One of the best ways to get rich quick is to start online business. It is also the riskiest methods of all, but the payout is massive. Starting online business is a relatively easy thing to do, but being successful at it is not easy at all. You’ve probably heard of the statistic that 80% of new startups fail within 5 years. It is even worse when you talk of just online businesses.
There are 3 things that every online business needs to be successful…
- An Idea for which there is a lot of demand in the marketplace
- The right people to make something of the idea
Why do most start-up companies fail? They fail because of a simple reason that they fail in one of the three areas stated above to start online business. If you cannot get any of the three areas right, then starting online business is not for you, perhaps you should try some of the other ideas listed by us.
But here’s what you should know – starting online business is one of the most profitable opportunities out there. The point of starting a business is that if it succeeds, as a founder, you stand to make a lot of money. So this is a high risk, high reward opportunity to start online business.
How much money can you make from start online business?
This is not an easy question to answer. There is wide range of potential earnings for an online business. It varies widely and it is not possible to give an exact figure. But the thing about starting online business is that it is a passive business opportunity, so your business will make money even as you sleep.
Once the business starts going, you won’t have to work too hard to run it. You can make money 24/7 from it and whatever you invest in it right now will appear to be peanuts in comparison.
But you won’t make much money when you get started. In fact, for the first couple of years, you will find yourself working incredibly hard for minimum wage. But as you grow your business the number of hours you need to work on it will decrease and you will find yourself making a much higher income. There are many bloggers, for example, who write just a couple of posts a day and make a seven-figure income from their blog.
There is a good reason why an online business is so appealing – it requires little or no capital and offers an excellent return on investment, much more so than any business opportunity. The trick is to get moving and get the work started.
But it’s not going to be easy. Here are a few brutal facts about starting online business that you should know.
- Fact #1: Creating a successful online business is not magic. There is no guarantee that you will see any sort of profit with it.
- Fact #2: When you make the move to start a business, understand that it takes up a lot of time to get the ball rolling and the work started. You will find yourself working 100 hours a week.
- Fact #3: Starting a new business would mean getting out of your comfort zone and doing things that you may not like doing, such as meeting people, cold calling potential investors, making hard decisions, investing your own money, and so on. Do you think you are up to the challenged? If not, find something else to do, starting a business is not for you.
Okay, still here? Still confident? Okay, let’s talk a bit more about start online business. The thing about starting a business is that even a beginner can be very successful at it.
Here’s a step-by-step guideline to starting online business…
What’s Your Idea?
You should find a need or a demand and fill it. It is as easy as that. Indeed, the concept is pretty simple, but the execution takes some doing. A lot of people get the order of starting a business wrong. They begin by selecting a product or service and only then they find a market. That’s not the way to do it.
Experts recommend finding a market first, and then developing a product or service for it. It is only when you have a market that you have a business.
So how to identify a market? Find a group of people who have a problem. Do you have a solution to the problem? Can you do something to make their life easier? Here’s how to find a market:
- #1: Visit online forums in your area of expertise and find out what sort of problems people have and what are they asking about.
- #2: Use tools such as Google Keyword Planner to identify the most common keywords that people typically search for. You can also perform a search on Clickbank to find out what sort of digital products people generally buy.
- #3: Look for other businesses in your niche, find out what sort of services are being offered by them. Make a note of the things being done by them to solve their customers’ problems or to cater to a demand.
Okay, by now you should have come up with a market. The next step is to find a unique way to fulfil the market demand. So create a list of products or services which you can offer. Offer a product or service that is different from what the competition has to provide to start online business.
Write a Perfect Sales Copy.
Now, create a web page devoted to each of the products or services being offered by you. The page will require a sales copy to be written for it. What does a sale copy do? It basically walks a customer through the entire sales process and compels him to take a decision to buy the product or order the service.
How to write an effective sales copy?
Anybody can write a great sales copy. Follow the tips given here for more on that.#1: You will need to write a great headline that attracts customers so that they continue reading.
- You will need to describe the problem in detail and explain how your product or service solves the problem. Be precise and avoid flowery language.
