How To Build Your Online Business – If you read my post 13 Ways to Make Money Online, you probably realized that there are actually a lot of different options out there if you want to learn how to start an online business.
In fact, it’s completely normal as a new entrepreneur to feel unsure of which path you want to take. There are so many options that it can seem overwhelming. Or do you feel that you are being pulled in several directions! This is also normal.
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Don’t worry, all people and businesses evolve over time. It’s so fluid that I might go so far as to say that what you’re doing doesn’t really matter. The crucial part here is that you have mentally jumped into this new phase of your life. And now you want to learn how to start an online business!
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Wondering about me and how I know so much about how to start an online business? Learn more about me and how I can help here.
While I thought it sounded more like a catchy title, the “making money” part is what we really want to focus on.
You’d probably be surprised how many businesses I come across that just don’t make money. And there are plenty of other businesses that make money, but they make so little that it doesn’t even cover their expenses.
But I don’t want it to scare you! I truly believe that failure is completely avoidable. When I come across a business that is failing, I almost always see a clear reason why.
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Basically, you only need 3 things to be a successful entrepreneur. Once you have these things, you’re good to go!
One of the most important steps in learning how to start an online business is preparation. So I won’t hide the truth from you. Yes, many businesses fail. But as long as you stick with me, yours won’t cost that 50%!
The list of things you need to do when you want to learn how to start an online business is very long. Before you get ahead of yourself (trust me, it’s so easy to let that happen), take a step back and take a breath.
But there are probably some who aren’t quite sure what they want to do. Or maybe you have an idea but aren’t sure. Or maybe you’re trying to decide between a few different options.
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The important thing here is to take the time to do this step. While you have full permission to change and grow over time, it’s easier to start with a concrete plan. At least in the first 3 months.
Unlike other areas of your business, the process of discovering your niche isn’t really up to you, even if you want it to be.
Your natural gifts are strong, and while you may be good at many things, there are probably one or two things you excel at. It is important to listen to yourself and try to bring out these talents.
Running a business is hard. If you’re not naturally good at what you’re selling, it’s going to be a long road.
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Just because you love to eat doesn’t mean you have to open a restaurant. What happens if you get sick from eating? If that’s your thing, you can’t be “sick”. This is called bankruptcy. The service you provide must be so passionate that you can ride the tough ups and downs of this whole ‘business’ thing and still love what you do at the end of the day.
Those who know me know that I’m not one to give nice-sounding advice without backing it up. Figuring out what your business should be can be difficult, so join a bootcamp if you need more help with that.
Many people confuse “niche” with what we talked about in step 1. And this is partly true. But really, a niche can be one of two different things – either what you do or who you sell it to.
(I guess it could technically be both, but unless you’re really trying to sell something like whistling lessons to Boy Scouts, we’re going to assume you’re going with one or the other.)
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When you “niche” yourself, the goal is to sell to a very small, specific audience. This is called your ‘target market’, which (hopefully) consists of your ‘ideal customers’.
You can sell (a) something highly specific to everyone, or (b) sell something general to a specific group of people.
When dealing with online service-based businesses, you will most likely take the second route. However, on rare occasions you will meet someone who does it differently, like Elizabeth Goddard, who has an email marketing/technology business but only works with ConvertKit.
I’ll go into a lot more detail on how to choose a business name for your bootcamp, but I’ll cover a few basics here.
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For example, my business is Miranda Nahmias & Co. Obviously, this is where I chose my name, and many other providers do the same.
But there are several other really popular service-based businesses that have chosen not to use their name, such as: Peppercorn Creative, Coded Creative, and Freelance to Freedom Project.
It is important to note that your name must be available as a domain name and on social media. Many common names or popular keywords will not work, so be sure to keep this in mind when choosing a business name.
Some people argue that you don’t need a website to run a successful business. And while that’s true, I don’t recommend it.
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Finally, if your business is doing well, you’ll obviously need to get one at some point. And getting a website (getting traffic from social media and search engines) is mostly a long game. So starting one sooner rather than later will help you in the long run. It’s okay if it’s just a work in progress for now.
An important part of starting an online business is preparing for success. Having a website in general is a big part of it, but so is what it’s about
Websites can be built in many ways, using various tools. And pretty much every “guru” or “mentor” gets their suggestions on how to do it.
To maximize your profit potential, I recommend creating a self-hosted WordPress site with a customizable theme. You’ll probably also need some sort of page builder and/or lead generation tool.
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Don’t worry if that sounded like a bunch of nonsense. I’ll explain exactly how (and more importantly, why) to do it this way in the bootcamp.
It’s tempting to bite off way more than you can chew (believe me, I’ve been there). But you will regret trying to keep up with 9 different platforms every single day. And this means that we are talking about dozens of working hours per month, so that everyone is active and developing!
In fact, the very first step is to secure your business name on every conceivable platform. Just because you don’t use it yet doesn’t mean you won’t later. And make sure you have a place there when the time comes.
Now that you’ve done that, you can take some time to decide which social media platforms you want to focus on in terms of being active and posting content.
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Going back to when we talked about slots earlier, this step will really help us.
Each social media platform has a certain demographic that it appeals to. Certain types of people will be more active on one platform than another. It’s up to you to discover which platforms your audience likes best and then start appearing there.
For now, I hope the first 5 steps to starting an online business have helped you on your journey.
My suggested next step for you? Join my free Build Your Biz Bootcamp to get an in-depth look at everything we covered today. If you think you’ve covered all of these things, jump here to learn how to get started booking clients. Eating pita chips for lunch straight from the bag in the corner of the messy office while desperately trying to plow through an endless to-do list.
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I understand. As a busy entrepreneur, there is SO much to do. The tasks never really end. But eventually the hustle and bustle must be tamed.
Living a life of frantic busyness can be sustainable in the short term, but it leads to burnout.
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