I’m going to be honest here, I haven’t actually really built an extremely successful online business from scratch.
However, I have worked for quite a few businesses that are doing well.
I have also worked with clients who are hell-bent on succeeding with their online businesses.
One thing I have noticed is that there’s a pattern in their behaviour and their attitudes toward the business both online and offline.
In this blog post, we are going to be looking at the 5 keys to a successful online business.
Before we go into the post if you are still finding it difficult to make the switch from corporate to freelancing, read the post below.
How to Easily Make the Switch from Corporate to Freelancing
If you would like to watch the video, I posted it on YouTube and you can watch it down below.
If not, let’s get right into it.
1. Treat it As a Business
If you want to build a successful online business, you need to understand that you are in it full-time.
If it started as a hobby, maybe you loved to write and from the bottom of your heart, you enjoyed every bit of it.
But you have now decided to start a business online helping people write sales copies, business emails, scripts or whatever you’re skilled at, you have to start treating it as a full-time business.
I know that sometimes, turning your hobby into a business takes out the fun from it, that’s why it’s good to find something else to turn your heart to.
Now that this business is now a business and no longer a hobby, what should you do?
The first thing you want to do is set up a business model and a business plan.
The business plan is the blueprint for the newly found business and it will serve as the guide for it.
Your business model will describe how your business will create and deliver value, and the plan your business has for making money.
Many people still believe that the purpose of a business plan is to have something to tender in the bank when they want to get a loan.
Or to have it available when they plan to source money from investors.
These reasons are valid, but that’s not the only thing business plans are good for.
A business plan can bring clarity to the decision-making process regarding key aspects of the business such as capital investments, leases, resourcing, etc.
An effective Business Plan is a roadmap to success, providing clarity on all aspects of your business, from marketing and finance to operations, products, services, people and how you will be better than your competitors.
The next thing you want to do is to set goals for the business, you need to determine what you want to achieve with it.
A well-determined goal will guide everything you do online.
It will flow into your social media strategy and determine your brand strategy.
2. Develop Real Business Skills
One major thing that will determine how far your business goes is the skills that you’ll develop as you go along.
The number one task for anyone who wants to go into business, whether online or offline is to develop entrepreneurship skills.
Entrepreneurs play a key role in any economy, using the skills and initiative necessary to anticipate needs and bring good new ideas to market.
It helps you to understand both internal and external factors that will influence both your company’s growth and profitability.
Let’s take a look at those entrepreneurship skills that you need to develop.
1. Networking
Networking tops the chart of all the skills you must learn to develop.
It is important that you are able to connect with people both online and offline.
You need to be able to connect with other entrepreneurs, form groups and exchange ideas.
No good work is created in isolation. If you want to create something tangible, you need to bring other people on board.
Some online networking platforms you can seek out connections are LinkedIn and Twitter. These are great places to start showing up on.
Join associations, groups or platforms that cater to entrepreneurs. Be confident, friendly and approachable.
2. Communication
Whether you are building a you-only online business or you are running an established business with a large team, you need to know how to communicate effectively.
Effective communication is a criterion for a successful online business. Whether that is in writing or in speech.
As an online business owner, you need to be able to communicate with clients/customers, employees, investors, suppliers, other entrepreneurs and so on.
You need to be able to communicate the value of your company to outsiders at every point in time.
Master all forms of communication, including one-on-one and in-person conversations, group conversations, public speaking, written communication, and email messages.
I posted a video that teaches you how to communicate effectively via email, you can watch it here
3. Sales
You need to be able to sell anything and everything, you need to master sales.
You need to be able to sell your business to potential investors, employees and even customers.
The good thing is, no one is born a great salesman, you can learn how to be one.
The best way to become one is to know your product/service inside out.
Your ability to address any questions potential clients might have thoroughly is one of the most crucial factors in building trust and rapport with potential customers.
You also need to know your competitors’ products and services inside out.
Know their strengths and weaknesses, know their pricing structures, etc.
Take courses on sales and marketing, watch other people you consider good at selling and learn a thing or two from them.
Other skills you should learn are money management, risk management, strategy and operations, time management, etc.
3. Have Strong Work Ethics
Work ethics are a set of values, standards or moral principles that need to be followed for your business to become a properly run organization.
A strong work ethic will help you develop an organization good enough for other people to work in.
Your work ethic will determine how far your online business will go and grow.
What are some good work ethics for an online business owner?
Great routine proper habits, proper planning and organization, The ability to get things done
Also, keep your word, show up early and be available for your clients.
Another work ethic that I’ll like to mention here is to always work toward providing value for other people.
If your online business or your content does not provide value to people, it will soon fade away from people’s minds.
So create products and services that will help people solve real, existing problems.
Give people the tools and information they need to reach their goals.
4. Just Do It
Don’t get stuck in the planning phase.
Don’t get me wrong, planning is good but it has to be backed up by action.
Before I started my online business, I read all the books I could lay my hands on about starting a business.
I also read a lot of blog posts on Pinterest about online business, so while I had information, I lacked experience.
When I finally started, I had all these textbook information but nothing prepared me for what I am currently experiencing in the business.
So as much as it is good to plan, you want to take action.
5. Learn How To Convert Traffic
I know that this final point does not sound as inspiring and motivating as the other four, but it is super important.
Remember, you are running an online business, so everything you do will be predominantly done online.
How will you get traffic to your website and how will you convert the traffic?
You need to map out the strategy for your online business that will automatically get people into your funnel and make them buying customers.
The best way to do this is to offer an email subscription on your blog.
Offer people freebies in exchange for their email addresses and start selling to them in their emails.
Also, set up social media platforms for your business and start converting followers to paying customers.
I explained the process in this video here, check it out.
In Conclusion
Now that you have learnt the 5 keys to a successful online business, what is the next step for you?
If you have not started your online business, the next step for you is to start.
If you have already started, pick these tips one by one and start working on them.
If you’ve loved this post, I really need you to drop a comment below and share it on your platforms.