Interested in how to start your own online business, but you are not quite sure where or how to start? There are many people who have tried to start their online business, but failed early in their attempts to become successful because they did not have a clear plan to guide them. A huge problem is that there is so much information on the internet that it is easy for a new student to become over loaded with information. It can almost paralyze you. I remember this well from when I first started out until I finally broke it down into these simple steps.
My plan here is to give you an easy blue print to guide you as you start out in building your new online business. So let’s get started:
1. Find a niche market that you are passionate about. When you are passionate about something it shows up in the way you write or the way you talk about it. It is much easier to sell something when you love what you are selling and believe in your product or service. A niche market is a tight, focused market of potential customers. Here is an example: A broad market would be Photography. If you were a photographer you could keep drilling down deeper in this broad market and start a niche of selling Canon EOS Rebel T2i for portrait photographers. (I am not a photographer; I only use this as an example). Now you have a very tight, targeted audience of portrait photographers who are looking for Canon EOS Rebel T2i cameras to promote to.
2. Do your research. Most important- know your market! What is it that your market needs, what solutions do you have to solve their problems? Is this market willing to spend money for what you have? How big is my market? Who is my market? Get into their heads and really understand where they are coming from. One of the best ways I have found is to get on a forum in that market and read questions people post. This can give you a lot of insight into your niche market. I f you are looking for a form for your market just Google what ever your market is (example weight loss forum – photography forum).
3. How are you going to promote your product or service to your potential customers? Free advertising or paid advertising? If you are first starting out and a little strapped for cash, start out with free advertising. Free advertising consists of writing articles and submitting them to article directories, write a lens on Squidoo.com, start a free blog and post everyday, post in forums, free press releases, and free classifieds. As your new online business begins to profit, plow the profits back into the business to help it grow bigger quicker. Start using some paid advertising; such as, PPC (pay per click advertising) or ezine ads. There are so many ways of advertising that a book could be written about each category, so we won’t go into more detail of how each type of advertising works here.
4. Keep accurate record of what you are spending compared to what you are bringing in, in profits. This is the down fall of many new online companies. It is especially easy with pay per click advertising to pay more for advertising than you make in sales. So if you are selling a product for $30.00 and your paying $0.50 per click and your selling ratio is 1:60 (1 sale out of 60 people), you are not making any money. This campaign would be a total waste of your time, so keep accurate records of everything and know your expenses.
5. Get started! Like the Nike ad, “Just Do It”! You now have your niche market, you have your product, you know how you are going to advertise, and you know your expenses- get busy. Don’t get distracted by emails, twitter, surfing, etc. This is way to easy to get distracted, so stay focused on building you new online business. As I always like to say, “Be Prolific”!
Now that you know how to start your own online business, it is important that you remember that this is not a get rich quick scheme. By being prolific everyday you will begin to see little successes, these successes will grow into bigger successes. Be patient, keep pushing ahead and you will be rewarded for your hard work with a successful new online business.