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.
So what are the foundations for an online business? (We have covered some of them already in previous blogs)
- Your reason why
- The niche and product service you are going to promote
- The training and skills
- Business plan
- Your mindset
- Business name
- Market research
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 Plan
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
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
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.
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
- Male/female or both
- Relationship. (single, married, divorced etc)
- 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