Estimated reading time: 4 minutes
Now that remote work has become our new normal and a lot of people are either out of jobs or their businesses have gone under, or the lucky ones only got a pay cut or are running skeletal business operations, the question on a lot of people’s lips is, “How do I start an Online Business?”
Before you rush in to start a business you don’t fully understand, here are 8 vital things you MUST have, as you start your online business:
1. MESSAGE: What is your message? What solution are you bringing to the market place? Is it viable? Is it scalable? Is it duplicatable? Are results typical? Are people willing and able to pay you for it? How are you solving a problem uniquely or are you just copying what everyone else is doing? What is your Unique Selling Proposition? How are you differentiating from everyone else?
2. AUDIENCE: Who are the people you are serving? Where are they found? What is their purchasing power? What journey are they on? Are your solutions suited to their problems or are you trying to force your business down the throats of people you have no business with? Who are your ideal clients? What is their customer journey? What is their worst case scenario and how are you taking them to a place of complete satisfaction? Can they pay you?
3. PLATFORM: What platforms are your ideal clients found? What platform do you want to use to grow your own audience? How do you get your ideal clients from wherever they are, into your own platform so you can nurture and serve them? What platform will you use to deliver value? What platform will you use to sell your solutions? What platform will you use to capture value (collect your money)? You want to go where your audience already are, and build there, then transfer them onto owned platforms like Email Lists, Telegram/WhatsApp Groups and even SMS lists.
4. PRODUCT: How are you offering your solutions? What products are you creating? How best can you deliver a solution ? Are you creating digital products (eBooks, Workbooks, Webinars, Masterclasses, Online Courses, Planners, Guides, Audio Programs etc), Services (Group Coaching, Accountability, One on One Coaching, Strategy Calls) or Done-For-You Services (Ghostwriting, Web design, Graphic Design, Copywriting, Virtual Assistance)?
5. INCOME PLAN: How do you plan to earn an income? Do you just create a product, throw it out there and hope for the best, or do you have a specific income goal with a plan to hit that goal? How many products do you want to sell in a month? How much do they cost? How many products must you sell to hit your income goal? You cannot afford to wing it.
6. SYSTEMS: A business without systems is a ticking time bomb waiting to explode. Without systems, your business is unsustainable. You must have Legal systems, Client Acquisition and and Retention Systems, Product Creation and Delivery Systems, Sales and Marketing Systems, Conflict Resolution Systems, Operations Systems, Communications Systems etc.
7. STRATEGIES: simply put, Strategies are ways in which things are done in a business. What is your strategy for getting a new client? What is your strategy for launching a new product? What is your strategy for growing your Instagram or Facebook Group? What is your strategy for running Ads? What is your strategy for keeping your audience engaged? What is your strategy for dealing with staff and vendors? What is your strategy for building influence? What is your strategy for putting out content? What is your strategy for filling up your membership program?
8. PROCESSES: Processes refers to the step by step series of activities you do, to ensure your strategy works every time. Processes bring strategies to life. For example, if your marketing strategy is to use a free webinar to launch a new product, what process must you follow to ensure that you get the maximum attendance in your webinar, and hit your sales target? Do you start with a 14 Days Content series on your Instagram/Facebook Group and Email list, followed by calls to action for your webinar, posting a flier for the webinar, running ads to it, doing a countdown, delivering your webinar and upselling your product, and then going back to Instagram/Facebook posts and email list post-webinar launch sequence?
You see? It’s easy to say you want to start an online business because literally anyone can open an Instagram page or start a Facebook group; but what it takes to ensure you have a successful business from the get-go takes more than just a page with pretty graphics and copied content. Once the rubber hits the road, you’ve got to commit to going all the way.
Write out these points and answer these questions. By the time you do, you’ll be able to decide what business you want to start, and if you truly want to start a business at all.
-VC
