Most people start an online business as a side hustle to earn an extra income. Whether you’re aiming to provide a service, sell a product, or earn passive income, you can do it all online!
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So, What’s The Difference Between an Online Business and a Tangible Business?
An online businessdoes not require tangible assets such as a building, inventory, or team to do business. A tangible business on the other hand usually requires an office, warehouse, team, physical supplies, and overall a much bigger overhead.
With an online business you can earn money online no matter where you are in the world oppose to a tangible business. Most tangible businesses require that you oversee all operations to ensure everyone in your company is doing their part.
Though an online business takes longer to pick up from inception, the long term rewards can be abundant. The upside to this is that you can build a one-man empire. Yup, no overhead meaning higher profit margins!
Can anyone start an online business?
Anyone can start an online business. All you need is the entrepreneurial spirit to spark a startup and begin earning money with your ideas.
Here’s how to do it.
#1. Find Your Niche
First, identify what your online business will be about.
Your niche is the center of it all. Combine your strengths with your interests to see what you can offer to the online world. Your niche should be something you can enjoy doing. If you love to write, publish a blog. If you love apparel, sell it online using eCommerce!
Many entrepreneurs are finding ways to monetize their talents and skills online.
Find what you’re good at and share it with the marketplace.
Before you start an online business you’ll need to identify your value.
What value will you be providing to the consumer? Are you looking to solve a problem by offering a unique and effective service? Will your product change the way the consumer feels about themselves? How will you improve their lives?
Or, are you looking to entertain or to educate and inform? Identify and understand what value you will be providing to your target market.
Whether you run a tangible business or an online business, you’ll need to provide value to your customers. Learn to identify what it is they need and how to provide an amazing experience.
How can I provide value to my customers?
To provide value means to make a difference in someone else’s life. Some ways you can impact a customer and provide value include:
Providing exceptional communication skills
Delivering quality work
Instilling and emotional drive for the product or service
Creating lasting partnerships
Everyone values different things but these are just some of the most effective ways you can provide value to your customers so your online business can reap the rewards.
When you provide value to your customers your online business will begin to thrive.
So now that you’ve figured out your niche and have a pretty well rounded idea of how to provide your customers with value, let’s talk about how to actually set up your online business.
Here’s the fun part.
#3. Build A Website For Your Online Business
Every business should have a website, especially in todays world; however, an online business must have a professional website.
You can use a free web hosting service like WIX if you’re just starting out. This will help you get a feel for what it is to have your service or product displayed online. However, if you’re ready to get serious about your online business you’ll have to purchase your domain for a more professional presentation.
Purchasing your domain is going to be the very first investment you’re going to make in your online business. A thriving online business needs a great webhost provider. For this, we recommend building a website with Bluehost.
Bluehost is the #1 suggested web hosting service by WordPress. They power over 2 million websites worldwide and offer a free domain name for your first year. A professional website is essential for an online business to thrive in the marketplace.
How easy is it to use Bluehost?
Bluehost is super easy to use.
You’ll be surprised to find out that everything you need to run an online business takes very little time to learn with their services. Bluehost’s layout is easy to navigate and the tools become second nature in no time.
Keep in mind that this initial investment is going to be the foundation to your online business empire.
I’ve purchased my domain, what’s next?
Congratulations on achieving your first steps as an entrepreneur. As a marketing and branding expert, this next step is one of my personal favorite parts.
Because Bluehost makes it very easy to build a really cool website, personalizing it to cater to the publics needs is also very easy and fun.
Spend time updating images on your website and really making your platform stand out. Your website should easily demonstrate to its visitors what you have to offer to them.
This is the step where you really get to make your website stand out so get creative!
What if I haven’t branded?
If you haven’t branded yet don’t worry. Focus on your content and on really putting your services out there first. Let people know what you’re doing and what your online business has to offer.
You can brand once you have a clear mindset on where you want to take your online business and have a vision on how it will impact people.
Be sure to check out my network tab to see how your online business can benefit from using other businesses services to grow. Maldonado Graphic Design works with you to create your logo so you can brand your online business.
