Tag Archives: tips for entrepreneurs

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.

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