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Last Updated on June 1, 2020

How to Start an Online Business That Will Grow and Succeed

How to Start an Online Business That Will Grow and Succeed

There are thousands of free guides available online on how to start an online business. However, the most valuable lesson they never discuss is that starting a new business online is probably going to fail.

Successful professionals that excel at some point with a venture never gave up, had a passion for creating a meaningful service or product idea, and never stopped trying.

Starting a business is a great opportunity for anyone with a passion to work on something you never get tired of. If people like coming to you for advice or to help them with work-related tasks, then you have the necessary skills and experience to start a business.

In addition, if you have a curiosity about services and products, maybe you have the capacity and capabilities to create something more innovative.

In the next section, we will comprehensively examine the core elements in starting a business. They will not necessarily catapult you to create Google, Facebook, or Apple, but they will guide you on how to start an online business.

1. Remember That the Likelihood of Your Business Failing Is High

Building a product or service is a process that takes a lot of time, so do not think that successful CEOs did it with the snap of their fingers.

According to the Small Business Association (SBA), only 30 percent of businesses will fail in the first two years and 50 percent will probably stay open in the first five years.[1] It is something to think about when launching your online business.

However, this does not mean you should be discouraged, and it’s actually a valuable lesson to fail since it will give you clues on what to do right the next time.

2. Focus on Your Audience and Targeted Niche Market

One of the most difficult things is figuring out who your customers are and tailoring your product or service for them. Depending on your available resources and the size of your network, the scale of your venture will be contingent on this. Knowing your targeted niche is important in knowing how to start an online business.

If you are launching a business, will you go the retail route or create an online store? Will your service satisfy the needs of a startup, small business, enterprise, or corporation? There is no right or wrong answer.

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Think about your audience and what the size of your customer base will be. Without knowing your customers, you cannot start a business.

3. Conduct a Lot of Research and Examine the Segment of Your Potential Market

Depending on the sort of business, you will have to do hours of research and ask a lot of questions. It helps a lot to look at specific companies or businesses to get an idea of how they started.

This may be a daunting task for some, and there are other avenues to explore to assist you with building a business. The web has tons of resources and you can check out Fundera’s list of 50 tools to help grow your business.[2]

In addition, you must tap into a reliable business networking list of people to guide you on how to start an online business.

4. Tap Into the Reach of Social Media and Expand Your Message

Gone are the days of paying expensive advertising budgets. Thanks to social channels like Twitter, YouTube, and Facebook, businesses can advertise for free. On the other hand, you can spend and create marketing campaigns on those different platforms.

Figure out which one is best suited to your needs and where that audience is active. When your online business has figured out where its message has the most impact and when your customers are responding to your message, then you know you are in the right place.

5. Network With Influencers and Brand Your Company on an Optimized Blog

Depending on the size of the organization and the number of employees, you may need to consider networking in the initial phases. If you want to know how to start an online business, then you should also learn how to network with influencers.

Social media is a valuable tool, and you can reach out to brand influencers depending on the line of products or services you wish to promote. Gone are the days of just putting an advertisement campaign and expecting a big return. Instead, you now have to create partnerships and blog about your branded efforts.

Make sure you have an optimized blog with search engine optimization (SEO) tools built-in, so you can focus on attracting customers and followers.

6. Create a Monetization Plan Tailored to Your Products and Services

Whether you are a startup, small business, enterprise, or a large company, you have to be strategic with your company efforts. Do you have an omni-channel strategy in place to attract clients and potential business?

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In other words, you must have the integration with your site and selected social media channels to generate revenue from products or services.

Believe it or not, not having a clear investment plan on how you will generate business is one factor often overlooked by starting businesses. The technology is there and depending on your institutional resources, you will have to look at a couple of vendors to see which one gets you the best value for your company.

7. Monitor Your Progress and Schedule Meetings Weekly

When your business is live online, you need to monitor progress. You must look at your data, key performance indicators (KPIs), and financials to see how your company is progressing over time.

This is a very different mindset when you are in a large company, but an average-sized online business has to do housekeeping procedures. The products or services advertised online are just one part of the equation.

Are you attracting customers? Are your interactions with clients translating to transactions or conversion?

These questions can only be answered by looking at your data and financial statements. When you can compare both, you will have an excellent understanding of the current state of affairs.