#4. Promote Your Online Business Using Social Media
So you’ve set up your online business and have an amazing website to showcase your services or products. Now it’s time to market your business to the right people using the best social media outlets for your new business.
If you’re providing music services make yourself known to artists on Twitter. If you’re selling amazing branded apparel, show off your line on Instagram.
Do you have a service catering to a specific industry? Network with people on LinkedIn. You should learn to identify which social media puts your business in front of the right people. You might already be thinking of a specific platform that could work well for you. And if you don’t, figure out what works and what doesn’t.
Use at least two great means of social media and grow those platforms to simultaneously increase your online businesses presence. It’s not necessary but it helps you with your brand awareness.
How can I thrive online?
Social media is a great platform to get your content out to the right people.
It is necessary for you to understand who your target audience is. Once you figure out who your potential customers are, you’ll be able to present your online services to them at scale.
This will require you to be consistent which brings us to the next topic. How to really thrive online.
Use social media marketing
Publish links to your website and products and services on social media. Distribute some piece of content every day and remain consistent.
Your business must remain active online to stay relevant. Your business will look fresh if you’re actively engaging people online and producing content or sharing links.
This is a crucial part of the process when starting your online business. Get seen.
#5. Always Pitch
Every post, every email, everything you do to catch attention online is your pitch to sell your service or product. So, always pitch.
The moment you stop posting, emailing, engaging, and networking, is the moment you stop taking action to ensure your online business builds momentum and starts earning revenue.
Your business cannot thrive if you stop getting better. Your online business should look and operate way different than when you first started. You won’t find out what changes are necessary to scale until you put in the work every day. Day in, day out.
You’re really going to have to sell yourself. Build your network through social media and grab peoples attention. They must gravitate towards your services through the relationships your online business creates.
Remember when we talked about identifying your value?
Now is the time to demonstrate that value you identified earlier. The marketplace must see this from your online business.
Ask yourself, how can I connect with my audience? How can I excite my online followers so that they give my services or products a chance? How can I attract them to my website?
You will find yourself learning a variety of strategies to earn revenue. Don’t feel discouraged if things are moving slowly. Find out what works for you and keep on keeping on.
Keep pitching until you make your first sale or learn how to monetize your online business. One of the most fulfilling moments is when someone finds the value in your product or service and pays you for it; so be consistent.
#6. Advertise Your Online Business
Advertising is a great way for people to see your business whether it be online or in person. This is one of those other investments that you’ll eventually come across when looking for ways to grow your online business.
You may advertise by paying for Facebook Ads or running Google Ads. A thriving business should always be looking for ways to be seen.
Advertising provides you with an edge over any competition.
Another form of advertising is through the use of decorated apparel.
Companies like Easy Marketing elevate your brand by decorating your logo on hats, shirts, jackets, and all sort of other apparel. You can use this marketing strategy to market to your customers online.
What’s are the benefits of advertising my business?
Imagine going out to a crowded or public place wearing your business logo on a simple cap or shirt. It’s that easy. How about creating a video that generates a ton of views every month? If you’re wearing promotional apparel in your video, your brand awareness is sure to spike.
Exposure is the key to a growing a successful online business.
#7. Get Involved in a Community
Establish an authority in your niche topic or industry by getting involved with an online community.
When you become an authority, or leader in your niche, you will be able to scale your business much quicker. Being part of a community is going to attract both customers and viewers to your website.
I used to see this tip everywhere before my blog blew up. I didn’t understand or know how to get involved in a community though. What happened is that I eventually become involved in a sub community that needed my support and guidance. When I provided value to this niche community, my traffic skyrocketed and I was able to scale my blog.
Believe me, you need to find a community you can provide value to.
#8. Register Your Company
Now, most online businesses are just a side hustle. If your online business is expanding rapidly or you’re really looking at the long term goal, you might want to consider registering it through your state; especially if you’re operating full-time and have some sort of tangible items ex: packaging, boxes, etc.
Incorporate for tax benefits and for maximum profits. By registering your online business, you make a bold statement of legitimacy and are able to legally register yourself as a business owner.
Again, this is not total necessary though. You can have a thriving online business without registering it through your state and county.
