How To Succeed In An Online Business

How To Succeed In An Online Business

Talking with a relative the other day she asked me the question
“So what do you have to do be successful with a completely online business?”
Well you would have probably guessed that I had all the answers to give her.
You following this blog everyday know that I’ve talked alot of what is required for setting up an online business.
But you’d be wrong in thinking that I had all the answers.
You’d be wrong to think that I’ve learned everything I need to know.
Like you I’m still growing and learning.
And like you’ve probably realized in your own efforts to work from home is that whether it’s online or offline there are just some common principles that apply.
 

What does an Online Business Look Like anyway

First let’s define what we have to understand as an online business.
Knowing that no business could ever be totally online, because we are dealing with human beings.
But let’s see if we can define this online business.
Well the way I see it is if 80% of business activities happen online i.e. the internet then I’d say you have an online business.
That 80% is going to include money transfers for the goods or services purchased.
It’s going to include online advertising and other marketing strategies.
It’s probably also going to include online training, tutorials etc.
It may even involve online, or virtual meetings.
It should be quite obvious then what the other 20% will entail.
The minute you have to ship a physical product – that’s clearly offline right?
The minute you have to pick up the phone to call a customer – that’s offline right?
The minute you have to go to the bank to withdraw money to pay your business partner who doesn’t have online banking!!!!!
(That is clearly offline!)
 

Optimizing your online business

So given that you may have at least 20% of offline activities;
you want to be able to maximize the online parts of your business so that they don’t take up 80% of your time.
The advantage of even starting an online business is to do just that!
Reduce the amount of time that will be required in your business.
So here are my simple suggestions that I shared with my relative.
 
1. Decide how you’re going to market your business.
You need to immerse yourself in training that is relevant to you!
I’m not saying go out there and buy every online marketing course!
What I’m saying is you determine your focus and get the training you need for THAT and THAT alone!
I’ve watched too many people try to do everything and the fail at ALL!
 

2. Decide on WHO you’re going to market to.
Contrary to popular belief everyone is NOT your customer.
Once you decide who you’re marketing to all your troubles disappear!
I think this is one of the most critical aspects of online business.
When you’re online you have to optimize your time, therefore you can not hope to get every and anyone coming through your doors.
Although you may think you’re like a store in the mall where anyone can happen to pass by your website
YOUR efforts need to be focused on one type of person. Better known as your Avatar.
 
3. Decide what you’re selling!
I know what you’re thinking.
How come we didn’t start with what we’re selling!
Whatever you’re in the business of selling that’s going to be something that you’re good at.
You already know what it is.
You’re either an efficiency expert, a time management expert, a blogging expert, a video marketing expert.
You’re going to be selling what you’re an expert in!
Why is this?
Because in the online world YOU are selling YOU!
You are selling your knowledge.
You’re not selling a physical product.
You’re selling what’s between YOUR ears!
 
So those are the three things you need to know in order to successful – from a strategic standpoint – with your online business.