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Useful Tips to Start Your Online Business Successfully

Useful Tips to Start Your Online Business Successfully

There are many steps to take before starting your online business.

A business in general has its own characteristics which all need to be conveyed to the audience in an effective and clear manner. Displaying these to the correct audience in the digital landscape can be extremely difficult, with countless others all competing for the same spaces. Below are a handful of tips to guide the creation of your online business:

1. Leadership

Before going out to realize an idea on the Internet, you should ask yourself if you really are willing to take on new challenges and to devote time, resources, and much of your patience to achieve it.

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You should be aware that online business rules are not the same as those for traditional brick-and-mortars. You need to keep up to date with the latest news in the digital landscape in order to steer your business to online success. Things change so quickly, so you need to be adaptable as a leader and a company so that you adapt to change, rather than crumble. The online entrepreneur will need to be innovative, creative, and light on their feet so as to stay ahead of the market and move forward towards success.

2. A Good Domain Name

Your domain name is the avenue through which you will identify your business on the Internet. A good domain name should be short and memorable, that clearly identifies what you are selling and most importantly, easy to type. Ideally, a user should be able to just hear it and know how to write it or spell it with ease. In fact, any word difficult to spell should be abolished. Finally, the extension “.com” is typically better than “.net“, because browsers are set to default “.com” (be aware that your domain affects the search rankings). Prestige also goes hand-in-hand with any domain that is registered as .com, so short, recognizable and punchy works best.

3. Business Research

Remember that the product or service that you’re going to be offering is likely to be purchased by users like you, so ask yourself with no agenda, would you or other consumers buy this type of product or service online and is it already available? If you can answer ‘yes’ to both of these, then you already have a foundation of demand to tap into. However, you will want to be sure to check and see how many competitiors are out there. If you ask yourself “Are all the needs of customers already fulfilled by others performing this service or creating this product?” If the answer to this is also ‘yes,’ you’ll need to come up with something very unique that will set your business apart, or may want to consider a new idea. There are a number of tools out there these days that allow you to analyze your marketplace to assess the competitiveness and how your competitors compare against you and one another. This allows you to segment your market fully to see where you can try to position yourself.

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4. Content Management Software and E-commerce Software

These are two essentials that raise your businesses offering significantly. Selecting a good content management software and e-commerce is a difficult choice due to the variety of companies out there, but it is important to pick those which are most appropriate to your business needs, rather than something overly complicated that you might not need. It would be a good idea to future-proof if you can, but don’t stray too far from your current goals either. Over 20 years ago, Bill Gates proclaimed that “Content is King” and this is still recognized as a foundation of best practice for building your own site. And hand in hand with this, you want to maintain a complete focus on relevance, so anything that can boost this is recommended. Standard e-commerce and content management systems are pretty versatile, however, you might want something more niche and specific to your business, like a church website builder. The beauty of the plurality of software companies is that there numerous offerings out there that you can tailor to your needs, regardless of how specialized your business is.

5. SEO: Search Engine Optimization

This is a mysterious art that is broken down into many different areas. Because there are so many areas which need to be monitored and tweaked constantly, the world of SEO can seem mind-boggling and intimidating to business owners. You can either invest time learning this yourself or consult with specialists who are geared up to tailor techniques to every kind of business- the choice is yours. The most important thing is to implement a strategy one way or another as, without one, you won’t stand a chance of securing enough traffic to your site to be recognized by search engines or your potential customers.

6. Avoid These Common Mistakes

– Offering the same products or services of your competitors: Remember that customers have different needs, tastes, and likes, so there should be a niche out there for you.

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– Not being original or creative: You need deep subject knowledge, fresh creativity, and a unique selling proposition. Many businesses do not stand out enough to get traction in their chosen area.

– Starting a business you aren’t passionate about: Do not only think about making money, you also need to love what you do, sell or offer (regardless if it’s a product or service).

– Ignoring or dismissing feedback and reviews: Do not dismiss these two aspects because they are a valuable tool to understand what your audience or customers need, think, or do. Consider having a customer service team as well.

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– Not thinking about a targeted audience or ideal customers: Doing good research is the way you get to know your clients better and then build a product according to their needs or choices. Consider that, the more you can target, the better, since it will be easier to identify with your customer’s needs.

If you have all you need and heed this advice, take a chance and start your own online business!

