15 Dec

4 Tips for Starting a New Online Business

woman sitting at wooden counter with open computers

A lot of energy can go into starting a new business. It does take patience, hard work and determination. It’s good to start with thinking it through before you start throwing money at it.

Here are a few things to think about before starting your online business:

1. Get clear on your idea: What is it you want to offer people? Is it a product or service? How passionate are you about this idea? How do you visualize things playing out? Some say this is one of the most important and critical steps in the process of becoming an entrepreneur.  

Clarity of vision. How can you gain more clarity around this idea? Check this Tony Robbins video on The Magic Of Visualization (Law of Attraction)

2. Identify your client: Who are they? What product or service can they benefit from? Is there a need? Are you setting up your business around the needs of your client or your own desires? Which will work best in the market place?

Here’s one guide you can utilize: How to Identify Profitable Clients: A Step-by-Step Guide on TutsPlus.com.Talking to prospective clients is a great way to find out what they are looking for.

Surveymonkey.com is one great tool you can use to gather information about your prospective clients and their real needs.

3. Do adequate market research: Research shows that inadequate market research is one of the main reasons why 40-49% of all new online businesses fail within the first 4 years. Find out what is happening with customers and within the market place before you invest a lot of time, money and energy into a business idea. Find out who your competition is and take a look at what the competition is doing. How they are getting access to customers? Check out what customers are buying and develop a strategy is to get access to your ideal customer.

4. Support yourself in this process. Sometimes starting a business can be like running a marathon. Things don’t always go the way you plan. Funding or income changes, timelines change, life happens. Patience and resilience will go a long way. If you don’t have it, who will? If things aren’t going the way you thought, maybe updating your business plan or hiring an expert in one area might help you move a few steps forward. Allow time to foster creativity to strategize alternative solutions.And don’t give up!

Here’s an article from one of the experts on this topic, Dr. Wayne Dyer:
How to Create Life Balance Between Dreams and Habits.


Resources:

Articles and Blog Posts
The Reason Vision Boards Work and How to Make One by Elizabeth Rider on HuffingtonPost.com.

Best Ways to Identify Your Ideal Clients by J. Glenn Ebersole, Jr. on EvanCarmichael.com.

10 Steps to Start Your Business on SBA.gov.

The Top 5 Mistakes People When Starting a Business by Robert Tuchman on Entrepreneur.com.

08 Dec

Entrepreneurship for Life Coaches, Part 5

picture of table with hand on a computer and notebook in the foreground

This post is part 5 of a series I am offering to coaches that are new to entrepreneurship and are setting up an online business for the first time.

Next Step: Creating a business plan

It’s good to have what you are doing on paper, especially for a business. A business plan is basically a formal outline of all the aspects of your business. It covers the who, what, why, when and how. It’s a good written exercise that will not only help you structure your business but also provide an outline for banks or investors should you choose to seek a bank loan or funding.

“In its simplest form, a business plan is a guide—a roadmap for your business that outlines goals and details how you plan to achieve those goals”.

-Tim Berry, BPlans.com

For big businesses, a larger more comprehensive report is often required. But for small businesses, it’s considered more of an “action plan” outline.

It’s good to remember that not all aspects of a traditional business plan may be applicable to your business venture. If banks or investors need additional information, they’ll be sure to ask for it.

What do you put into a Business Plan?

“What’s included in a business plan, and how do you put one together? Simply stated, a business plan conveys your business goals, the strategies you’ll use to meet them, potential problems that may confront your business and ways to solve them, the organizational structure of your business (including titles and responsibilities), and finally, the amount of capital required to finance your venture and keep it going until it breaks even”.

-An Introduction to Business Plans, Entrepreneur.com

 

A Few Key Parts to a Business Plan

Summary:
An overview of the business idea you have in mind.

Cash flow:
“Complementing the balance sheet and income statement, the cash flow statement (CFS) – a mandatory part of a company’s financial reports since 1987 – records the amount of cash and cash equivalents entering and leaving a company”.

Find out more in this article about Cash Flow Statements by Reem Haekel on Investopedia.com.

Market Forecast:
“The main goal of market measurement and forecasting is to serve as an aid in the decisions that marketing management has to make”.

More info about The Importance of Market Measurement and Forecasting, on Article1000.com.

Sales Forecast:
This is basically about how much you plan to sell – how many products? How many sales? What portion of the market will your garner?

More info on how to estimate expected sales of a product prior to having launched it on Quora.com.

10 Things to Consider When Creating Your Business Plan

  1. How would you summarize your business?
  2. Who will you be offering your product/services to?
  3. What is your customer’s need?
  4. What solution you are offering for that need?
  5. What kind of market research did you do?
  6. How will you get access to your future clients?
  7. How will your business be initially funded? Is that sustainable? For how long?
  8. What are you marketing and sales strategies?
  9. How will you grow your business?
  10. Do you have an exit strategy for the future?

Tips When Creating a Business Plan

 Don’t get stuck – be flexible and open to changes as needed.

Keep reading, growing and adapting as your business develops.

Decide which tasks you can do yourself and what you can outsource.

Consider other ways to bring in revenue, like: freelance writing, blogging professionally, writing a book, creating webinars, starting a podcast, or offering workshops and trainings, or maybe moonlighting in another industry until your business generates income. 

Practice positive self-talk daily!

 Your affirmation checklist:

 I can create a workable business plan with ease!

 There is an abundance of money and resources in the Universe.

I’m taking one more step towards building my business.


RECOMMENDATION: If you find, after reading this, that you are stuck or just frustrated with your idea, or don’t’ know how to get started, you might want to think about hiring a Life Coach. I know, it’s yet another thing that costs money, but I’ll share something with you – surprisingly I have found it to be the one thing that has been invaluable in building the foundation and success of my business. My personal coaching is what has made my business successful. As a coach I have worked with many coaches to either them turn their idea into a viable business or help them launch their business. I can offer you a working relationship where you gain insight, accountability and a can develop your own strategies to build your business. Don’t be afraid to invest in yourself, even for a short time. You are your business!


 Resources

 Books:

How to Write a Great Business Plan (Harvard Review Classics), William A Sahlman

Gutsy Glorious Life Coach: How to Turn Your Life Coaching Practice into a Soulful Money-Making Business by Lin Eleoff, Esq. 

Blog Posts and Articles:

What is a Business Plan? on BPlans.com.

Business Plans: A Step-by-Step Guide on Entrepreneur.com. 

Build Your Business Plan on SBA.gov.

Tools of the Trade, AmyPorterfield.com. 

8 Common Business Plan Mistakes on BPlans.com.

What is a Cash Flow Statement? on Investopedia.com.

The Importance of Market Measurement and Forecasting on Article1000.com.

Balance Sheet Definition and Examples on TheBalance.com.

Videos:

Business Model Canvas Explained by Strategyzer on YouTube.com.

Additional Resources:

How to Get Your Business Funded on BPlans.com

Copyright 2019 Etain Services.