Never stop setting goals for your startup
Starting and online business is a lot of fun, and believe me it’s a lot of work. I can personally say starting my online businesses have been the best decisions I’ve made in my life.
They’ve taught me what it is to really stick to something when most people would have quit. It really does teach us a lot about ourselves as entrepreneurs.
If you enjoyed this post please be sure to join our newsletter to stay up-to-date on new posts. Keep working towards your dreams and aspirations and remember, never stop setting goals for your online business.
If you’re a sales reporbusiness owner looking to reach the $10K mark we have you covered. We’re going to dive deep and present the strategies that allow this amazing goal to be attained no matter what industry you’re in. Here’s how to reach $10K per month in sales.
Target Specific Companies
In my eBook you’ll learn that I wasn’t doing much of this at first. I was instructed to contact as many companies as possible until business came in through our doors.
While persistence is certainly going to be a major component to reaching this goal (or any goal), targeting specific companies will work better than reaching a ton of random companies within your industry.
Target specific companies if you want to reach the $10K mark and don’t stop following up until you’re presented with an opportunity. You can target companies who are local in order to offer the convenience of proximity or you can target industry leaders. Be clear about what you want your clientele to look like.
Don’t be surprised if you build a clientele consisting of several small companies but aren’t reaching $10K per month in sales yet. While small companies are always welcome, aim for a big client that can generate at least half your monthly goal in sales to reach your mark faster.
Imagine having two of these or even three plus! Luck is on your side if you land a client that surpasses this mark.
Create a client database to stay organized. Your database allows you to see your sales pipeline and who you need to continue to reach out to. Your best bet is to create one using Microsoft Excel and customizing it to your liking. A client database is perfect for:
Managing the status of prospects
Taking notes (when to call back, last discussion, etc.)
Keeping track of your growing customers
Eliminating dead companies (do not call)
Targeting specific companies
These databases allow us to be aware of our progress in sales. When you’ve chosen your targeted companies, put them down in your ever-growing database so you can focus on them accordingly.
Deliver Exceptional Customer Service
Your customer service skills will make you either a likeable or dislikeable person. Learn to read your clients as you don’t want to be overly enthusiastic if your client is more of an introvert. Adjust your tone and delivery for each individual so that you personalize the way you speak to your clients.
Put yourself in your clients shoes. Would you rather work with someone bland who’s job it is to put up with you or would you rather work with someone who seems eager to help you meet your vision?
It’s these simple modifications that allow people to reach $10K per month in sales and beyond the mark. People are already dealing with so much outside of work and the last thing they want to deal with is a somber business partner. Make the client remember you for your exceptional customer service.
Tip: Don’t put on a show, be genuine. Really learn to connect with your clients in order to build amazing and long lasting partnerships.
Provide Amazing Quality
You can talk the game but you also have to walk the game. In order for you to be a top seller, your product or service must be of quality work; especially if you just closed a new account.
You’ve managed to talk your way into closing a sale, now you must deliver on your word with the quality of your service or product. Amazing quality will take you to the $10K mark quick as it will earn you a reputation for your work.
Think of food as an example; no one goes back for crappy food. People keep coming back for the stuff that tastes amazing. We especially love when the food looks, smells, and tastes great so make sure people keep coming back to you due to your quality of work.
Tip: If you aren’t producing quality work then invest in your company a little more to equip yourself with the necessary tools to make this happen. Think long-term.
Network With More Reps
Networking with your clients colleagues will make a worlds difference when it comes to reaching the $10K mark. It is not enough to only work with one rep from a company, especially if it’s a big company. Work your way into being referred to more reps within the company so you can begin to increase your sales.
It’s great to close a new account but what you’re doing there is adding to your client database instead of multiplying it. If you want to reach $10K per month in sales you’ll have to multiply the number of reps you do business with.
Here are some benefits of networking with more reps:
If a rep leaves the company you will still have business
People know your name which means you will consistently be referred
You are receiving orders from this company no matter who the rep is which means your sales increase
Loyalty begins to form | Loyalty = Long-Term Partnerships
Build Relationships With Existing Clients
Not all companies will become loyal, but building great relationships with your existing clients will mean you will always have work as long as they’re in business. The relationships you have with your clients determine how long they do business with you.