8. Once You Have Refined Your Online Product or Service, Officially Launch Your Business

Once you have more or less found the online product or service to serve customers, you are ready for prime time.

As long as your monetization plan lines up carefully with your investment, you can go live with your business. This can be in the form of an official announcement via your site, hosting a live event, or reaching out to media outlets to plug your company launch.

There is no right or wrong way to go about his process. But make sure that the state of the company propels you to launch the online service or product.

9. Once Your Business is Growing, Retain Customers and Attract New Ones

Having customers at the beginning is crucial for an online business. In fact, it is important for any business period.

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For the customers who have decided to adopt or buy your service, make sure you are delivering above and beyond customer service. They will not only continue to buy services, but they will also likely recommend your service to others. So, go the extra mile to thank them for their business.

If possible, develop perks programs and giveaways since customers enjoy the red carpet and celebrity treatment.

10. Use Social Media Networks Ethically and Steer Away From Shady Business Practices

It is tempting to use several social media platforms and buy fake followers. The problem is if the business is a lot bigger than it seems, it will come back to haunt you.

There is nothing more embarrassing or outright unprofessional than having thousands of followers who never interact with the posts you share. Unfortunately, social media has lost credibility when it comes to building fake followers and fake news. So, do not fall in the trap of trying to grow your brand artificially.

Aim for organic followers. This means having real customers following you and engaging your brand in authentic ways.

11. Continue Tracking the Results of the Business

Meetings are essential to tracking the state of affairs and the state of your staff. These meetings should also include tracking the performance as a result of your online business (product or service).

Are the results positive? Are they negative? Are they producing productive results?

Analytics is vital to understanding how the business is performing, so make sure you can get a snapshot of where you are at. Successful businesses cover their tracks and that includes looking at the bottom line performance of their product or service.

12. Utilize Search Engines to Attract Targeted Customers to Your Site

There are advertising systems and price tiers for the different social networks, but search engines like Google and Bing are still important.

Pay-per-click (PPC) advertising is offered in tiers through the Google search engine and Microsoft’s search engine Bing. This remains one of the simplest and most effective ways to generate traffic to a brand new site.

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As reported by Entrepreneur, the PPC offers two advantages. One advantage is that PPC ads show up on the search pages right away. The second one is it allows you as a business to test different keywords including headlines, prices, and selling approaches.[3]

13. Provide Expert Advice and Testimony Through Different Mediums

It can be challenging to get brand visibility when you are a brand business. However, if you have some significant knowledge and expertise in your company product or service, you should offer insight. This means you can publish a blog post with powerful visuals, an infographic, a webinar, a YouTube video, etc.

The idea is to plug your service but make it an interesting testimony that tells a story. It is not enough to tell the story of your product, but you have to connect with popular culture if possible.

Be creative and take risks because that may be the difference between success and failure.

14. An Online Business Cannot Succeed Without Effective Email Marketing Strategies

When you are compiling customer data, one of the most valuable pieces of information is a phone number and particularly an email address.

With an email, you can build an opt-in list. This list allows you to create newsletters or announcements to be sent to their inbox for exclusive offers.

You can set up a provider or a third party to analyze customer interactions with your email offers. What it will provide your business is cost opportunity and it is cheaper than print, TV, or radio.

Final Thoughts

After you have found your calling in building a product or service, start putting the building stones to create your service and product. It needs to solve a problem that no other business offers. If you are about solving problems, an online business is a right venture for you.

Launching an online business is a complicated undertaking, so do not expect instant results. Building a successful online business takes time, investing money, and developing a service that makes a profit.

Finally, make sure you have the available resources and a reliable team that will accompany you throughout your journey. They need to be loyal and have to bring something unique to your big idea.

Take risks and fail early because these experiences are the foundations for launching a successful company.

More Tips for Aspiring Entrepreneurs

Featured photo credit: Olu Eletu via unsplash.com

Reference

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Anthony Carranza

Multilingual writer and journalist covering all things technology and productivity.

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Last Updated on July 10, 2020

Feeling Stuck in Your Career? How to Break Free and Get Ahead

Feeling Stuck in Your Career? How to Break Free and Get Ahead

Have you ever caught yourself in a daydream where you’ve gone for that upcoming promotion, and you’re now the boss at work? Or how about the one where you’ve summoned up all your courage to quit a job where you’re feeling stuck in your career and live your dream instead? Or when you’ve changed career paths to do what really makes you happy?