- Prove that you have what it takes to solve the problem. Your goal is to establish your credibility here.
- Look for testimonials from happy customers or people that you have helped in the past
- List the several different ways in which your product or service helps the customer
- Make the customer a really great offer that they cannot refuse
- Offer a money back guarantee to go with the offer
- Create a reason for the customer to act urgently
- Explain how the customer can buy your product or order your service. Leave no room for confusion.
Okay, that’s how to write a sales copy. The sales copy should be convincing and it should prove to the customer that what you are offering is unique or is better than what other companies have to offer. You should show how you can solve their problem effectively and efficiently.
Create a Business Website
Creating a business website is one of the most important things that every business start-up has to do. We won’t go into the technical details of starting your own business, but tell you what you need to know. First, keep the business website simple, don’t go overboard with it. You won’t have much time to capture the visitor’s attention, so don’t confuse them with unnecessary details.
- Use just two types of fonts
- Use a white background
- Keep the navigation is simple across the entire website.
- Add an opt-in form for your newsletter which visitors can subscribe to.
- Ensure that making a purchase is as easy as it gets. The user should not click more than twice between the landing page and checkout.
- Focus on the UX of the web page.
- Use SEO effectively so that the website is picked up by Google
- Use graphics that make sense along with the text.
Focus on the SEO and PPC Advertising
Optimizing your business website for Google is the next step. Make use of tools such as Google Keyword Planner to create a list of keywords. Include the keywords in your content.
Organic search is important, but don’t leave it at that. Make use of pay-per-click advertising. Pay-per-click advertising is the best way to get traffic to your business website. Since your startup is new, you should aim to start getting traffic in quick time, so make use of PPC ads to start online business.
This means you will need to make use of Google AdWords to start online business. AdWords is still the most effective PPC ad network out there. Sign up for a Google AdWords account and learn everything you can about its operation.
PPC advertising has several advantages. First, the ads show up on the front page of Google’s SERPs. Second, these ads allow you to test out different versions of the sales copy using different keywords, so that you can find out what works better. This is called as A/B testing or split testing.
Build Your Reputation in the Market
How to build your reputation in the industry? It’s something that takes several months, if not years. Reputation is hard to build, easy to destroy.
Start off by joining several forums which relate to your niche and offer free information. Help people on online forums or question and answer sites such as Quota, because the more you help people, higher will be the traffic to your website. Make sure to include a link to your website in with your forum signature, that would create valuable backlinks to your site.
Give away free content and offer valuable information to start online business. This means writing articles, creating a blog, or making YouTube videos. This doesn’t only supplement your online business, but allows you to project yourself as an authority in your niche. Create highly effective YouTube videos that are related to your business. This builds your credibility and creates additional revenue from YouTube.
Make Use of Email Marketing
Email marketing is just as important as it has always been. You can start by investing in an email marketing software such as MailChimp. Next, create an opt-in form on your website.
This allows you to get more potential buyers into your sales funnel even if they don’t make a purchase at first. When someone subscribes to your email newsletter, it means that they are giving you permission to send them emails related to your product or service.
You should send emails to start online business that are connected to the category of product for which they have signed up for. You should build a long-term relationship with the subscribers so your emails should solve a problem, they should not be too salesmanlike. Also, you must make it a point to track your results constantly.
Make Upselling Work for You
Okay, you have come a long way. The last step to follow when launching and start online business is to focus on your back-end sales. This means upselling to long-term customers. The idea is to offer a low cost product at first, and then to encourage buyers to make a high end purchase.
So for example, if you are offering membership to a service, offer higher prices for higher levels. There should be enough information at the lowest level to give the customer an idea of what to expect and enough to encourage them to buy into the next level. The next level should convince the customer to buy into the next tier.
Upselling is one of the most effective ways to make money from a successful online business, and if done well, it should create an excellent stream of revenue for you.
We have only touched upon the basics of starting a profitable online business. The thing about the internet businesses is that they change all the time, what has worked very well today may not work a year from now. Follow the latest online business trends and adapt your business to the changing scenarios accordingly. There is no limit to how much money you can make from an online business.