At the turn of the 20th century the captains of industry where people like Henry Ford and Andrew Carnegie. You probably know who they were, they built massive industrialized businesses in the motor car manufacturing and steel production industries. But today things are just a little different. The internet has launched the careers of the modern successful entrepreneurs like Mark Cuban, Elon Musk, and Peter Thiel, they all got their start in an online business. The power of the internet provides a massive opportunity to run a worldwide business with just your laptop and an Internet connection.
I recently saw somewhere that about 2.5 billion people log onto the internet daily, and that number will grow dramatically in the near future. This is both good and bad news. The good news is that the internet offers you an unprecidented opportunity for you to create your own online business, but the flip side is there a lot of other people will also flock to the internet to create their wealth as well.
So how will you distinguish yourself from all the other modern “gold rushers” that are also going to tap into this massive resource?
If you have that “gold rush”spirit then here are a few pointers for you to consider.
1. Cut Through The Clutter.
There is a ton of information out there on how to make money on the internet. Every day you will be bombarded with information from the latest “guru” that has “the” system that cannot fail you. You do need to cut through the information overload and focus on one niche when you start your online business. Once you make that first business profitable you can expand to the “multiple streams of income model” and build other online businesses. But at first focus on who you want to serve and how you want to serve them. By focussing on one “niche” at a time you can cut the information overload and use the “Power of Focus” to your advantage.
2. Get Eyes To Your Offer.
What I mean by this is that when you have an online business traffic is king. You have to get people to “see” you by visiting your website to see what your business is all about. You can build the best WordPress site ever, with every one of the latest widgets and plugins in the world, but no one will ever find you. The old “build it and they will come” thing just doesn’t fly with an online business!
There are two basic ways of getting traffic to your website; free traffic and paid traffic…
Free traffic comes from sources like article marketing, guest blogging, forum comment posting, podcast interviews, Youtube videos, and search engine optimization, which are just a few of the many free traffic sources.
Paid traffic comes from sources like media buying, google pay per click ads, Facebook Ads, bing ads, banner ads and many more.
I know that sounds a bit redundant because this article is about having an online business, and that would imply that generating an income is part of the deal. But you may be shocked at how many online businesses do not actually generate a profit. So, big shocker here but you need a monetization plan so you can turn the traffic to your website into an income. What products and services will you have and how will you make them available to you visitors?
4. Fail Small.
You have developed your plan to create wealth, but now you have to test and refine that plan. Just like in any battle your plan will go out the window once the first shot is fired. The beauty about an online business is that you can test your concept for a few hundred dollars. That is what I mean by fail small. Just commit small amounts of financial resources to figure out if what you have to offer will work or not. If it doesn’t work, you have not lost your shirt, just refine the plan and test it again. Keep “failing small” by testing concepts till it pays off for you.
5. Scale The Business.
If you follow this formula you have focused on one “niche”, you have a lot of traffic to your website, and you have a plan to generate income from that traffic that you have tested and refined. Once you have “cracked the code” the next step is to scale the business. this means you have all the pieces in place, you know what your conversion ratios are, you know what it costs to get eyes to you offer, and you know what income you generate from that. Now its simply a case of reinvesting your profits by turning up the heat, increase your paid traffic expenditure and get affiliates to promote your offers.
Sounds pretty simple when you look at it but there are a lot of moving pieces. You must overcome all your limiting self beliefs, and maybe even consider getting a coach that can guide you through all the steps…Hey! Maybe you could even consider hiring me to guide you through all the steps!!!
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