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Today, it is no news that every nine out of ten people want to become an entrepreneur – everyone wants to start an online business, everyone wants to be their own boss. But the problem is, there are a lot of misconceptions about what it takes to start a profitable online business. Even the supposed knowledgable business owners frequently underestimate the time, work, and skill required to truly flourish online.
Now let’s dive into the real facts.
5 Truths No One Would Tell You About Starting an Online Business
I remember starting my digital journey back in 2016 and eventually launching my business in 2018, so far, I have realized that there is a whole lot we are not told about venturing into the online space to start a business – these facts are most likely “sugar-quoted” and this is a major issue for newbie entrepreneurs trying to create and maintain a profitable online business. Not everyone wants to get realistic about the real facts involved in actually starting and scaling your online initiative.
That’s why I have decided to share “5 Truths No One Would Tell You About Starting an Online Business”. Here are the truths:
- Launch an online business based on search trends
In reality, “online” is merely a means of connecting people and businesses. However, it is still about connecting the right set of people with the right offer. So when it comes to starting a business online, you might as well be thinking – what are people searching for online? what needs do people have? or what problems are they eager to solve and how can I come in to sell a solution as my business offer?
Stop thinking of starting from your passion as a base point! – yes people typically launch a business because of their passion but in recent times, such a model is not easily scalable, especially if your perceived passion is not one that people are in dire need of.
Before starting an online business, you need to do your research using tools like Google Keyword Planner, Google Trends, SEMRush market explorer tool, there’s a lot more that you’ll find if you search online .
- You don’t need to be on all social media platforms
No, you don’t! you just need to find the one that works best for you and for the business you want to launch. Sometimes you might start off by signing up for all, which is totally understandable, but as time goes on, you are expected to find or determine which one of the platforms would give your business the reach and patronage it deserves.
- You’d definitely get frustrated at some point – Its allowed!
Like I mentioned earlier, stop thinking the journey is a perfect one – it’s not!
You’ll face the frustrations, you’ll face the hurdles, you’ll get confused too at some point and it’s all allowed. What matters the most is how you are able to come out of it, so you have to keep the positivity up at all times.
- You have to spend money at some point
Most newbie entrepreneurs don’t want to spend a dime, and this is silly, I must say this here. In as much as a lot of information is being given out on the web for FREE, you don’t expect to live on that forever, do you?
You may start without spending a dime but you cannot scale an online business without money. To “SCALE” you need to spend – you have to spend money to make money and more money to make even much more sometimes. so get that straight!
- Stop depending only on organic reach – Organic reach is in decline
Today, its no news that most social platforms rely on a “pay-to-play model” for brands who are using these platforms. As much as there are other strategies to increase your organic reach, you need paid form of advertising too.
Even facebook runs its own adverts, I have seen this a couple of times and same applies to Instagram. If facebook and Instagram (a world class brand and even the main owner of the platforms where you are promoting your offers) thought it right to run their own adverts, then who are you to think you’ll survive a lifetime on only organic reach?
BONUS TIPS:
- It is possible to start with ZERO CAPITAL but you cannot grow with zero capital
- You cannot work alone forever – you need people at some point
- Its ok to give up sometimes – by this I mean, give up to review and retreat and come back bigger and better.
Since I have given you these tips, I would like to help you gain clarity around questions or doubts you might have when starting an online business this year.
How successful are online businesses?
Online businesses grow at a fast pace. While it’s uncommon for an online business to become a success immediately, it’s also uncommon for it to take more than a couple of years. This is especially true in highly competitive markets. You just need to take time to rethink your strategy.
How many online businesses fail in the first year?
According to Chris Ducker, more than 90% (Ninety percent) of all online businesses fail within the first 120 days. So your online business may fail too if you don’t have the right strategy in place.
What should you do when starting an online business?
– Do the research work first! Find out who us searching for what online and how you can offer solution in form of a business.
– Get skilled, Learn, and implement
– You need people, stop trying to do everything yourself
Can you start an online business without money?
As much as this is possible, you cannot scale an online business without money. Just like I mentioned above, you may start without money but to “SCALE” you need to spend – you have to spend money to make money and more money to make even much more sometimes.
What big mistakes do entrepreneurs make when trying to start an online business?
– You try to do everything at the same time
– You think every strategy should work for you
– You want to jump on every single trend
– You do so much but get much lesser results
– You ignore metrics that should inspire your online journey
Is starting an online business hard?
Yes, it is, but it gets better and easier as you master the principles. Nevertheless, an online business has its own hurdles – never forget that!
Having come this far, I am very sure you are eager to finally launch your online business – that is, if you are yet to start or you are eager to find more ways to grow your already running business online. If this is you, I will recommend you subscribe to get my updates on how you can grow from where you currently are to where you should be.
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Listen to my latest episode on “HOW TO START & SCALE YOUR BUSINESS”
https://anchor.fm/scalewithgiftie/episodes/Start–Scale-an-Online-Business-e1er0lv/a-a7fg9h7Dont forget to share this with an entrepreneur friend you know, this might just be the help he/she needs to thrive online.