Often times, people are too careless to build relationships with their clients and end up losing the client when a competitor takes such action instead. Humans are social for the most part and we like to engage.
Treat your clients like the individuals they are and never take their business for granted. Chances are someone else out there is fighting for their business and you can believe they are starting by trying to build a relationship with them.
The question is are you going to let someone else take your client or are you going to stop taking their business for granted? Keep them close and you’ll begin to reach $10K per month in sales in no time.
Take Walk-Ins To Make More Money
I’ve personally known reps who don’t really care for walk-in sales. They’d rather pass them to someone else or eventually end up neglecting them. Treat walk-ins like any other customer and take as many as you can.
Walk-ins have the potential to continue to give you business even if it’s once or twice a year. Besides, they’re also great at referring you to other people who might one day need your service or product.
Tip: Every sale and every dollar has a mission to reach $10K per month in sales.
Reach Out To Your Clients Competitors
Your clients competitors are in the same league as your clients. Reach out to your clients competitors to gain more ‘same-size’ clients. This strategy is great way to reach $10K per month in sales due to servicing a broad range of clients similar to yours.
Owler allows you to look up your clients and see who their competitors are. It’s an amazing platform to use when reaching out to new business. The website shows you approximately how many employees businesses have and how much they gross yearly. Remember, you got this from Frank Nez. Be sure to subscribe to our newsletter!
Overcommunicating is a great way to let your clients know how attentive you are. It shows your commitment to the service you’re providing and lets them know you care about their experience using your company.
When you overcommunicate you also eliminate any possibilities of coming across any discrepancies. This form of action is very important when setting your goal to reach $10K per month in sales. It allows you to:
Avoid mistakes or discrepancies
Retain your clients due to the great service
Continue to build relationships with your clients
Be the number one person of choice for said product or service
Tip: Don’t be intimidated to ask as many questions as you have in order to make sure the project or product meets the clients vision.
If you want to reach $10K per month in sales you’re going to have to stop undercharging. Don’t be that person who people go to just because you’re cheaper than your competition, it will only get you so far.
If you haven’t reached $10K per month in sales yet this is going to be a big reason why. You might be overworking yourself for a fraction of the what the project is worth only to land the job. Charge fairly so that you can make money too.
Tip: Learn to identify which clients can pay a little more vs those who are on a tighter budget. Don’t be afraid to increase your prices a litter every year (especially walk-ins).
Don’t Be Afraid To Seek Help
Seek internal help within your company to see what advice you can receive from your colleagues. Talk to your sales director and gain knowledge. What motivated me was seeing how much the sales director was selling! Of course, they are much older but it’s that experience that provides us with insight to the unknown.
Don’t be afraid to seek help from your sales team. Find ways to learn something new from everyone in your circle.
Keep Yourself Motivated In Order To Reach $10K Per Month In Sales
Keep yourself motivated by reading books or watching mentors online. It is important to fuel yourself by maintaining focus through material that inspires you to continue to work towards your goals.
I self-published an eBook specifically for my readers who are looking to further grow their sales and reach that $10K mark.
In this short story, I break down the challenges I faced through my own struggle to reach the $10k mark. A goal that whenever was within reach would dissipate due to unforeseen circumstances.
The pushback in this eBook is described as crashing waves that eventually led to being washed ashore.This inspiring and motivating eBook captures the world of every aspiring seller striving to make it big in their sales career.
My eBookis completely free if you’re part of Kindle Unlimited. Be sure to add it to your collection and review it for others as well. You can get your copy here.
Reach The $10K Mark By Being Persistent
You will face setbacks, it’s just part of life. What’s important is the actions you take upon receiving the pushback. It’s about how you pick yourself up that determines your success rate. If you aren’t reaching your goal and you’re thinking of quitting or settling, go back to the drawing board and continue to persist.
In my eBook I go into detail about the pushback I faced when setting myself up to accomplish this goal. I talk about wanting to quit when things simply weren’t happening for me. Let me tell you something right now; it’s possible.
We must never let the waves crashing down on us to destroy our will. Even when we’re washed ashore.
