Owning a business with an above-average income is the desire of any entrepreneur. But what to do with a limited budget? How to act from the beginning when there is no clear plan, understanding of the market, and the nuances of launching a commercial project? The founders and leaders of online businesses shared their experience on finding an idea for a business and choosing a niche, what difficulties to prepare for, and how to advance at the initial stages. There are crucial keys you need to know and a set of skills you need to have in order to start an online business.
How do you choose an idea?
The answer to this question is the simplest – do what you do best, regardless of the topic. For example, if you like cross-stitching, organize an online master class: gather 20 people and take 1000 rubles each for taking part. Or record a video course. The common task of making money is achievable by any means, so there is no need to look for the best. Instead, choose what you like and what you are good at.
However, take your time to jump into the big game if your options are limited. There is a lot of money in an overly competitive niche, but there are also big players with whom you should not enter into direct competition at first. It’s best to start with a small niche that you can dominate, then expand in other directions. And not immediately strive to tear off a large piece of the cake.
Marketing and promotion
To start a project, look for a consultant and an experienced entrepreneur. A talented person in a team is the key to the success of any project. In addition, it saves time because you no longer need to figure out how and what to do: you can immediately use his experience and act. To do this, cooperate with PEO services to help you in the hiring process, give them to payroll outsourcing, and focus on the main thing yourself.
Search the Internet for books for internet marketers on how to get traffic and convert it into sales. Go through it one by one, and then try to put the tips into practice. Also, look out for free promotion methods. For example, registering with Google Business. This will give the business a presence on the maps, in the navigator. Users will see the card when they search for you by name. Another plus: no legal entity is required for registration.
What you definitely shouldn’t do is hire a marketer and outsource your entire business virtually to him. After all, marketing is what brings leads; customers create positioning. An online entrepreneur needs to delve into this. Do not think that there is some sacred knowledge or specific terms in marketing that you cannot understand. All marketing is based on common human logic. If this logic eludes you, chances are your marketer is fooling you. Formulate clear requests. When hiring a marketer or contractor, you must describe exactly what he will do for you – in relation to your business, with a KPI.
What mistakes to avoid
Waiting for immediate results is the most common mistake made by aspiring online entrepreneurs. But the specificity of the Internet business is that it is not visible what the work is being done from the outside, how much time and resources it took.
So those who start a business on the Internet and want to achieve success need to know and accept the truth in advance: there is a long way to success. It won’t be easy. But if you are willing to put in the work and patiently deal with difficulties, it is worth trying.
The second common mistake online projects make is that they offer goods and services that no one needs. Very often, the root cause of failure is products that do not solve market problems. You need to know market trends and people’s needs thoroughly. Entrepreneurs are often so excited about their idea that they don’t even think about whether people need a product. Misunderstanding of market needs is the main reason 90% of startups fail.
Another reason for failure is the lack of a business plan. A good business plan covers all aspects of your business, including finances, goals, development. Unfortunately, most online entrepreneurs fail because they get too caught up in an idea alone and forget to create a sound and reliable business plan.