Perhaps you have been getting sick of your 9-5 job. Or maybe you would want some extra income on the side. You’ve heard about how others experienced success online, so why can’t you? Having an online business is a great opportunity for you to start something that can bring you part-time income, or even full-time if you wish to scale it. According to successful entrepreneur Chrissy Weems, here are some benefits of starting your own online business:
- Flexibility in your schedule – starting your own business online means you have the chance to work whenever and wherever. Since you don’t have a brick and mortar location, you can access your business as long as you have your computer and the internet.
- Easy entry point – nowadays, it is very easy to start an online business. Whether you plan to sell physical products, digital products, or offer your services, you usually only need minimal capital.
- Do what you love – do you have a special interest such as baking, crafts, or giving advice to people? You can definitely make a business out of your passions.
If you’re thinking about striking off on your own and starting an online business, there are some things you need to consider before starting. Chrissy Weems gives us actionable advice before starting an online business.
Five Awesome Tips For Starting Your Business Online
Define your target audience
Before starting your online business, it is important to take note who the business is for. Are they soon to be mothers? Are they outdoor people? Defining your target audience will make it easier for you to create or source your products, plus it will help you to have a specialization in your business. Look at it this way: let’s say you want to have a haircut. Would you choose to go to a salon, or a beauty supply store? You would be more comfortable going to a specialized place such as a salon to take care of your needs. The same can be said about an online business. Defining your audience gives you a better focus and direction.
Learn some basics of building a website or how to market in social media
If you want to start an online business, it is important to have some form of social media presence. This could be in the form of building your own website or having a business social media account. Many women in business may find themselves stuck on this stage as they appear to be overwhelmed by the technicalities that making a website brings. You can either search for blogs online, find YouTube tutorials, or if you are feeling more advanced, you can also look for Udemy courses about how to make stunning website pages for your business.
Understand some digital marketing strategies
Knowing the basics is enough–you don’t have to necessarily know it all. Once you have your products or services ready, you will be needing to promote them. However, promotion online is different from traditional marketing. With traditional marketing, you have to pitch clients within your network, send out as many print ads and flyers, or even find a spot on the radio or TV to promote your business. Online marketing has changed the game. One of the best ways to market your business is to start an online blog, promote through social media advertisements, make videos, or post various forms of multimedia content on your social pages. Once you get the hang of online marketing, you are sure to find more leads for your business.
The 80-20 rule in online business
Another valuable tip that a lot of online entrepreneurs learn over time is to always test what works and what doesn’t. Sometimes, a product may not be selling as well as expected. In other instances, a product that we do not expect to gain attention is now generating numerous sales. In accordance with the 80-20 rule, you will typically see 20% of your products account for 80% of your sales, much the same way the top 20% of your customers often account for 80% of your income. It is helpful to look at these trends and see which ones are working for your online business or not. They are clues to help you speed up toward success.
Always be consistent
Just like in traditional business, consistency is key. Whether it’s in the quality of your products or services, producing promotional content, or connecting to your audience, you need to be consistent. It may be helpful to work on a weekly, monthly and yearly schedule. Though schedules eventually change over time, you get to have an overview of your tasks and this will help you prioritize what you need.
Starting an online business is definitely not just a pipe dream. With enough passion, consistency, and determination, you can succeed whether you’re an experienced entrepreneur or not.