Online Business Foundations

When building house, apartment block, factory or high rise building the foundations are very important if you want it to last and stay up for many years to come. And the bigger the building the deeper and stronger the foundations must be.

The same applies when you are building a business and that goes for an online business as well. These business foundations aren’t the big hole in the ground filled with concrete and steel of a physical building. I am talking about the the things you need to do and have in place before you start to market and make sales.

So what are the foundations for an online business? (We have covered some of them already in previous blogs)

 1. Your Reason Why

As we covered in  previous blog you need to have a reason why you are building a business as this is what keeps you going/stops from quitting when thing get difficult, and they will. Every business owner has those moments when they say to themselves “what the heck am I doing this for?” That’s when you look at your reason why and you get back on track and keep going.

2. The Niche And Product Service

This is goes without saying you need to a products or service to promote/sell. If you don’t have your own product it really matter. You can become an affiliate and market someone elses product. That way you only have to be able to market it and therefore make a commission. Choose something the you are interested in or are passionate about as this then makes it easier to promote/market because you can be enthusiastic about it. Make sure that there is a demand for the product as well because if people don’t want it, it will be hard to sell.

3. Training and Skills

Yes you are going to need training and skills to run and market your online business. But these can be learnt and you don’t need to know everything when you start. Find a mentor, someone who has done what you want to do and talk to them to find out what you need to learn. Then do a search online to find the training you need.

Things you may need to know could be:-

  • Building a website(hosting, domains, wordpress etc)
  • Blogging and how to set up a blog
  • Free Marketing on Facebook, Twitter, Google +, Pinterest, Instagram etc
  • Paid Marketing (Youtube, Banner ads, solo ads, Facebook ads, Twitter ads, article marketing etc) hint, just learn and master one method at a time.
  • Time management as you are your own boss and don’t have someone telling you what to do.

4. Business Planezinelayingcurvy_778x526

Having a business plan in very important. As they say if you fail to plan you are really planning to fail. Doing a business plan is pretty much putting your foundations onto paper so you know what you need to do, where you want to be in the next few month, next year, five years, ten years etc and how you are going to get there. Here is a downloadable business plan template

5. Mindset

There is no point trying to build a business, be it online or offline if you have the mindset of an employee. Business people and entrepreneurs have a different mind set. And often people fail at building their business because they have the wrong mindset. The good news is it is possible to change your mindset. Learn more about the different mindsets

How?

But working on it and training your mind. By reading, listening to audios and videos

  • books like Think and Grow Rich, The Science of Getting Rich, Rich Dad Poor Dad, As A Man Thinketh, and Acres Of Diamonds
  • Autobiographies of business people and entrepreneurs
  • Autos CDs from people like Tony Robbins, Bob Proctor, Zig Ziglar, Jim Rohn, Brain Tracy, Pat Mesiti and Earl Nightingale

6. Business Name

I know this is obvious, you do need a business name. You can use your own name or come up with a name the relates to the type of products you are promoting. However you will need to consider if you are promoting affiliate products that you abide by that companies policies. Often there are restrictions on what names you can use relating to their products.

So do some research first and avoid later embarrassment or legal action.

 7. Advisors

It is also important that you get professional advice when going into business. The reason being that it will keep you on the right side of the law and your countries regulations and taxes. So I would recommend that you at least get an accountant and maybe a lawyer as well. It would also be a good idea to get yourself a mentor or business coach. They can help with idea and point you in the right direction so you don’t make needless mistakes.

8. Market Research

This is finding out whether people are interested in the product you intend to promote, discovering if there is a market for the product. Generally  if you have decided on an affiliate product the chances are that the supplier has already done that.

What you need to do is narrow your target market/audience down so it is easier to advertise to them. Things like

  • Age
  • Male/female or both
  • Relationship. (single, married, divorced etc)
  • Language
  • Interests
  • Income level
  • Their problems
  • Their interests
  • What keeps them awake at night
  • Where they live(what country/ies)
  • Their lifestyle
  • What they want in life
  • How what you are promoting can solve their problems

Sit down and brain storm the more specific you can get the easier it is going to be for you later when you start advertising.

If you would like to know more about building your own online business I have a complimentary video training series where can find out how you can do it.

In my next blog I will be talking about  4 options for online business support

have a fantastic day

Robbie

 

 

 

 

13 Comments

  1. Love your blog Robbie, filled with GREAT advice in an easy to understand way. Thanks so much for being so generous with your wisdom! Kim

  2. Yvonne

    What perfect timing Robbie! I’m currently sitting here struggling desperately to create a business plan for my own business (something that I’ve been putting off for such a long time) yet finally realised it was crucial for a clear vision for my future progress. Thank you for such in depth advice and the free downloadable business template. I’ll be working on that tomorrow! Thanks Robbie.

    • Robbie van't Wout

      I’m glad it is helpful for you Yvonne. Yes it’s something people don’t like doing, myself included, but is very important if you want to succeed.

  3. Great post Robbie… I agree that you have to have a passionate reason why and you have to have the right mindset…. as well as the rest of your tips too. Thanks for sharing 🙂

    • Robbie van't Wout

      You’re welcome Rachel. The more passionate you are the easier it is to keep going when things get difficult.

  4. Hi Robbie, this is very interesting blog, I like the video the way you explain. Oh … the “mind set ” yes the hardest and very important part that we need for our business. If we have the correct mindset ..yes we have the key to success. Thanks for sharing this, it is very useful.

  5. Great article Robbie, thanks. All great tips, the ones that stand out the most for me are having a reason why, being passionate about what you are doing and working on personal development and mindset. I think if you master these things the rest of what you need becomes a lot easier. Always grateful for all of the awesome advice you give out Robbie. Cheers 🙂

  6. Great Post Robbie! I agree without a great business plan, things could have the potential to crumble. I know for certain how passionate you are and how giving you are.

    Great share thanks!

    Margret M Wathey

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