Don’t worry if you don’t know how to start an online business. Simply follow these 7 steps and don’t veer from this plan.
Day 1: Register Your Business
First up is to register your business name, either sole proprietorship or company, and then get a bank account for your new business. Keep things seperate, and track your expenditures and incomes separately, so you know how much the business is making. It will also help you at tax time, since you get extra deductions for a business. Get an accounting system started – either single entry (U.S.) or double entry for other countries. Don’t be afraid to retain an accountant if the number crunching isn’t your thing.
Day 2: Choose Your Product Or Service.
The usual choices to getting something to sell include developing your own product, finding a hot selling product with a lucrative affiliate program, or earnings commissions on a variety of related products or services.
On day 2, you should choose to either develop a product, choose an affiliate program to promote, or pick a group of related offers that pay you.
Day 3: Design Your Unique Proposition.
Standing out from your competitors is one way to stand out and be the product that customers choose. If you find the benefit that customers are looking for, and create an offer that uniquely provides that benefit, you will have a winning business on your hands.
To determine which benefits you can uniquely offer, you should try to profile your typical customer, and determine what their needs and wants are, so you can tailor your offer to them, and connect with them at the deepest levels. It will make your product the best out of all products available.
Knowing how to differentiate yourself is a key step that requires you to know your customer well, and that’s why I recommend you choose something you are passionate about, so you can leverage your life experience to create something that truly offers value to your potential customers.
Day 4: Get Your Website Up And Running.
Getting your website up can be easy, especially with all the built-in tools that most website hosting accounts offer. The key piece of work that you should focus on is keyword research, so you can create a site that people find when they try to solve their problems online. You need to pick a balance of popular keywords and other keywords that are under exploited by your competitors.
On day 4, you need to make the choice of product site versus content site. With a product site, you have one or more products, with order entry and delivery, whereas a content site will typically link over to various affiliate offers that tie in with the subjects you are discussing.
Day 5: Finalize Your Marketing.
Once your website is up and running, you need to create an action plan for marketing your website. This includes choosing the tools, systems and partners to help get the word out to the world.
Day 6: Website Advertising.
On the 6th day, you will need to get ads designed – banners, reviews, and other stuff that you and others can promote your site with. This is also the time to start testing which ads work, and which websites are sending you the visitors that buy.
Day 7: Enter Daily Operation Mode.
After you have all the pieces in order, and your website is up and ready to take orders, and advertising and marketing systems are in place, the next step is to manage the business. Make changes to improve performance, and outsource the tasks that need to be done but don’t require your talent.
A normal split of activities is 30% for product development, 60% in marketing and advertising initiatives, and 10% for support and customer relations.
Regardless of the market you go after, you’ll find your marketing efforts will be what produces the biggest impact on your profits. Follow the steps described here, and you can be in profit faster than most people think possible.
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