Are you considering starting an online business? In this article, we tell you 14 Surprising Things To Know About An Online Business.
1. Your Age Is Irrelevant
In the digital age, there are people who are under 18 making great money with their online business. There are also individuals who are over 50 making more than what they were making on their job with their own online business.
You see, most customers don’t care about the age of the owner as long as they are receiving a quality product or service. Think about it, when was the last time you ordered something online and right before purchasing you looked up the age of the owner of the company? I’m guessing never.
2. You Can Make A Million Dollars Through YouTube
Video marketing has one of the biggest growth rates and return on ad spend. More and more people are watching more videos.
YouTube itself is one of the largest search engines in the world. With your online business, figure out a way to take advantage of YouTube. Even with a small subscriber list, you can make great money from YouTube.
3. Teaching People Through Digital Products Can Be Extremely Lucrative
Digital products have some of the largest profit margins compared to any product or service you can sell. You create an eBook or a course once and can sell it to an infinite amount of people.
Everyone has a digital product within them. You just have to take a self-inventory and see what knowledge you have that people are interested in learning.
4. It Takes Time To Build An Online Business
Many new online business owners think they will “get rich quick” when they start their business. No matter what is portrayed on Instagram, the truth is that starting a business and turning it into a success takes time.
Most people give up and quit before they reach the success they want to have. Once you understand that it takes time, you’ll be more likely to keep pushing through during the times when you are making no money.
5. You May Work Harder In Your Online Business Than With A 9 to 5
With books like the “4 Hour Workweek” by Tim Ferriss, some new entrepreneurs think they can only work 4 hours per week and launch a successful business.
Now, this is extremely rare to happen. Most entrepreneurs have to invest upwards of 60 hours per week until they create a system that allows them to scale back their hours. When starting an online business, be ready to invest a good amount of time to get it running.
6. You May Have To Work For Free
Don’t be afraid to do free work in the beginning. This can be great for your business in two ways:
- The free work may result in that person or business becoming a client or referring you.
- You can create a case study based off the work you did and use it to advertise your product or service.
In the beginning, use anything to your advantage. Doing a service for free or offering your products for free can be the jump start you need to get your business up and running.
7. You Have To Adapt To Consistently Make Money
Do you want a long-term business or a short-term business? If you’re running a business and not paying attention to trends and changes, you’re setting your business up for failure.
Always be up to date on the changes happening in your industry and on the internet in general. When big changes do happen, you’ll be prepared to take advantage.
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8. Your Income May Fluctuate Month to Month
Until you figure out a system that consistently produces income every single month, your income can fluctuate from month to month. One month you may earn $1,500 per month and the next month $5,000.
Your goal should be to create and refine a system that spurts out consistent income every single month. This includes having a system to generate leads, sales, and fulfillment of your product or service.
9. You Should Have Multiple Streams Of Income Within Your Business
In your business, you want to have multiple streams of income to provide financial stability for yourself and your family. Never rely on solely 1 product or service for income.
Think of different products and services you can sell that complement your current product or service. This way you can diversify your income with your business.
10. Hire Experts As Soon As You Can Afford Them
As your online business and your income begins to grow, look at hiring different experts for different parts of your business. For example, hiring an accountant and bookkeeper to help manage your finances.
By hiring experts, you can relieve some of your load since you are most likely carrying many hats as a new entrepreneur. Learning how to recruit and manage top talent is a skill in itself, but if you can master this skill you can focus on working on your business instead of in your business.
11. Being Yourself Can Actually Make You More Successful
There are likely many competitors in your niche, so how will you stand out from the rest? The easiest way to stand out is to be unique, be yourself.
Be yourself in your brand positioning and marketing as this will attract people and businesses who are drawn to you. Although there may be companies selling similar products and services, none of them call sell them the same way as you or position themselves the same way as you.
12. Investing In Yourself Is Investing In Your Business
Your mindset will determine how big your online business grows. If you believe your online business can only make $10,000 per month then you would be right.
If you believe your online business can grow to $100,000 + per month, then you would also be right. The success of your business is reflective of your mindset. Invest in improving your mindset and expanding it.
13. Branding Is A Requirement For A Long-Term Business
Every entrepreneur who has a successful business that’s been running for longer than 7 years has branded themselves. If you want a long-term business, you should do the same.
You want people to recognize your brand and refer them to other people. A brand can also create credibility and trust and can result in more sales for your online business.
14. The More Things You Focus On, The Harder Your Journey Will Be
While building your online business, there is going to be multiple things that attempt to distract you from your goals. This is called “silver object syndrome.”
The minute you succumb to “silver object syndrome” it’s going to be hard to achieve your goals. To achieve the goals you set, you have to focus on a few things and dedicate your time, attention, and energy until you reach your goals.
Thanks for reading 14 Surprising Things To Know About An Online Business. For more business ideas, download our free guide here: 25 Six Figure Businesses You Can Start Today.