Then, you snapped back to reality and realized that you’re not the boss, not living your dream, and not even happy in the career path that you’re on.

Over the years I’ve worked with hundreds of individuals who’ve told me they feel stuck in their careers, that something had to change for them to break free and be happy, but they lacked the confidence to take that step. My mission is to make sure that nobody feels stuck in their career because of a momentary lapse in bravery that’s dragged on for too long.

Read on to find out how you can stop feeling stuck in your career, break free, and get ahead at work. .

Here are my top ten tips for becoming unstuck in your career.

1. Make Time for You

If you’re feeling stuck, frustrated, or unhappy with how your career is panning out, the first step is to work out why.

Maybe you’ve arrived in your current career by accident and haven’t ever made time to deliberately think or plan what you’d love to do and how you’d get there.

Prioritizing time to think is the first step you need to take to stop feeling stuck and start getting ahead. Book some time into your day where you can have an uninterrupted meeting with yourself. This is your thinking time.

Work out what makes you happy at work, what doesn’t, and where you might want to go. Decide on the steps you want to take to progress your career in the direction that you want it to take.

For example, are there training days, evening courses, or online learning that you can do? Have you considered getting a mentor to help you get ahead?

By booking in a meeting with yourself, it signals it’s important (to you and your colleagues) and also stops others spotting a gap in your day and filling it with a meeting.

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2. Grow Your Network Before You Need It

Who you know is more important than what you know for career progression. Don’t wait until you’re feeling stuck in your career to start expanding your networks. Do it now.

Adam Grant, the author of Give and Take, says you’re 58% more likely to get a new job through your weak ties than through your strong ones. Your strong ties are those in your immediate circle whom you interact with often. Your weak ties are your friends of friends. They move in different circles to you, they know different people, make different connections, and are more likely to introduce you to new and different opportunities[1].

When I was thinking about setting up my current company, Lucidity, I turned up to every networking event. I drank a lot of coffees with a lot of different people to understand what they did, to ask for advice, to unpick what their problems were, and to look for opportunities for collaboration and connections.

It paid off because, when I launched my business, I let my network know how I could help them, and soon I had my first clients.

Pay attention to building and nurturing your networks and focus on how you can add value to other. That’s where your next career opportunity is most likely to come from.

3. Surround Yourself With People Who Inspire You

According to Tim Ferriss, “You are the average of the five people you most associate with,” and his associations with different people ebbs and flows depending on what he’s working on and trying to achieve[2].

For example, if you are trying to be fitter, it’s easier if you hang around with people who love doing exercise–they help you to up your game.

If you want that promotion, a career change, or to set up your own business, seek out people who are excelling at it already. They’ll have valuable things to teach you about breaking free and getting ahead.

4. Work on Your Personal Brand

Jeff Bezos defines a personal brand as “what people say about you when you’re not in the room.” People will talk about you when you are not in the room anyway, so you might as well be deliberate about what you’d like people to say!

Your personal brand isn’t about pretending to be something you’re not. That can actually keep you feeling stuck in your career. It’s really about being your best “real you.” It’s about owning your strengths and being purposeful about how you want to be perceived by others.

What do you want to be known for? By being more deliberate about how you want to come across and what you’re looking for in your career, you’ll increase your chance of attracting the right opportunities.

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Once you’ve given your personal brand some thought, make sure that you show up online. Is your LinkedIn profile up to date? And if you don’t have one, get one. Make sure it communicates what you want to be known for and that it’s consistent with your other social media profiles.

Try these 5 Steps to Master Networking Skills and Perfect Your Personal Branding.

5. Be Accountable

Achieve your career goals faster, and grow and learn by making yourself accountable. Tell other people your goals and a timeline. and have them to hold you accountable.

For example, you might want to get a promotion by the end of the year, have decided the sector you want to move to by the end of the month, or have got your new business idea before the next pay day. Whatever your ambitions are, you can tell a friend or a colleague, or share this with a mentor or a mastermind group.

When we tell other people our goals and intentions, they hold us accountable, and we are more likely to make progress faster.

6. Make Sure Your Values Are Aligned With Your Company’s

All the professional development, goal setting, and networks in the world won’t make you happy if you’re working for a company that ultimately has opposing values to yours.

