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The World is fast changing, more persons are becoming freelancers and taking up online jobs and businesses. More persons are beginning to realize that the 9-5 for 40 years does not pay the bill and does not guarantee success. In the next few years, the online business sector will become more occupied with a lots of persons.
It has never been a greater time to start an online Business. If you are currently reading this article and you do not have one yet, i urge you to start one afterwards.
I will discuss all the steps for you on this guide; at its conclusion, you’ll know how to start and run your own online Business.
First thing you need to understand is that, starting an online business simply means exchanging value for cash. you need to exchange something that is valuable for cash from your prospects. Yes, the end product you are seeking is the money but then, if the value you give to someone is not scalable and commands recurring growth, you will end up on the bad side of failure real quick that you can even blink your eyes.
Note: This article will be based on training you on how to start an online business, not necessarily how to scale it.
Here is an overview of the 14 steps for building and starting a successful online business:
1. Get the Money!!!.
No one adds this to their steps in starting and building a successful online business but this is a MUST and very necessary. Before you start an online business, it is paramount to have a reasonable amount of money on ground, all depending on what online business you tend to venture into. A Startup capital is required as well as a backup capital.
2. Find a niche.
Now, this is the second step and funny enough, this is where the majority of entrepreneurs flop and end up failing before they know it.
Do not sell what you think the customer wants, sell what the customer wants.
Before you start selling, you need to make your research and find the right product with the potential for serious profitability. You’ll have to research different niches and even examine your own life or the niche market to find problems that can be solved.
3. Evaluate market viability by conducting market research
Now that you have a product or business idea, it’s time to dig deeper into product viability. What is the ability for your business to survive or live successfully. Think about the kind of details that can make or break your business. When analyzing your market viability, it is important to keep emotions aside, work with data and not mere thoughts alone. You have to Validate your product using tactics such as keyword research on google and evaluating trending products or services on social media.
4. Conduct competitive analysis.
Good, you have done a market research and concluded if your product is viable or not, now you have to Find out what’s working already from others in your field doing the same thing you are about to start. You can also find what can be improved upon — from your biggest competitors. This will tell you more about how to define your branding and positioning in the market.
5. Analyze your target market.
This is where you dig even deeper to understand your ideal customers. Who are they? What do they like? How can you tailor both your product and your website experience to appeal to your perfect customer? You will have really analyze this section because once you understand this part, you will be able to run precise and scalable advertising that converts well for your Business.
6. Choose the right platform.
None of the above matters if you don’t have a platform to sell your product or services online and also provides an intuitive shopping experience, and makes customers want to return. You can build an online store or landing page website in a matter of minutes.
You can also choose to sell on other social media platforms as well like Facebook, Instagram, Whatsapp, Email but to make things easier, just setup a website or landing page and you can start your online business professionally.
7. Drive online traffic.
All of this would be futile if you do not have who will visit your online business and make purchases. Once you’ve got your store up and running, you will need to run paid ads to get traffic or organic traffic to get more visitors to your store.
8. Measuring online success.
It all boils down to success. Is your online business succeeding? Should i stop or should i continue and invest more more into it? All these has to be measured right from the moment you get your first visitor on your online business store. Success is nothing without analytics to prove it and this is why you need to pay close attention to every data insights on your business.
9. Scaling your business.
Measured your online business? Is there even a 5% profit? Then it is scalable. It is time to invest in advertising, communication and other growth strategies. I would be definitely glad to aid you grow your business through professional adverts.
So What are we waiting for? It is time to get started on your online business.
P.S I am currently creating a course on how to do all these step by step to achieve the best results. Do you have any topic you want me to add to the course, do let me know on the comment box below.