A lot of you are inspired and motivated to take things to a higher level. By now you’ve realized that time is still on your side so you’re willing to take advantage of it. This is the single most responsible action you can take (especially in your early 20s) in order to achieve long-term financial success. Here are 6 proven strategies to building wealth at any age.
High Income Skill
Shift your focus on one source of income that will generate you enough cash flow to exceed your expenses. The goal is to earn as much as your abilities, skills, and knowledge allow you to so never stop learning. The value you bring to a company is the key to unlocking a high income skill. Find the average annual income in your country, now raise the bar for yourself and never settle for average. The higher your income is the more asset you have available as a tool to building wealth.
If you’re a business owner, keep selling!!! Increase your revenue so you may increase your income. Don’t take from the cookie jar if you have not increased your revenue.
Staying Debt Free
Staying debt free is an essential building block to building wealth. If you don’t have any debt at the moment you’re already one step ahead, now keep staying debt free. If you are in debt, begin planning to eliminate this burden as soon as possible. It will be a challenge and it will require discipline. Budget where you have to and apply the extra cashflow from you high income skill towards your debt. You will not be able to build wealth while in debt therefore this is a vital step.
Do not fall for lifestyle/income creep. This occurs when your expenses increase as your income increases. The mistake most people make is spending their entire income which results in living paycheck to paycheck. Live below your means in order to avoid this unnecessary stress.
If you’ve earned a promotion or you’ve increased your sales, don’t use this extra money to blow on increasing your standard of living or materialistic things; it can wait. This practice is called delayed gratification. Instead, use this additional money to save and invest.
If the heading of this third strategy made you feel a little uncomfortable we’re making progress. You’ll have to step out of your comfort zone every time you set a new goal for yourself. Put money in a money market or high yielding savings account. Your hard earned money will multiply through compound interest. I highly suggest reading “The Importance of Creating An Emergency Fund and How To Start” to see how saving money is essential to your financial journey.
By stacking up your Richards you are paying yourself first. You’re not giving your money to a,b,c, & d companies anymore. You’re give it to yourself! It’s what you do with this money that ultimately makes it worth setting it aside. Grant Cardone says money is useless unless you use it. So use it by making money work for you.
Now this is the fun part! You’ve established a high income skill and you’re living below your means debt free; now it’s time to put your money to work for you. Do your research like your life depends on it to see which form of investment is best for you. Do your homework and study this as it will require a high level of confidence to buy assets that will both increase and decrease in value depending on the markets performance.
Your assets are your wealth. The more assets and less liabilities you have the more your net worth increases. Stocks can yield enough annual percentage to duplicate your money over a long-term period of time resulting in more assets. The more money you invest, the higher the return. It is important to understand that money you have to invest must be money you’re willing to lose as well. All investments have some sort of risk factor whether it be low or high. For this reason, it is necessary to be out of debt. Any loss you face will be only but a small dent in your pocket. Here are some ways you can invest your money:
Stocks / Bonds
REIT’s (Real Estate Investment Trust)
Real Estate (Property)
Businesses (Partnering up with people – Be the capital people need in order to start a business in order to earn a percentage of the companies profit.)
Earn Passive Income
This sixth strategy towards building wealth is a fun challenge. Determine what niche can earn you passive income at all times no matter where you are in the world. Use your high income skill to continuously grow this stream of income in order to provide a consistent cash flow which you can also use to invest. Your business mindset might establish a couple of these resulting in multiple streams of income. As Grant Cardone says, success is taken, not received. Here are a number of ways you can earn passive income:
Keep increasing your income and continue to invest over a long period of time. Take advantage of your age and think about where you want to be in the next 10-20 years from now because it starts with what you do today. As long as you keep increasing your income, saving & investing, and living below your mean, you will have the power to build wealth at any age in your lifetime.
Yes, building wealth takes time. Nothing great happens overnight. Building wealth is something you must continuously keep working on. Every challenge you encounter will require a better version of yourself in order to find solutions to the problems you face. Your habits, hard work, and financial discipline will determine the course of your financial future. Keep learning, keep innovating, keep making it happen. Your future self will thank you one day.