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Published on March 20, 2019

How to Write a Powerful Mission Statement for Your Business

How to Write a Powerful Mission Statement for Your Business

Have you ever felt lost in the minutia of your job?

As a business owner, I can relate to getting bogged down in the day to day operations of my business. Things like inventory, payroll, scheduling, purchasing and employee management take up the bulk of my day.

While these things are important and need to get done, focusing too much on the details can make you lose sight of the big picture. This is why having a good mission statement comes in handy.

What is a Mission Statement?

Put simply, a mission statement is an internal document that provides a clear purpose for the organization. It provides a common reference point for everyone in the organization to start from.

In other words, after reading your company’s mission statement, managers and employees should be able to answer the question “What are company’s main objectives?” For example, Southwest Airlines mission statement reads:[1]

“Southwest Airlines is dedication to the highest quality of Customer Service delivered with a sense of warmth, friendliness, individual pride, and Company Spirit. We are committed to provide our Employees a stable work environment with equal opportunity for learning and personal growth.”

In this single statement, Southwest conveys the company’s goals of providing the highest level of customer service as well as providing a good working environment for their employees.

Mission Statement VS. Vision Statement

While the mission and vision statements are related, there are subtle but distinct differences the you should be aware of.

First of all, a mission statement is designed primarily as an internal company document. It provides clarity and direction for managers and employees.

While there’s nothing wrong with sharing your company’s mission statement with the outside world, its intended audience is within the company.

While a mission statement provides a general framework for the organization, the vision statement is usually a more inspirational statement designed to motivate employees and inspire customers. Going back to Southwest Airlines, their vision statement reads:[2]

“To become the world’s most loved, most flown, and most profitable airline.”

This statement inspires good feeling from the customer while motivating the employees to achieve that vision.

What Does a Good Mission Statement Look Like?

When coming up with a mission statement, it’s important to take your time and do it right. Too often, people (especially entrepreneurs) just write down the first thing that comes to mind and they end up with worthless or (worse yet) a generic mission statement that is utterly useless.

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Remember, a mission statement should provide a common framework for everyone in your organization.

When writing a mission statement, you should always try to incorporate the following;

  • What we do?
  • How we do it?
  • Whom do we do it for?
  • What value are we bringing?

Now, you can see how tempting it is to just come up with something generic that ticks off those four boxes. Something like “We provide the best widgets available online for the consumer.”

After all, that did check off all the boxes:

What we do? Provide widgets.

How we do it? Online.

Who do we do it for? The consumer.

What value we bring? The best widgets.

The problem with this mission statement is that it could apply to any number of companies producing the same widget. There is nothing to distinguish your company or its widgets from any of your competitors widgets.

Compare that mission statement to this one:

“We provide the highest quality widgets directly to the consumer at an affordable price backed up with a 100% satisfaction guarantee. If our clients aren’t 100% satisfied, we’ll make it right.”

What’s the difference?

Both mission statements answer all the same questions of what, how, whom and value. But in the second statement, they are differentiating their company from all other competitors by answering the question “what makes us unique”.

Another way to read that is, “Why you should buy from us.” In this example, it’s because our widgets are of the highest quality and we stand behind them 100%.

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You might have noticed the statement didn’t say that we sell widgets at the lowest possible price. That’s because we are emphasizing quality and satisfaction over price.

A different company’s mission statement may emphasize selling widgets at the lowest possible price with little to no mention of a guarantee.

Hallmarks of a Good Mission Statement

1. Keep It Brief

Your mission statement should be no longer than three sentences. This is not your company’s magnum opus.

You should be able to distill the what, how, who and why questions into a succinct message.

2. Have a Purpose

A company’s missions statement should include the reason it even exists.

Make clear exactly what the company does with statements like “We strive to provide our customers with …….”

3. Include a “How”

Take this as an opportunity to differentiate your company from its competitors.

How do you provide a product or service that’s different or better than how your competitor provides it?

4. Talk About the Value You Bring to the Table

This is where you can really set yourself apart from the competition. This is the “why” customers should buy from you.

Do you offer the lowest prices? Fastest delivery? Exceptional customer service? Whatever it is that sets you apart and gives your particular products, services or company an advantage talk about it in the mission statement.

5. Make Sure It’s Plausible

It’s okay to shoot for the stars just to settle for the moon, but not in a mission statement.

