Why do you want to start an online business?
You want to start an online business to have freedom and independence.
You have been working in your 9-5 PM for long.
Have you heard about it from someone, or are you enticed by so many digital entrepreneurs and YouTubers that you can create your own online business?
Global e-commerce sales are projected to reach $8 trillion by 2027, which in INR equals 8,00,000 Crores INR.
Even though the opportunity is significant, the path to online success remains more challenging for many.
You would have heard stories of overnight success becoming digital millionaires.
In reality, it may not be accurate.
Everyone is eyeing attention, so who gets the most attention standsout.
According to data, 20% of businesses only fail in the first year.
Let me not discourage you, but I want to highlight the importance of creating an online venture with a well-thought-out strategy.
The digital economy is continuously growing, and competition is increasing.
Consider this: 76% of Americans now buy products online.
Why Online Presence
What your online presence can do for you?
What is it like if you do not have an online presence?
Simply waiting means you are delaying carving out your niche.
I remember Russel Bruson writing in his book “Expert secrets” for the first 100 pieces of you will suck because you are boring.
You can create your unique voice only after a few pieces of your content/videos.
People start to accept you and your unique voice and branding.
Seth Godin aptly puts it in his book “Purple Cow”:
“In a crowded marketplace, fitting in is failing. In a busy marketplace, not standing out is the same as being invisible.”
From the above quote, you must be different in the digital space.
If you are inactive, the cost is:
1, Financial
2. The cost of not building the brand.
A Strategic Approach to Online Business
Let me share a few steps you can adapt to get started.
- Identify Your Niche: Start by determining your area of expertise or passion. What unique value can you offer in the digital marketplace?
if you are not clear about your Niche, ask these questions to yourself:
- What am I good at?
- What do I love doing?
- For what can I be paid for?
- Which is the problem that I can solve uniquely in the market place.
2. Conduct Market Research: Understand your target audience and their needs. Use tools like Google Trends or social media analytics to gauge interest in your niche. Find out what people are doing in your Niche/domain. What kind of products are they creating/selling? What is their funnel to get an audience and sell to them?
3. Develop a Business Plan: Outline your business model, financial projections, and marketing strategy. This will serve as your roadmap. The business plan here does not need to be elaborate; it can be simple.
4. Build Your Online Presence: Create a professional website and establish your brand on relevant social media platforms. Remember, 75% of consumers check out a business online before visiting in person.
5. Create Valuable Content: Engage your audience with high-quality, relevant content. This could be blog posts, videos, podcasts, or social media updates.
6. Implement Digital Marketing Strategies: Utilize SEO, content marketing, email marketing, and paid advertising to reach your target audience.
7. Offer Customer Service: In the digital world, word-of-mouth travels fast. Ensure your customers have a positive experience with your brand.
You can generate income for yourself and value for your customers.
Pat Flynn has detailed this in his book “Will It Fly?” He has shared a story
Pat Flynn is an online Business entrepreneur who lost his job during the 2008 recession.
He turned his misfortune into an opportunity by creating a study guide for the architecture exam.
This venture replaced his income and eventually led to a multi-million-dollar online business empire.
Let’s take Pat Flynn’s experience as an example. Success in the digital economy often comes from identifying a problem and providing a valuable solution.
He writes:
“The riches are in the niches. The more specific you can get with the audience you’re serving and the problem you’re solving, the easier it will be for you to create a solution that works and market that solution to them.”
As a Digital Economics Coach, I offer personalized guidance to help you navigate the complexities of starting and growing an online business.
Take the First Step
The digital economy offers unprecedented opportunities, but success requires action. Here are some fundamental steps you can take right now:
- Take media Leverage: Share your expertise and build an audience—the best way to share your content across social media platforms and build your brand.
Create an Online Course: Share your knowledge through your LMS like Graphy.
Engage on Social Media: Build your personal brand and network with potential customers and collaborators.
Read and Learn: Invest in your education. Start with books like “The Lean Startup” by Eric Ries or “Building a StoryBrand” by Donald Miller.
Remember, the journey of a thousand miles begins with a single step. Your online business success story starts today.
Join the “7 Days to Digital Business” Free Course to start your journey.
Are you ready to take that first step?