February 26

7 Tips for Building a Successful Online Business

Tony Barrett

Owning and operating an online business is becoming one of the increasingly more popular and increasingly attractive options for aspiring entrepreneurs.


And for good reason.


People are spending more time and money online than ever before, and entrepreneurs are taking advantage.


And contrary to what some may believe, you don’t need to invent a hot new social media platform and raise millions in venture funding.


There are thousands of solo entrepreneurs… also known as solopreneurs… quietly making a VERY healthy living with an online business. And you could too.


However, while the financial potential is huge, the lifestyle options are very attractive, and the opportunities are endless, building an online business is challenging. It’s not complex, but it’s not easy.

Become a More Successful Entrepreneur Today

To further illustrate that it’s not easy, eCommerce is one of the most popular online business models… and recent research suggests that more than 90% of all eCommerce businesses fail within their first 120 days of starting up.1 While that number is staggering, there are a range of reasons for it.


Many entrepreneurs start out with the wrong mindset and expectations (they expect it to be easy).


Many over-complicate the process.


Many lack the discipline and persistence to succeed.


Many try to solve all the challenges on their own, instead of standing on the shoulders of those who have done it before.


And many struggle to make themselves visible in all the noise out there: consumers are constantly being bombarded with ads and sales material and it can be challenging to make yourself known.


However, the good news is that with some research, hard work, and targeted knowledge and guidance, your online business can make its way to success. And we’re here to help!


online business-entrepreneur

7 Tips for Succeeding in Online Business

It can seem overwhelming at first to build a successful online business. Where do you even start?


There is indeed a lot to consider when working through the logistics of starting a business, but knowing the most important elements to tackle will put you one step ahead of the game.


So, if you’re thinking of ditching the office job and paving your own way to success, we have some of the top tips you should keep in mind for building your successful online company.


1. Find a Trusted Mentor

Find someone who has already walked this road before you, and who is able to teach you. They can help you learn from their past mistakes so that you don’t have to make the same ones.


It can be tricky to find the right one, so do your research and don’t be blinded by big, shiny promises that usually turn out less like gold and more like lead.


You can also reach out to me… after many years in the industry I have a very good idea of who is good and who may be better avoided.


2. Make Sure You Have a Clear Roadmap

There are many tested and proven models for making money with an online business, the secret is to find one that will work for you… and stick to it.


Yes, you need to find your unique position in the market... but you don’t need to reinvent the wheel when it comes to your core business model!


This is where your mentor can really help - they’ve done it before, and should be able to help lay out the path for you too.


roadmap-blank-paper

If you don't have a good mentor... chances are this is what your roadmap could look like

3. Research Your Market

Success in business comes from understanding your market.


You need to find a specific group of people... with a specific, urgent problem... and give them a specific solution to that problem. The clearer the group of people, the more urgent the problem, and the better the solution fits exactly that problem… the more successful you’ll be.


Just as in any other industry, you also need to research your competitors. This can provide valuable insight into how your offer stacks up against similar ones out there, while also providing information on ways that you can change and improve it.


Some of the most effective ways to begin researching your competition are to have a look at their website, research them on Google, and examine their advertising strategy.


4. Don’t Be Afraid To Focus

This is one that many new online business owners struggle with.


Too much of the surface literature and news coverage focuses on the size of your market… and says that if it’s not worth billions then you shouldn’t bother.


The truth is, when you’re starting out, you don’t need a big market. What you need is your first few sales. And to get those, the more specific you can be about the group you’re targeting, the problem they have and the solution you’re offering.


The more your message personally resonates with them… the more likely they are to know you, to like you, to trust you… and to buy from you.


(I know I’ve used the work ‘specific’ a lot, but frankly it’s impossible to emphasise it enough.)


And remember, you can ALWAYS expand your market later.


5. Use Your Money Wisely

These are uncertain financial times, and there is no shortage of people willing to take your money.

You need to invest to build a business - there is no avoiding that fact - but invest it into things like mentorship, core skill development and essential tools. Not unrealistic promises and shiny objects.


And while outsourcing is critical when it comes time to scale, it is almost always a good idea to roll up your sleeves and get the job done yourself when first starting out. This can not only save you money, but will ensure that you know exactly how your business works, and that you understand what to expect from service providers when you do outsource.

waste-money-invest

It's very easy to end up doing this in the online business world... so make sure you're spending your money on the right things!

Bottom line: spend money wisely, make sure that you understand exactly where your funds are going, and when you’re ready, look for opportunities to streamline in the long run.


6. Face Your Fears

It is both common, and perfectly normal, to feel a little uneasy about jumping into the world of online business. But, facing and overcoming these fears can be one of the best things you do for your self-development.


Getting out of your comfort zone and facing those fears provides you with experience you can’t get anywhere else, which helps you grow. It helps you develop wisdom, courage, and resilience… all characteristics that will be essential to your long-term success in business.


When used in the right manner, fear can literally drive an entrepreneur to skyrocket their way to success.2


7. Believe in Yourself

Before anyone else can ever believe in you, you must believe first.


When you win in your mind, you make it easier for yourself to overcome challenging circumstances and difficult situations. It keeps you positive and enthusiastic about your business, while also unconsciously improving your sales ability.


Take the time to treat yourself like the champion you are, talking yourself up and counting your wins as they come. It will only benefit you and your business.


online business-productivity

Let me help you find your path...

Let Me Help

Being stuck in a miserable 9-5 that you don’t enjoy is no way to live your life. I know that. Been there.


That’s why I'm dedicated to helping you build a real, sustainable, successful business online.


I know that you have what it takes, and I'm prepared to help you take control of your financial future.


Are you in?


Contact me today to get started!



References

1. Guta, Michael. “Ecommerce Business Failure Rate at 90% After 120 Days – How to Avoid It With Your Business.” Small Business Trends, 21 Jul 2019, https://smallbiztrends.com/2019/07/why-ecommerce-fails.html

2. Gandhi, R. (2019, Nov 8). How I conquered the 8 biggest fears about starting a business. CNBC. https://www.cnbc.com/2019/11/08/how-i-conquered-the-8-biggest-fears-about-starting-a-business.html


Tags

entrepreneur, entrepreneurship, financial freedom, online business


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