20 Things You Have to Know Before Starting an Online Business
I have to admit it’s been a long journey for me because I’ve tried to learn the business as good as I can. I would say that I have done a great job, but it’s a constant learning process since you don’t know what’s coming next. Remember, when you are online, it’s amazing how things rapidly change within a few days so you have to go back, and completely re-evaluate your end goal. However,
I have been very fortunate because much of what I have learned has come from industry leaders who have taught me everything I have to know. Afterward, it’s all about split testing learning what has worked in the past, then tweaking it so it keeps working. This has been a long process however it didn’t have to be if I just followed the so called – Yellow Brick Road. I believe we sometimes have a habit of over thinking what we want to do, and this can lead us into some serious trouble because we then get information overload. What does this mean?
When you have way too much information, and don’t know where to start putting things together. I just delay’s the bottom line, and this can cause you to lose motivation, and reach your bottom line. I’m here to tell you going forward you don’t have to worry about the information overload because I’m going to tell you the 20 things you have to pay close attention to going forward. Here’s what I will like you to do now.
Stop everything you are doing so you can pay attention to the information I’ll be providing to you. I’ll split this up into “4” parts each with “5” very important things I wish I knew before getting started. Let’s get started, and your feedback will be greatly appreciated. Let’s jump right in.
Always Think Big
That’s right if you’re going to start an online blog or company then it’s important you think big. All the effort you’re putting into starting your business, marketing, networking, and acquisition can be better utilized when building a larger company. Why is this? Online marketing especially when referring to your business can be very tough, however, the same strategies you use for both a small and big company are the same. You might as well think big because this way when you create something, it’ll be special…right?
If you are already involved in a business, then find a way to take this to the next level by looking at what can be done starting today, maybe incorporate better products, diversify your portfolio. or even look for ways to improve customer retention. The longer the customer stays with your company, the higher chance they’ll build loyalty, and buy products from you going forward. This happens at the company Apple because once you have bought an iPhone, you’ll most likely purchase an iPad and other devices. Next,
If you are just starting out online, then look for a massive niche which you know once dominated will bring in loads of money. Here’s something to keep in mind,
When searching for a niche think about what people always need. You’ll notice “3” things will stand out right from the top of your head: health, wealth and romance…right? I would start by focusing on these “3” niches because there is huge money to be made within all 3.
Let’s move onto point number 2
Simplicity Is Key
That right! Make things as simple as possible because people don’t want to put too much effort to find what they are looking for. This strategy has worked wonders for Apple because they have made people’s lives more simple through their products so you should think about doing the same. Here’s how I would approach such a challenge.
First, evaluate what you are currently selling, and what you can do to make these items easier to work with. Next, if you are selling an eBook then make it right to the point while providing value at the same time. Many of us spend time writing way too much, and our main point gets lost in the clutter so try and clean out the mess while focusing on the main bottom line. Next, if you plan on creating a product, then you have an advantage which I’ll mention below.
Research your competition, and find ways to make what they offer better. I’ve been doing this with content, and it has improved my rankings, shares, and even engagement on my page. You can learn a lot from your competition especially if they have been in the business for years. Research their product, then find what’s wrong with it or what it’s missing, then make it better by adding or removing the options. Always split test the elements making sure you have a product which outshines your competition.
Here’s something to help you out when creating a product…
Solve a Common Problem
When searching online look for a common problem within your niche. If you track why people are searching online, then you’ll notice they are always looking for information to solve a common problem within your niche. If you can provide a complete in-depth solution either through content or by creating a product, then you’ve done well. However,
You must take a lot of time and research the problem so you find a huge problem within your niche. The bigger the problem, the more people you can attract once you go live. I would look in places like:
- Search engines
- Google trends
All of these will provide you with the information you are looking for because you’ll be able to see what people are constantly writing about. If you see that people keep asking a common question, then it might be a good idea to base a product around that topic. Then you can contact them letting them know about the product you created, and how it can help them solve their problem. Here’s the method I would use:
Research the competition because they have been in the business for years, and have probably done all the leg work. After, make what they are offering better by adding elements their product is missing, or even offering an unbeatable price going forward.
Next, let’s look at the following:
Pricing Is Important
In order for you to stay competitive, it’s important you have your pricing down right. If you go too high, then customers will leave and shop at your competitors. However, if it’s too low, then people will start to question how effective your product or service really is. In other words, it’s hard to find quality for such a low price. This is why I encourage all of you to research the market making sure you stay highly competitive. I would start by doing the following:
Research the market, and what others bloggers within your niche are offering. Go through their products and see how your product compares to theirs. This will give you a good idea of price range, and what features you should maybe include in yours going forward.
Start with a middle price because you can always go up or down. If you go too low, then it’ll be hard going very high later. However, too low then you’ll have trouble dropping it without losing value at the same time.
Start with the two methods mentioned above, and test what’s working then make changes where necessary.
Understand Different Marketing
Since the internet has expanded, you now have more ways to market your products than you did several years ago. You have social, banner, PPC, PPV, video, podcasts, and others. These methods will all drive targeted traffic to your blog as long as you know how to use them currently. However, I’m surprised at the amount of people who don’t take their time and test out all of these methods so they find out what works, and what doesn’t. Just like opt-in forms, your marketing channels have to be tested too because you don’t know which ones will bring you the traffic you need. With that said, it’s important you do the following:
First, learn about all the method which are available to you, especially those which will bring the right type of traffic to your blog. Some channels will offer the audience you need to build profits however others won’t offer your target audience so should be avoided going forward. The point is you won’t know until you test them.
Secondly, so you can test the waters, it’s important to spread out your marketing and to set a budget. The last thing you want to do is invest enormous money into a strategy which yields no results. The good news is many of the marketing channels will allow you to set a daily maximum.
Third, once you have clear data on what’s working, and what’s not then you can start reducing the channels until optimal gains are achieved. This way you’re NOT only driving traffic but paying less while achieving high results.
Again, here are some marketing channels you can focus on when starting out:
- Social marketing
- Video marketing
- Media buys
- Solo ads
- Forum marketing
Each of these channels will have so many different platforms which you can use, for example with PPC, you have Google AdWords and Bing Ads.
This is the conclusion to Part 1 of my series, and we’ll be discussing “5” more important things I wish I knew before starting my online business. Before you continue, here’s what I would like you to do:
Start by reading this content over again, and making notes on the most important facts. Next, start implementing the strategies and don’t forget to test at the same time. Only then will you be able to figure out what’s been working for you and what you should avoid going forward. Don’t give up because I’ll admit starting a blog can be very tough because you are essentially testing the waters in the beginning.
Once you have implemented these strategies, you can wait to collect data, however in the meantime, you can focus on implementing what we discuss in Part 2 of our series.