How to start an online business in 2021?
Part #8. Who can do business online?
If you want to start an online business in 2021 you should consider taking the following steps:
1. Find your online business model.
2. Find your niche.
3. Plan your investment budget.
4. Learn digital marketing skills.
5. Work on your mindset.
Let’s talk about the pros and cons of online business?
Pros of online business
– Low start-up cost.
A lot of online business models allow you to start your business as a side hustle, doing it not quitting your main 9to5 job, with a very little cost which makes it very attractive.
You can be very flexible around your work time, you don’t need to commute, you don’t need an office, you don’t need a team, you can work from any place where you have an Internet connection and a laptop.
Not a secret that online accelerated during the pandemic and will only continue to grow. For the past few decades online went from nowhere to a multimillion-dollar industry. For the first six months of 2020 the percentage of New Zealanders over 60 years old who shopped online increased by 62 per cent. And over 170,000 people in New Zealand did their first shopping online.
No doubt the online industry will be only growing.
Cons of online business
– Digital skills.
You have to learn skills to be able to start a business online: digital marketing, lead generation, website building, funnels, analytics set up etc.
Even though it was one of the points that were stopping me from starting online, I can assure you that it all sounds far too scary, but it’s not rocket science. I can confidently say that if you know MS Excel, Word, PowerPoint and can surf the internet, you can learn digital marketing skills.
– Low start-up cost.
Yes, I know, it was in prons. But I think that this is one of the most common mistakes that make people unsuccessful in online business – they don’t take it serious enough.
They just want to “give it a try”. But you can’t succeed by “giving it a try”, you have to be extremely focused and do whatever it’s required to achieve your goal!
Otherwise, don’t even try.
– It becomes more competitive than even a few years ago.
The online world is rapidly growing and getting more and more competitive.
However, if you are asking yourself a question “have I missed a party?”, I have a tip for you to find out.
Check how many of your friends are doing business online, can build a website, know about affiliate marketing, have YouTube or TikTok vlogs, have a blog, can run ads on social media, launch an advertising campaign, know about Google Analytics, Google Tag Manager…
Ok, then the answer is no. You didn’t “miss the bus”, but you better hurry up.
Find your business model.
There are plenty of business models online whether you want to sell a product or service you can do it online.
The most common one to start from is affiliate marketing.
The affiliate marketing model is enabling you to sell other people products or services and get a referral commission for it.
Let’s say you want to buy a drone and don’t know which brand and model to choose. You Google something like “best drones for video shooting” and you highly likely get something like this:
If you click this link, you’d get to this page:
If you click any of the pictures below, you’d get to something like this:
And if you press the button “SEE IT”, you’d get to…
Because the person who created this website is an affiliate for Amazon.
What he does is creating valuable content reviewing different models of drones, adding value to the product by simply making your choice easier providing you with information you were looking for.
As soon as you make this purchase on Amazon, he will get a commission.
One of the best things about it you can choose the product (s) you love and you are passionate about.
For example, if you love fitness you can start with promoting fitness equipment or fitness programs you follow.
Or if you like photography you can research different equipment and programmes that help to create the best shots. There are plenty of choices.
The main thing about it is you need to promote something you are truly passionate about, don’t do it because this product or service is just popular at the moment and can generate revenue, think about the value you can provide, otherwise you won’t enjoy and quit with no results.
There is more into it, things like cookie files that will remember you and if you come to this site tomorrow and make a purchase, the guy would still get a commission.
Now, how much money do you need to create a website and set up an online marketing system I’ve covered in one of my previous posts – Part#7. How I found my passion and started an online business. The practical side of it and…
However, as simple as it sounds, here is the main reason why more than 95% of people are not able to make it work.
They all looking for a get-rich-quick scheme!
Almost everyone who wants to start a business online fall into this category.
People think “Oh, that sounds easy! I can write, I love drones/bikes/e-courses… I can do it…”.
What they don’t realise is that they won’t be able to set up few links and see money rolling into their bank account.
As was mentioned before, you need to follow these steps:
– Find your niche.
– Narrow it down.
– Be crystal clear about who is your best customer avatar, who will buy your products ‘services.
– Learn digital marketing skills: how to create valuable content that will solve your customer avatar’s problems, copyrighting, ads, photography, video shooting/editing etc.
– Technical side of it: website, analytics, funnels etc.
Therefore, even before you start the above, you have to work on this major thing that will be the cornerstone of your success – YOUR MINDSET!
The online business requires the same if not more effort, investments, energy and time as any other traditional type of business if you want to make it successful!
No one can expect to buy an online course for a hundred bucks and create a million-dollar business.
Dedication and commitment are required.
Here is a test for you to find out if you have the right mindset to be able to do a business online.
Are you prepared to stay committed to your online project for one year? To write a blog, product reviews, learn how to promote your content, spend money on ads to generate traffic, make video ads etc, for one year?
If the answer is “Yes” – congratulations! You can make it work.
If the answer is “No” – better do not start.
But you know what is great about all this “hard work and dedication”?
You are doing it for yourself!
Not for your boss or a company you work for, shareholders or general managers, but yourself and your family.
So, this “hard work” is not that hard in the end.
Yes, it gets very exciting and very frustrating sometimes.
But if you are burnt out at your current 9to5 job and see no light at the end of the tunnel, no motivation, no fulfilment, I tell you that after starting your own side hustle, you will get overexcited and supermotivated.
You will be less and less engaged in what you do at your 9to5, which means less and less stress.
You will also dedicate more and more of your time to what is meaningful for you, not for someone else, which simply means no more overtime or work on the weekends.
Most importantly, your level of energy will go up and you will start improving other areas of your life like health, family, relationships, simply because you understand that it just feels good to create a life you always wanted and you would like to invest more and more into it!
Hopefully, now you have more clarity whether you would like to start your online business and invest in your own life or you are ok with making other people’s dreams come true…