8 Facts About Successful Online Businesses.
One of the best reasons to start an online business is because many online businesses can be started with limited startup capital.
There are great benefits of running an online business including cost savings, increased flexibility, and less paper waste.
Owning and maintaining an online business gives entrepreneurs the freedom to make money from anywhere in the world. And virtually anyone in any part of the world can start a money-making online business ( literary ) —anyone with a computer, or in most cases a tablet.
The good thing about having an online business is that virtually no technical experience is needed.
You can also live anywhere you want, set your own schedule, and work as little or as much as you want, depending on how fast or big you want your business to grow.
Today it is important to note that there are plenty of tools you can use to build an online business. One of the most important steps in starting a profitable online business is to find a business idea that matches your skills and strengths.
Be it online free tutorial courses on youtube about virtually anything you will like to improve or Udemy courses that make the technical work a lot easier than it was in the past.
Starting A Successful Online Businesses
If you are looking to become a full-time entrepreneur or just start a part-time business for passive income online, learning how to capture that online traffic and convert it into actionable leads is essential to growing your business.
We have done research on successful online businesses and their owners seemed to have either 7 -to 9 or all of these traits at once.
Starting your Successful Business: Planning
- They pursue their passion.
One of the best decisions you could take is turning your passion into an online business. It can be a vastly rewarding decision in the near future.
Running an online business can be tough, which is why it's so important you're passionate about what you're doing. It would be a great time to discover your true passion
Ask yourself: Can I see myself still being in this business in 5-10 years? If not, it's probably better to shift directions and choose something you really care about.
The first step is to determine your true passion, and how you will form this into an online business. If your passion is in teaching others applications, courses in math, science, or English. These are best practiced in a studio, they can also be formed into a video or online course for your website
First of all, know that success will not be immediate; it may take a few weeks, or maybe even a few months. You must be persistent and stick with your idea, whatever it may be, and be prepared to work hard.
2. They solve a real problem.
As with any type of business, finding a real need in your niche is key. What problem or issue can you help solve? Does your product or service truly solve that problem? If not, what can you do to make that happen?
Starting an online business you can do well following tried and true principles within their industries.
There are many startups that have experienced rapid growth by doing just that - making waves by solving big problems.
Uber - Taxis are really expensive. Uber made its mark by solving that common big-city problem. Its ride-sharing service spawned a brand-new industry, with competitor companies such as Lyft popping up around the country.
Spanx- Sara Blakely was getting ready for a party when she realized that her combo of white pants and regular undies was a no-go. Blakely took a pair of scissors to a pair of control-top pantyhose, and Spanx was born.
Forbes reports that Blakely turned her initial $5,000 investment into a 2018 net worth of $1.11 billion — all by solving a simple, relatable problem.
Netflix - Netflix solved problems consumers used to face as the biggest rental video company of the 1990s. ( Blockbuster )
No more trips to the video store. No more expensive rentals (Netflix’s monthly cost amounts to just a few DVD rentals). No more scheduling your life around viewing media. And perhaps most of all, no more late fees.
3. They take action even before everything's perfect.
Ryan French, Creator of GameKlip has great advice for new business owners: don't wait until everything's perfect to get moving. He writes, "Don’t feel like you need to know everything, or that everything has to be perfect before you start. I knew nothing about running a business, had no idea how to have something manufactured, and had no idea how to ship a package overseas. I’ve now shipped thousands of units to over 80 countries worldwide. It won’t be easy, there’ll be many points where you feel like giving up, but it’s worth it."
Growing Your Business and customer base
4 . They invest heavily in SEO & Content.
A. SEO
SEO stands for Search Engine Optimization. In the simplest of terms, good SEO optimizes your visibility online.
According to research from Ascend2, 82% of marketers believe the effectiveness of SEO is on the rise. This means that the more people see your website, the more your online traffic increases, and the better your chances to provide your product or service
b. Local SEO
Local SEO becomes crucial in knowing your audience and their needs and wants.
Local SEO uses the geographical location of your business in search results so that customer searches for a question followed by “near me” or within your geographical proximity, would be your business that comes up first.
Getting high rankings in the search engines is imperative for an online business, as this will likely be one of your largest sources of traffic. Need some help with optimizing your site? Check out The Beginner's Guide To SEO.
5. They understand the value of amazing content.
Content allows you to communicate directly with your audience of existing and prospective customers. This is where your keywords help you build authority, trust, consistency, and engagement.
Keeping your site updated on a regular basis ensures that you are providing customers with up-to-date information about your products and services, and it can position you as a leader in your industry.
Content marketing isn't an optional choice anymore, especially for online businesses. If you're not producing a steady stream of relevant, valuable content, you don't have a chance of being successful. Not sure where to start? Check out my comprehensive content marketing guide.
Content is anything that your audience views or hears, including:
- Blogs
- Webpage text
- Infographics
- Videos
- Social media posts
- Podcasts
- Newsletters
Retaining and Improving your Customer Base
6. Perseverance
Successfully starting an eCommerce company is a marathon, not a sprint. It can take 18 to 24 months for your business to get off the ground.
Perseverance is what makes your business grow.
Even if you haven’t made the process you wanted to make at this point, you can’t give up. Build this business one relationship, and one sell at a time.
Have patience. This takes time to build. With focused effort, you can build a powerful online business or grow your business presence online
While it's rare that an online business becomes an overnight success, it's just as rare for it to take more than a couple of years. This is particularly true in very competitive niches. But if you're a year or two in and haven't grown at all, it's probably time to reevaluate your business model.
7. They listen to their customers.
You don't need to underestimate the value your customers bring to the process of growing and developing your online business.
Being a good listener can create trust and confidence. After all, the best business decisions are based on concrete data, not guesses or estimates. You want to understand how your customers really feel about the product or service you deliver.
Being a good listener is the fuel for customer retention, employee fulfillment, and the growth of a company.
You don't need to be a psychic to try to understand your customers, and what they want, need, or experience. You just need to listen to them, and there are numerous actions that you as a small business owner can take to better understand your customers.
You should remember to listen to both the bad and good customer reviews. If there’s something causing dissatisfaction with your customers, it’s important that you become aware of it so that you can make improvements.
8. They stop looking for the "Magic Bullet".
"Magic Bullet" business doesn’t exist, or at least, not in our reality.
Being an entrepreneur means always searching for innovative and creative ways to get resources and people to accomplish the task at hand. It is not an easy path but can be very rewarding when you experience success.
And yet, many people, much to the dismay of business owners everywhere, believe that they can just set up their marketing on social media and the rest of the business will automatically come together.
There is no magic bullet when it comes to building a successful online business. Yet many business owners waste a ton of time looking for that one tactic or strategy that will catapult them to success.
The truth is it takes persistence and hard work. Forget trying to find that one magical thing, put your head down, and do the hard work of running your business.
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