics.
When I talk with students with the employee mindset, their income desire is usually to replace their existing income. My advice to anyone starting an online business from scratch is always plan to make $100,000 in your first 12-24 months.
This may seem like a heady goal, but the skill set needed to develop $100,000 will take your business to 7 figures.
When you develop the skill set to merely replace your income, you’ll invest the same time and effort albeit with a reduced belief in yourself, expectation and outcome.
Invest In The Tools You Need
If you’re looking to start an online business for free, then I’d suggest going back to watching cat videos.
Building a successful online business from scratch takes an investment in both time and money. It is often human nature to try to get everything for free when you first start out.
Let me tell you from experience that getting things for free will keep you broke, simply because nothing is free.
Would you invest $30,000 to get a $100,000 return if someone showed you how..? Click To Tweet
How can you possibly attract paying customers if you won’t commit to buying anything yourself?
Once again I’m talking about mindset, so let me ask you this – would you invest $30,000 to get a $100,000 return if someone sat you down and showed you how?
Here’s what you’ll need as a bare minimum:
- Your own domain name – GoDaddy.com
- Website hosting. – I run this site on Site Ground Great service & site speed.
- Autoresponder email service – I’ve used Aweber since 2008 and is excellent.
Keep Your Focus
Keeping your focus when you’re working online can be a challenge. The abundance of information, constant emails, Facebook messages, the next must have product or tactic certainly make for unwelcome distractions and overwhelm.
Distractions can be a problem for many people building an online business from scratch. A common distraction is constantly learning marketing strategies, causing a paralysis of action.
If you find yourself distracted with emails then use a service such as unroll.me
The key to succeeding with your online business is to learn ONE marketing tactic, then action it. If you get stuck along the way – work it out! Before moving on. Watch this video for one of the best pieces of advice you’ll ever hear.
Build Your Audience
Building your audience and a loyal following is a strategy many online business owners often neglect.
Exposure is the key to attracting people to you. Giving them value and providing them with what they want is the key to developing life long customers.
Primary sources for exposure can be offering yourself for an interview on local and national media, Entrepreneur.com, The Huffington Post. Or offering to write a guest blog post on high traffic authority sites.
Social media will help you build your audience, once you have carried out proper research and defined your customer avatar. Speak to those people exclusively on the social media site they use, rather than sending the same message to all social media sites.
When your campaigns produce the results you want, it's time to scale things up... Click To Tweet
The final point is to test and measure. Add tracking to everything you do, by doing so you’ll have the data to measure your results. If a campaign performs poorly use this as a testing and measuring lesson.
When your campaigns produce the results you want, it’s time to scale things up and take your business to the next level.
If you’re building an online business from scratch, follow these 7 tips to avoid the common pitfalls. By developing a clear plan and a path to follow, you will achieve the success that you want, and keep you sane enough to enjoy it.
Building an online business is a simple process, once you work on the important and productive tasks. I hope this article has gone some way to doing that, you can do this – Now go and make it happen.
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“Helping You Build Your 6 Figure Internet Business”
P.S. One of the easiest and most profitable ways to build an online business from scratch is to use a proven done-for-you system that I use. Find out more on this page.
If you have any questions about developing your online business, drop me a question below –
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