How do I start an online business?

How do I start an online business? I’ve started 9 startups in the last 3 years. 1 has closed shop (ouch!), 8 are doing anywhere from good to great. Here is what you need to do… 1. Find a space that is growing. If you know the space very well, that’s a big bonus. 2. Think of an idea in that fast-growing space. Don’t think too hard, and definitely don’t let procrastination slow you down because your idea won’t work anyway. 3. Get access to at least US$20k. This should give you enough to build a basic product to test your idea. Get a job and save up, convince your parents, get friendly with your rich uncle. Whatever. 4. Find some co-founders. This is hard as humans, by nature, are chickens, so if you fail here, get some staff instead and co-founders may come later. 5. Launch a basic version of your app/website. Note it will be 2-3 times over-budget and way behind schedule. 6. Learn what your customers want, and make adjustments. Keep doing this for months, after which your business model will have changed significantly from where it was at 2. 7. Get some traction, hopefully before you run out of your US$20k. 8. Raise more money on the back of your traction. 9. Work your balls off for 5–10 years. 10. Don’t forget to thank me! The biggest mistake people make is they think they need some great idea at the outset, and that stops them from starting. The great idea comes at stage 6 (keep adjusting by learning from customers), not stage 2 (think of an idea). Oh, and here’s an example of me doing stage 4 (find some co-founders) - so, I’m looking to launch two startups in the next few months - I’m looking for remote co-founders who have at least 5 years work experience, ideally over 10, who are willing to work for below-market or zero-salary in return for equity. Contact me via LinkedIn! Did I forget to mention? Always hustle! Starting a business online is a great way to earn financial freedom and become your own boss. Just about anyone can do it as long as they have the drive to succeed. Start out by deciding what it is you want to sell. This is your opportunity to sell something you believe can change people’s lives. You could be selling something that people desire and want. You could even sell things you handmade or invented. Whatever it is make sure it is something you care about. Becoming your own boss is great and all but, if you don’t care about the product you sell you’ll soon become burned out. There are two main categories of products you can sell. Commoditized products or niche products. Commoditized products are essential or popular products that people buy a lot of. These are products like food, clothing, electronics. Things people need. Niche Products are more personalized for a specific group of people. These products relate specifically to the audience you are trying to market to. Hand-made products would be a part of this group. Often niche products are made on-demand rather than in bulk. Many businesses sell a combination of the two types of products but selling only niche products is a good plan as well, as they will relate to your customer personally. Decide what kind of platform you will use. There are many options for selling something online. You can create your own website to sell your product using Squarespace, Wix, or WordPress. You can also use websites like Shopify or Etsy where it is more or less set up for you already. If you have an online product such as an online course there is a multitude of platforms to use. Websites like Podia, Teachable, and Thinkific give you step by step guides to creating and selling your online course. This is useful because many people can create their course but have trouble marketing it. Market your online business. The most important part of creating your business is coming up with a plan to market your product or services. While paying for ads may help you get your name out there it won’t necessarily generate sales. Social media helps with exposure to clients and can be a personal approach to marketing depending on your niche. When making social media be sure to find out where your target audience hangs out, otherwise it will be all for nothing. Another good option for marketing, especially if you have an online course you’re selling, is email marketing. Work on growing your list before you launch your business to ensure sales right from the start. Finally, utilize SEO to reach more people. People use google every day to answer questions or find something they need. Make sure your business has a chance of showing up in their results. These are some points you need to consider when starting an online business. If you have the passion and drive to start a business use these tips to get started. You will gain success!