Everyone more or less has their own dreams and goals for themselves and their family. Needless to say that a large part of that for most of us are financial goals. And when one is inspired and motivated enough to satiate that, sometimes creativity and the spirit of entrepreneurship kicks in to once and for all lessen the pressure of their monthly dues. However, we can’t deny that going into business is something that’s not for everybody. Success is more than rewarding, for sure. But the risk you take in is enough for some to get cold feet. One way to curb that is to go online. Since online businesses don’t require large office spaces, physical stores, and hefty utility bills, this significantly lowers the risk for you. Here are our 4 tips for online entrepreneurs.
I guess it’s safe to say that the online space is crowded already. As easy as it may seem, getting into one or more of these platforms can give you the following you need. Contrary to what some people think, not all online platforms and social media platforms are perfect for your business. It’s important to see which platform will work best for your business or product. Now Facebook might be the first thing that comes to mind for most people.
Facebook is great since it has the most active monthly users and most people you can target. Some articles about Facebook suggests that an average user of the platform has around a couple of hundred friends. Now that’s just a great way to market your product through comments and likes alone. On the downside, they also have a more expensive ad structure. Instagram on the other hand is also a great platform for promoting your business but you must know it’s more focused on younger age groups.
Pinterest on the other hand is also one of the top platforms. This is where people look for inspiration and it’s a great way to market some products. But, yes, there is a but, Pinterest is also a platform that is not suited for all businesses, unlike most of the other social media platforms. Point and case: choosing your focused platform is a great way to skyrocket your sales and reach. Optinmonster has a post about this if you want to read more.
Other than marketing, most also take to social media to sell their stuff first. That’s great and all, but if you got some extra funds, why not invest in a website? This makes you more legitimate and professional. Not to mention you can also earn from your site with other means. Take StockUnlocks for example. It’s simply a WordPress plugin you can earn with! Click here to read more.
Always have more than one source of income
Out of all we’ve thought of, this probably is the most obvious yet the most important one to highlight: While it’s easy to give in to one business that’s successful enough to give you the comfort you need, it’s best to keep other means of earning too. This should be applicable to new businesses and successful ones out there. The last thing you need is your business plummeting without having a back-up or a lifeline. If we know one thing from great businessmen, it’s to not put all your eggs in one basket.
Since starting a business requires capital, it’s only vital for you to keep your day job. If you’re just starting out, you most likely have some debt and might not even be profitable yet. Keeping your day job just makes sense as your lifeline should all else fails. If your business is now profitable and you’ve saved enough to generate another income source then feel free to quit. Simple enough right? But you’d be surprised how many neglect their jobs for a dream. Nothing bad about that at all, all we’re saying is you should secure yourself too.
Having the right skillset and resources to start your business only works if you have a product worthy enough to market in the first place. However, nowadays, products will most likely have a competitor of some sort. In our books, a great product is something that solves a pain point or deals with a daily struggle to really appeal to your audience. More often than not, these are the products that go viral. Think outside of the box, you might just have the next great invention.
Testing these ideas out is also a large part of the process. That’s why research and development is always a smart thing to invest your time in to make sure your products don’t have kinks. Since most small businesses are more likely to be pushing their sales, investing in R&D is always a great way to get ahead. Even if you think your product is already great, R&D could open new ideas that branch out to other product lines.
By now you should know there’s no way around creating a business plan. Winging it only gets you so far. Planning everything through, from steps, budgets, to action plans will only help you get better. You might survive without one, but having one will let you know from a mile away if you’ll make it in the first place. Of course, more than planning, some people tend to forget that plans change along the way. Make sure you’re always up to speed and ready to change pace or change details along the way. The last thing you want is the original plan falling apart and leaving you to wing it.
Outlining everything in front of you will help you visualize everything faster and that only adds to the structure of your plans and long term goals. Here’s inc.com’s post that could help you start your own business plan today!
At the end of every day, what you do and how you do it is for you and your family. How we get there is up to us but hopefully, there’s nothing wrong with doing right where others failed. We hope you learned a tip or two for online entrepreneurs out there. If you liked this, head on to our other posts or shop.