There is a proven sequence of steps you can follow to guarantee your success when you’re starting a small business online. I’ve seen thousands of people start and grow successful businesses.
As you may have noticed that the internet changes so fast that one year online equals about five years in the real world. The core principles of how to start and grow a successful online business have not changed. It will always remain evergreen.
If you’re brand new and starting a small business online, follow the steps I’ve laid out here in this blog post. If you’ve been online awhile, do a quick review and see if there’s a step you’re neglecting, or never got around to doing in the first place. You can’t go wrong with the basics. The basics are still relevant today as they were 10-years ago.
One of the common questions I get asked often is how to get started with an online business.
We’re going to take the next few minutes to take a look and get some answers.
There are ten essential things you need to know before you start your online business.
Additionally, I am going to offer you a way for you to escape the ‘9 to 5’ if you’re ready to get started.
By the time you have read this post, you’ll have a good understanding of what it takes to be successful with an online business.
With that said, let’s dig in!
Making money from home is a real business; not a hobby
Internet marketing is a business. The only difference is that you work from your computer and you can work from your home. Working from home is not a myth. Don’t let this fool you.
Working as a self-employed entrepreneur will mean putting in a lot of hours to learn and research. You will also experiment, test, and optimize your business. There are great joy and freedom in working from home.
- Plan on at least 3-4 hours per day if you are working a full-time job.
- Plan on 8-10 hours per day if you do not have a full-time job.
Online marketing requires discipline, patience, and persistence
Any email or ad you see that claims that you can make $500 per day with no effort are a scam. There is no such thing out there. It takes hard work like any other business.
Be disciplined and keep even if you fail at first. Keep failing forward. You have to be willing to wait for the results. You will not get it overnight, no matter how good it sounds.
If you don’t have discipline, patience, and persistence, then this may not be for you.
You may not make your first dollar until your first year
I hope you are ready for it. Remember, this is a long-term play.
There is no such thing as a get-rich-quick program. Don’t get sucked into anyone who claims you can make money fast. Plan on at least 182 days and up to a year to see consistent success.
Most of the successful marketers will tell you it took them 2-5 years before they started saw success. Believe it or not, it has happened to me too.
Don’t think for a second that you will be any different. You can short cut the process with good training in the basics.
Having a good mentor for guidance is important too.
Even then, your business will take some time to become sustainable.
Expect a steep learning curve with huge overwhelm
You will have to master many skills, such as:
- Email marketing
- Traffic generation
- Funnel creation
- Split testing
Good training will help introduce you to these skills. None of them are difficult to learn. There’s a lot of information, tactics, and strategies that you have to master.
Can I keep it 100% with you?
There is no avoiding overwhelm.
The difference between success and failure is your ability to push through the overwhelm.
Early success is dependent on luck; long term success is based on hard work
You will read and watch testimonials that the gurus will put up from their student’s success. These are the students who made the big bucks right away.
Don’t think that this is typical. It is not.
The truth is that those students are not as smart or as hard-working as you are. They got lucky. I sure didn’t have that luck. It took me months before I made my first dollar.
I knew I was smarter. I worked harder. I had more discipline and was more persistent than those guys that got big sales right away.
What I finally realized was that Lady Luck smiled on them and not on me. Don’t expect Lady Luck to smile on you either.
You need money to invest; working capital
No business opportunity exists that does not need working capital to get started. The idea of making money without any money is ludicrous. Your basic expenses will be for training, services.
Such as email services, web hosting, and webinar hosting, and advertising.
You can do this on a shoestring budget, and that will slow you way down. At least $500 per month of working capital, not including your initial training costs.
Getting started the proper way will cost you at least $10,000 over the course of the year.
Yes, this sounds like a lot of money, and it is. Spread out over a year, its $833.33 per month.
Imagine you had a brick and mortar business. Having a low initial investment for the possibility of sustainable profits.
As I shared earlier, online marketing is a real business. It needs working capital to get up and running.
Be willing to fall flat on your face over and over
There is a lot of failures involved in internet marketing. Even the big guys have more campaigns that fail than make money.
It’s that they have learned how to make big money on the winners that cover the losses on the losers. In the beginning, unless Lady Luck smiles on you (not unlikely), you will fail, fail, fail.
However, it’s the failures that teach you.
- What did you miss?
- What other ways could you approach the market?
- What other knowledge or skill do you need to master?
Failure is the best and fastest teacher there is.
I wouldn’t be where I am right now had it not been for failure.
Failure is not sexy but it was the #1 important factor for me to grow and evolve.
If you are trying to avoid failure than this business may not be for you!
Track your numbers daily
Online marketing is a game of huge numbers. Email click rates are in the 1-3% rate. Conversions to sales are usually 1% of clicks.
This can come from emails, webinars, websites or ads. In the beginning, all you can track is impressions and clicks. Do that every day on a spreadsheet without fail.
You need to watch your numbers.
There is an entire science to tracking numbers.
In fact, this is so critical, I’m putting together a short course on this very topic.
Watch your emails for its release. There is also a vocabulary you have to master.
Terms like CPC, CTR, hops, impressions, page views, delivery rates, open rates, are data points.
You must track to understand what is going on in your business.
Base all decisions on your hard numbers, not on emotion
By trial and error, I’ve learned how to use my data to make good decisions.
This is important because I did not want to waste my money. I had to learn the art of ad optimization, split-testing, conversion rates, and much more. As you track your numbers over weeks and months, you will see what works and what doesn’t.
Plan on hard work
Online marketing is not as hard as you are sitting at your desk.
It can get mentally draining. Not to mention, emotionally exhausting as you try to figure out what to try next.
Online marketing is simple but it’s not easy.
Runaway as far as you can from any claim that says otherwise.
Even the best training systems suck people in with the rare success stories.
Don’t believe that you are better than everyone else.
Do the damn work.
No matter how long it takes.
Your hard work will eventually pay off. That I can guarantee! 😊
My final thoughts
Before you decide to start an online business. I would recommend that you start small. See if it’s something you are willing to work for.
If you’ve decided that you want to start an online business, you must have the following if you want to succeed:
- A support team and system that will help build your business.
- A mentor that will take you by the hand and help you reach your dreams and goals.
- A constant flow of new raving fans that will buy anything that you offer.
It is not easy to be successful in this space and which is why more than 95% fail.
The next step…
If you determined to start an online business so that you can create a legacy for you and your family.
I would suggest that you check out my number #1 recommended program.
This program is the reason why so many people are having success with a ‘work from home business’.