Being overly ambitious will only set you and your employees up for failure, hurt morale and make you lose credibility. You will also scare away potential investors if they think that you are not being realistic in your mission statement.

6. Make It Unique and Distinctive

Imagine if someone who knew nothing about your business walked in and saw how it was operating, then they read your mission statement. Would they be able to recognize that mission statement was attached to that business? If not re-work it.

7. Think Long Term

A mission statement should be narrow enough so that it provides a common framework for the existing business, but open enough to allow for longer term goals. It should be able to grow as the business grows.

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8. Get Feedback

This is very important, especially from managers and employees.

Getting their input can clarify how they currently see the company and their role within the organization. It’s also a good way to get people “on-board,” as studies show that people are more likely to go along with an idea if they feel included in the decision making process beforehand.

9. Review Often and Revise as Necessary

You should review the missions statement often for two reasons.

First, as a reminder of what the essence of the company is. It’s easy to forget when you are in the day to day grind of the business.

And two, to make sure that the mission statement is still relevant. Things change, and not everything can be anticipated at the time a mission statement was written.

For example, if a mission statement was written before the advent of the internet, a company that use to sell things door to door now probably has a website that people order from. You should always update the mission statement to reflect these changes.

The Value of Mission Statements: Why Go Through All of These in the First Place?

It may seem like a lot of work just for a few sentences that describe a company, but the value of a well written mission statement should not be discounted.

First of all, if you are an entrepreneur, crystallizing the what, how, whom and value questions will keep you focused on the core business and its values.

If you are a manager or other employee, knowing the company’s basic tenants will help inform your interactions with both customers and colleagues alike.

Strategic Planning

A relevant mission statement acts as a framework for strategic planning. It provides guidance and parameters for making strategic decisions for the future of the company.

Measuring Performance

By having the company’s mission in a concrete form, it also allows for an objective measurement of how well the organization is meeting its stated goals at any one time.

Management can identify strengths and weaknesses in the organization based on the criteria set forth in the mission statement and make decisions accordingly.

Solidifying the Company’s Goals and Values for Employees

Part of a well run organization is nurturing happy and productive employees.

As humans, we all have an innate need for both purpose and to be part of something larger than ourselves. Providing employees with a clearly defined mission statement helps to define their role in the larger organization. Thus, fulfilling both of these needs.

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Now I’m not saying that a mission statement can overcome low pay and poor working conditions, but with everything else being equal, it can contribute to a happier and more productive workforce.

To Hold Management Accountable

By creating a mission statement, a company is publicly stating its highest values and goals for the world to see. By doing so, you are inviting both the public and your employees to to scrutinize how well the company lives up to its ideals.

So if you state that you only provide the highest quality products, and then offer something less, it’s fair for both the public and the employees to question, and even call for a change in management.

If management doesn’t take the mission statement seriously, no one else will either; and the legitimate authority that management rely’s on will be diminished.

To Serve as an Example

This is the opposite side of the coin from the previous statement. If the highest levels of management are seen taking the mission statement seriously and actively managing within the framework of the statement, that attitude filters down throughout the organization.

After all, a good employee knows what’s important to their boss and will take the steps necessary to curry favor with them.

Finally, use the company’s mission statement as a way to define roles within the company. You can do this by giving each division in the company a copy of the mission statement and challenge the head of each division to create a mission statement for their respective departments.

Their individual mission statements should focus on how each department fits in and ultimately contributes to the success of the company’s overall mission statement. This serves as both a clarifying and a team building exercise for all parts of the organization.

Final Thoughts

Developing a mission statement is too often just an after-thought, especially for entrepreneurs. We tend to prioritize things that we perceive will give us the biggest “bang for our buck.”

Somehow, taking the time and effort to sit down and think seriously about the what, whom, how and value of our business seems like a waste of time. After all, we got in the business to make money and become successful, isn’t that all we need to know?

That mindset will probably get you started okay, but if you find yourself having any success at all, you’ll find that there really is such a thing as growing pains.

By putting in the time and effort to create a mission statement, you are laying the groundwork that will give you a path to follow in your growth. And isn’t building long term success what we are really after?

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Featured photo credit: Fab Lentz via unsplash.com

Reference

[1] Southwest Airlines: About Page
[2] Fit Small Business: 10 Vision Statement Examples To Spark Your Imagination

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