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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 and thousands of free guides available online on how to start an online business.

However, the most valuable lesson they probably 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 about 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 advise 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 on how services and products, maybe you have the capacity and capabilities to create something more innovative.

In the next section, we will examine comprehensively a thorough approach about what are the core elements to start a business. It will not necessarily catapult you to create Google, Facebook or Apple, yet guide you to create a successful business.

1. Remember the likelihood of your business failing are 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 a 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 to figure is who your customer is and how to tailor your product or service. Depending on your available resources and the size of your network, the scale of your venture will be contingent on this.

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 a 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 on how they go 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.

In addition, you must tap into a reliable business networking list of people to guide your journey to creating 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 at the same time 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.

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 will 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.

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6. Create 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?

In other words, you must have the integrations 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 overlook. 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 on a weekly basis

When your business is live online, you need to monitor progress. You must look at your data, key performance indicators (KPI)s 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 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 on 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 your investment, you can go live with your business. This can be 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, yet make sure the state of the company propels you to launch the online service or product.

9. Once 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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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 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 hunt you. There is nothing more embarrassing or outright unprofessional to have thousands of followers who never interact with 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. Meaning, to have real customers following you and engaging their brand in authentic ways.

11. Continue to track 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 are able to get a snapshot of where you are at.

Successful businesses cover their tracks and that includes look 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 way to generate traffic to a brand new site.

As reported by Entrepreneur, the PPC offers two advantages:[2]

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One advantage is that PPC ads show up on the search pages right away, while the other is it allows you as a business to test different keywords including headlines, prices and selling approaches.

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 on your company product or service, offer insight.

It 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 connect with to popular culture if possible.

Be creative and take risks because that may be the different between success and failure if you do not try.

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 setup 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, put the building stones to creating 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 the 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 to launching a successful company.

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 November 5, 2019

How to Use Visual Learning to Work More Effectively

How to Use Visual Learning to Work More Effectively

Knowledge is essential to become successful in life, your career and your business. Without learning new concepts and becoming proficient in our craft, we cannot excel in our chosen careers or archive knowledge to pass down to the next generation.

But content comes in various forms, and because how we learn influences how much we know, we need to talk about learning styles. This article will focus on how to utilize visual learning to boost your career or business.

The Importance of Knowing Your Learning Style

Knowing your learning style enables you to process new information to the best of your ability. Not only does it reduce your learning curve, you’re able to communicate these same concepts to others effectively.

But it all starts when you’re able to first identify the best way you learn.

As a college student, I soon figured out that taking online courses without visual aids or having an instructor in front of me led to poor retention of concepts.

Sure, I got good grades and performed excellently in my online exams. However. I discovered that I couldn’t maintain this performance level because I forgot 80 percent of the course content by the end of the semester.

There are several types of learning styles known to mankind. To give an idea of how visual learning stacks up against other learning styles, here’s a brief mention of some of the different types of learning styles we have.

The four most popular types of learning styles are:

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  • Visual learning style (what this article talks about).
  • Aural or auditory learning style (learning by listening to information presented).
  • Verbal or linguistic learning style (learning that involves speech and writing).
  • Tactile learning style (learning by touching and doing)

But for the purposes of this article, we will be focusing on using visual learning to boost your career or business.

How to Know If You’re a Visual Learner?

When it comes to boosting your career, business (or education), a visual learner is one who would most definitely choose shapes, images, symbols, or reading over auditory messages.

I’m talking about preferring to read an actual map when navigating to a new place over listening to verbal directions. I’m talking about discovering that you actually have trouble remembering what your manager said at the meeting because there were no graphs or illustrations to support the points raised.

Most people who struggle with learning probably aren’t leveraging their best learning styles. The earlier you identify how your learning style can boost your success, the less struggle you will encounter with processing new information throughout your career.

However, visual learning in particular CAN 10x your career or business whether it is your preferred learning style or not. And here’s why:

Several studies have arrived at the conclusion that the brain retains more information with the help of visual aids. In other words, images are directly processed by our long-term memory which helps us store information for longer periods of time.[1]

While some lessons can be performed orally, several concepts can only make sense if you have an image with an explanation of sequences (i.e learning about the human DNA).

Visual learning does use a different part of the brain and visual cues are processed by the part of the brain known as the occipital lobe.

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By engaging more parts of the brain during learning, you’re able to have a fuller understanding of concepts and facilitate better interaction with your immediate environment.

How to Use Visual Learning for Success

Here’re 4 ways to use visual learning to boost your career or business:

1. Bring back the to-do list. Then add shapes and colors to boost productivity.

We live in an age where computers have taken over virtually every aspect of productivity and most human functions. But written lists are making a comeback, and with an endless number of important tasks to complete, having a to-do list of tasks in order of importance can improve your productivity.

While coming up with a list is initially challenging, adding colors and shapes to written lists that you personally write and manage gives you an extra layer of assurance and boosts aids recall so that you actually get stuff done.

I have tried this technique in my work as a registered nurse and discovered that adding shapes and colors to to-do lists helps me delegate tasks, recognize where more work is needed, and makes it easy to cross off completed tasks at the end of the day.

2. Add graphs, charts and symbols to your reports.

Yes, it seems like more work cut out for you. However, graphs enable you monitor the heartbeat of your business.

Graphs and charts help you trend your finances, budget, and pretty much any data overtime. With the help of free and premium software available on the market, it has become easier to take plain data and in a matter of seconds, have relevant information displayed in different shapes and images.

As an entrepreneur, you can make predictions and allocate funds wisely when you’re able to see whether your efforts are rewarded. You can use colors and charts to delegate actions to members of your team and track performance at the same time.

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And when broken down into monthly, quarterly, bi-annual or annual goals, graphs and charts communicate what ordinary text cannot.

3. Effectively brainstorm with mind-mapping.

Mind-mapping is not new but I don’t think it’s been talked about as often as we do to-do lists.

With mind mapping, you’re organizing information accurately and drawing relationships between concepts and pieces from a whole.

Think of a mind map as a tree with several branches. For example, the tree can symbolize healthcare while each branch stands for nursing, medicine, laboratory science, and so on. When you look at nursing, you can further branch out into types of nursing; pediatric, women’s health, critical care, and so on.

It’s an interesting relationship; the more ideas you’re able to come up with for your chosen subject, the deeper you get and the stronger the association.

Mind maps really show you relationships between subjects and topics, and simplifies processes that might seem complicated at first glance. In a way, it is like a graphical representation of facts presented in a simple, visual format.

Mind mapping isn’t only limited to career professionals; business owners can benefit from mind mapping by organizing their online learning activities and breaking down complex tasks into simple actions so that you can accurately measure productivity.

4. Add video streaming to meetings.

What if you could double the productivity of your team members by video streaming your meetings or adding flash animation to your presentation at the same time?

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When you offer video as an alternative method of processing information to colleagues, there is a greater chance of retaining information because we recreate these stories into images in our minds.

For organizations that hold virtual meetings, it can also be an effective way to enhance performance during if people can see their colleagues in addition to flash animation or whatever form of video is provided during the meeting.

Is Visual Learning Better Than Other Learning Styles?

No, that is not the point. The goal here is to supplement your existing dominant learning style with visual learning so that you can experience a significant boost in how you process and use everyday information.

You might discover that understanding scientific concepts are much easier after incorporating visual learning or that you’re able to understand your organization’s value when projected on a visual screen with charts and graphs.

The overall goal is to always be learning and to continue to leverage visual learning style in your career and business.

More About Learning Styles

Featured photo credit: Unsplash via unsplash.com

Reference

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