Starting an online business might seem easy, but I must tell you that it is far more profound than it looks.
So many people have reportedly failed at various online businesses. In this section, I am going to be spelling out those things that you ought to put in check before deciding on what kind of online business to start.
How can you start an online Business and not Fail?
Are you an aspiring entrepreneur? Do you want to learn how to start an online business from home? Do you want to build a multi-million dollar internet business starting with no money? Then here’s a checklist for starting an internet business with no money.
1. Get The Right Mindset
The first step to starting an online business is to get the right mindset, and this begins with you determining why you want to create an internet business? It would help if you answered this question before drawing up a plan for your proposed online business.
There are three things when it comes to starting and succeeding at any online business, and they are.
Like every other business, you must pass through the same tasking process, regardless of the nature of the company you are building or the industry you are operating in. Building a successful internet business takes a lot of hard work, so you must be prepared for it.
Making money online is not a matter of overnight success; you need to become dedicated to it and determined to succeed.
2. Increase Your Knowledge Base.
When starting an online business, one workforce needed is the proper use of the brain. My first internet business failed simply because I lacked the technical know-how to get things done and resolve arising problems.
I could remember blogging for almost two years with nothing to show. I also lost some money on some other online investment opportunities I ventured into due to ignorance; I can see so many people in that boat today.
You must gather adequate information about your proposed business idea and the industry you will be operating in; also, make sure that you seek out other resources in the same niche as you and learn from them.
Starting an online business is that you don’t know how things will work till you get started.
Make sure to make proper findings on how things should be done, learn, analyse and optimise. The internet is a copy machine; the blueprints are always there for you to succeed.
You decide to start a blog as an online business; you need to know how a blog works and learn from other successful bloggers in your niche.
Also, the same goes for every other online business. When starting an online business, money does not matter so much; what matters is what you understand about the subject matter.
3. Choose Your Business Niche.
The internet is all about information from various sources. It would help if you kept in mind that most people will only take advice from a credible and genuine source of information.
Content is another factor that makes up the internet, so you should take note of the kind of content you should be posting as an aspiring online business owner.
It is essential to pick a niche that you are genuinely interested in because the natural passion you have for the place sustains the content creation process and will make running an internet business satisfying and attractive.
4. Choose Your Online Business Model
These steps decide how you intend to run your online business for profit. There are so many online business models out there, but not all of them are making money, not because they are not great ideas, but simply because they did not choose their online business model correctly.
I give an example of one of the first music streaming websites called Soundcloud. Long before the music industry transitioned into streaming, Soundcloud had the upper hand to dominate all others. Still, the mistake made was the online business model chosen to run the business.
While Soundcloud has one of the very best engineering and user interfaces for cloud music, it is nowhere to be found near newcomer music platforms like Boomplay, Audiomack and many more.
So you want to start an online business? And you have also found a niche? Now, what is going to be your business model? How are you going to serve this niche while still profiting from it? This is where the task of determining your internet business model comes in.
When starting an internet business, you have to choose an internet business model.
You can use different types of internet business models as a benchmark to set up yours.
1. The Subscription model.
This is a model where your customers pay you daily, weekly, monthly or yearly to use your product or services. Example of such a model is Spotify, Shopify, etc.
2. Rendition Of Services.
This is a model where your customers pay you for the services rendered. Examples of such services may include Website designing, SEO services, etc.
3. The Product model.
This is a model where your customers pay you a one-time fee for your products. Example of companies using this model includes Alibaba, Amazon, etc.
4. The Affiliate Marketing model.
This is a model where you profit by marketing other people’s products. The affiliate business model may also involve the recruitment of affiliates to sell either your products or other people’s products while you earn a commission. Examples of companies running this model include Amazon.com, Clickbank.com, CJ.com, etc.
5. The Advertising Business Model.
This business model requires you to provide something of value to many people for free.
At the same time, you make money from the backend either by selling advertising space or other people’s products. Examples of companies using this model include Google, Facebook, Instagram and Twitter.
5. Write a Simple Business Plan For Your Online Business.
A famous saying goes thus that failure to plan is planning to fail. Therefore, if you are interested in building an online business that will pull outside investors and expand seamlessly, you must write a business plan for your proposed online business.
The business plan must describe in detail how you intend to grow or expand the internet business, your exit strategy, your competitive strategy, the capability of your team, your business idea and model, financial projections, etc.
Make sure that all these notable points are put in planning to help you focus and work hard.
6. Define Your Marketing Strategy.
How do you intend to attract traffic customers to your online business? How much are you willing to spend on advertising? And what marketing tactics will you apply to grow your customer base?.
When it comes to marketing a business online, there are various strategies to be applied, including Social Media, Content Marketing, and so many more.
Marketing is the life of every business, and without it, every business will be futility; therefore, you as an aspiring online business owner must plan tremendously how to take your online business to the world.
I wrote a comprehensive guide to help you choose the best online marketing strategy for your business. Click the link below to get started.
7. Register a Domain Name
A domain is an internet address for your business; one way to assert that any business is online is a domain name.
For instance, when you want to visit Facebook, what do you do? Visit the browser, click the URL space and type the domain name of Facebook, which is www.Facebook.com. This leads you to all the resources that Facebook has to offer.
Also accompanying the purchase of every domain name is the need for a web host; see a web host as cloud storage for all your business resources. In addition, a web host needs a domain name for its resources to be easily accessible worldwide.
A domain name ensures that your business is accessible all over the world. I wrote a comprehensive guide to help you choose a domain name. Click the link below to get started.
- How To Choose A Domain Name For Your Website or Blog
- 10+ Best Web Hosting For WordPress You should Know
8. Find an Internet Business Mentor.
If you aim to build a million-dollar business online, then look for a business coach or entrepreneur that owns a million-dollar company or has built and sold a billion-dollar internet company. Only then will you gain tremendously from their experience.
When starting this blog the first year, all I had was fractional knowledge of how a blog should be run; I felt I needed more, so I sought another expert in the field who had to build a money-making online business and learnt from it their successes and mistakes. Putting all these together, I became better at what I did.