Figure out what’s important to you in a job. For example, does your company’s product help people live a better life? Do you feel strongly about your company’s ethics and social responsibility? Does the company culture allows employees to be themselves and shine? Or maybe flexible working and more holidays for employees with families is where your heart is?

Some companies put their employees well-being at the core of their business; others put profits first. If you feel that your values don’t match the core values of your employer, it could be a reason why you’re feeling stuck in your career and unhappy.

It’s important to work through this and identify whether it’s the job that is not right for you, or if it’s a great job but the organization or sector is wrong for you.

7. Get out of Your Comfort Zone

Your comfort zone is your safe place. For any change to happen, you have to step out of your comfort zone.

It’s actually much easier not to change anything and to keep grumbling on about how you’re stuck and unhappy in your career than to step outside of your comfort zone to address the fearful unknowns associated with change. It’s part of human nature that we’d put up with the devil we know rather than risk the devil we don’t.

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This is true even if the devil we know is a boring, unfulfilling job because we’re wired to think that making a change to find a better option might actually leave us worse off.

If you feel stuck, it might be that your confidence has got the better of you.

To get ahead at work, start taking small steps outside of your comfort zone. Consider what you’re scared of that is stopping you from making a change. Then, tackle that in small steps.

For example, if you know that to move into the job you want, you’ll have to do more public speaking, but public speaking terrifies you so much it’s stopping you from going for the job, then start small to build your confidence. You can speak up more in team meetings, then slowly build from there.

You might also choose to set up or be part of a specific group. One of my clients, who found that confidence was holding her team back in achieving work goals, set up a “get out of your comfort zone club,” where they challenge and support each other to build their confidence by regularly leaving their comfort zones.

8. Learn to Embrace Failure

Failure is part of life. A New York University study found that children learning to walk averaged 2,368 steps and fell 17 times an hour[3]. Failure is simply the natural path to success.

The truth is that we don’t get everything right the first time. We fail, we learn, we pick ourselves up, and we try again.

In my experience, it’s common that whilst the theory of learning from failure is supported, the reality of being open about failures to enable personal learning is much harder to achieve.

We don’t like to admit that we’ve failed. We have a fight or flight response to failure. It’s a normal gut reaction to ask ourselves: “Will I get away with it if I don’t tell anyone?” We are fearful of criticism, of losing face in front of others, or even being fired for failure.

However, if you’re going to stop feeling stuck in your career, you must be open to learning from failure.

Reframe failure by viewing everything as an experiment because you can’t have a failed experiment—you just learn whether something works or not. Think of Edison inventing the lightbulb, when he said:

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“I’ve not failed. I’ve just found 10,000 ways that won’t work.”

9. Build Your Resilience

Resilience is the ability to tackle difficulties and setbacks, to bounce back, regroup, and to keep going.

Getting unstuck in your career, taking a different path, and achieving the results you want will take resilience. Having resilience is also the capacity to choose how you respond to the unexpected things that life throws your way and adapt and thrive in times of complex change.

Given that the world we live in is in constant flux, and the only thing that is certain is uncertainty, the ability to adapt and bounce back is an important life skill, as well as a career skill.

In her book Grit: The Power of Passion and Perseverance, Angela Duckworth’s research shows that when measuring success, the ability to persevere beats talent every time.

Learn more about how to build resilience in this guide: What Is Resilience and How to Always Be Resilient (Step-By-Step Guide)

10. Ask for Help

It can be hard to ask for help, as it can make us feel vulnerable.

No one person can be expected to have all the answers. That’s why we need a group of people that we can go to for help, people who can pick us up when we have setbacks and also help us to celebrate success.

My advice is to be deliberate about creating your group. You can do that with a tool called a “Me Map”:

  1. Write down all the things that you might need support with, like help with career progression, interview practice, making new connections, talking through business plans, learning from failure, etc.
  2. Next to each thing, write the names of the people you go to when you need that particular thing.
  3. Make sure you get in touch and regularly connect with them.

Final Thoughts

You can stop feeling stuck in your career, break free, and get ahead at work by applying the tips in this article. Start small by incorporating three new things in your first week, and then adding more as your comfort zone and capacity expands.

Remember, no matter how stuck you feel, it’s never too late to make a change and land the career that you truly want.

More Tips to Stop Feeling Stuck in Your Career

Featured photo credit: NEW DATA SERVICES via unsplash.com

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