Setting Up The Perfect Online Business
Setting Up The Perfect Online Business
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An anonymous aspiring entrepreneur wants to know how to set up an online business. You know, he’s been reading a lot of articles on the internet, hearing a lot of success stories, and now he wants in! He wants a big fat piece of this mysterious online-lifestyle cake.
But Unfortunately, he can’t simply skip some steps and go straight to relaxing at the beach while everything is done on autopilot. Before he can do that, he has to put a number of elements in place the hard way as we all know what business is all about.
First and foremost, he has to have ..
To having the right mindset is the most important thing no matter what we do. Whether it’s setting up an online business or learning to shoot pools.
Being honest, when someone wants to know how to set up an online business it can be a lot more difficult for them than mastering some traditional activities (like sports, as an example). That’s because not everyone knows what an online business is (in oppose to shooting pools), and what the exact steps that need to be taken are…
What is an Online business?
A business venture where the internet is the main vehicle of: attracting customers, marketing, advertising, processing payments, delivering products (usually), and managing other vital business components.
Now that this anonymous entrepreneur knows what the difference between online and traditional offline business is, he needs to realize one more thing since we’re talking mindset. And that is: What Mind-Shift You Need to Take When Starting Your First Business. It’s not strictly an online business thing, although it touches upon business in general.
“There’s a lot to think about” – says this entrepreneur – “I don’t know if this whole online business thing is for me after all.” Don’t worry, Mr! It will all become clear in a moment.
The Importance of a roadmap
First comes first – finding a niche
The anonymous entrepreneur suspects that he needs to focus his efforts on a specific market. He has some passions but he doesn’t know if he’s going to be able to monetize them, so he’s kind of stuck deep.
In fact, selecting a niche is the most important thing to do. Yes You can be a slash, there’s nothing wrong with that, but your online business should focus on one thing and one thing only, at least at the beginning stages of it’s birth. The ways of finding a perfect niche are many You can incorporate this magic search tool (JAXXY) for most of your dirty hard work of finding a niche.
2nd stop – finding out if there’s an audience and some competition
Deciding upon a niche is not sufficient if you want to say that you’re all set to go You need some solid data about your future audience and competition. The best place to obtain it from is Google and- (JAXXY).
Lets assume you already have some niche ideas you can put them into Google Keyword Tool and find out if there’s anyone interested in it. Here’s how. Just visit the tool and input your desired niche (for example, the entrepreneur favorite thing in the whole wide world – “medieval daggers”). In return Google will give you some data on the number of global searches done every month concerning this topic.
At the time of writing this, “medieval daggers” receives 10000 monthly global searches, which is 400 a day. I would advise to aim for results between 55,000 and 11,000 a month, so our medieval daggers niche almost take off from the start.
Now it’s time to find out how big the competition is. In order to do that just go to Google and input “medieval daggers” as your search term (including the quotation marks). Then note the number of results. Right now there are 530,000 competing sites, which is a big number. I would advise to aim at numbers lower than 350,000. In the end, it seems it’s “back to the drawing board” to find a new niche with a fewer competition.
Domain and hosting
Ok, now, the smart entrepreneur selected a niche that fits perfectly within the advised amounts of searches and size of competition, unfortunately he doesn’t want to share this niche with me. Anyway, it’s time to get him some online structures.
There’s no online business without a domain and a hosting account. So pay attention so, please pay full attention because it’s a vital step if you want to learn how to set up an online business smartly.
First, you have to realize that there are 3 main types of domain names and there are 6 important factors when choosing a domain name. Once you have some ideas lined up you can proceed to a tool like Domain Typer to find out what’s available.
Registering an actual domain is not difficult at all. Just go to GoDaddy for both hosting and domain, its affordable and reliable. Now how to put it all together (connecting your domain to your hosting and everything)… well, it’s too boring for me to write about, so show me some dedication and Google it on your own.
4th stop – setting up a website
The smart entrepreneur hasn’t been sitting under a rock for the past decade, so he knows that everything you need these days is a WordPress site.
WordPress is a great platform. You can use it to launch your website in minutes, and you don’t have to be a programming specialist or anything.
In this website you’ll find all the training necessary to launch a free wordpress website.
In advance- Here’s a little WordPress glossary to help you understand all those strange WordPress terms. And here’s a set of must-have WordPress plugins. to fully make your website completely functional.
A note: using a standard WordPress theme is lame. So you want to get something more interesting and may be more professional to accommodate your niche type. If you don’t have much money to spend on a professional designer (which is totally fine) you can get a cheaper theme from a place like ThemeFuse (you can even get some free themes there too). The themes are beautifully designed and very well designed.
Signing up for an email delivery service
For now, This might not make much sense to you, but trust me. Email is the most effective way of promotion and marketing on the internet. To be able to use it fully you need to sign up for an email delivery service.
This service takes care of delivering emails to your customers or prospects. What I’m using, and what I advise you to use as well is Awebber, one of the leaders on the market, a perfect starting point.
In my opinion, their website is one of the most user friendly websites on the internet. The number of exceptional training videos they provide is just incredible. Just go there, sign up for an account and see for yourself.
Once you have your website set up you need that quality content. Why do I call it quality content? It seems like every day I stumble upon a post that tells me to produce quality content all the time. However, no one can explain what this quality content is all about.
And me too? I don’t have a clue!. The truth is that there’s no one-size-fits-all kind of a solution. It all depends on your niche, type of customers you’re attracting, your personal style of writing and so on. All of this means only one thing – quality content is not something that happens overnight, it’s something that evolves over the months or years of your blog’s date of birth.
Keep on producing what you consider being valuable and monitor the impact it has on your audience. Measure the response and you will be on the right path to improving your content and it’s quality.
And of course, every website needs good content. Especially when you’re in a niche market trying to kick-start your online venture
Traffic and promotion marketing
If you build it they won’t come.
This is one of the most important things if you want to learn how to set up an online business. If you want to attract some real traffic to your website then there are two main roads: the free road, and the paid one. The free road requires more time to see any results, while the paid path requires money to see any results sooner.
Google AdWords is probably the best place to begin your advertising career. But heads-up! it’s not that easy to use as Google says it is. You need to learn the basics first if you don’t want to lose your underwear.
Networking and being a part of a community
To sit in a closed room and speaking to no one probably won’t get you very far in terms of business. You need to go out there and be a part of a community somehow.
Where is the easiest place to start? Try to: Join a forum within your niche. Browse some threads, ask questions, answer questions, participate in discussions… simply engage whenever you can.
But wait, there’s more! Comment on blogs within your niche. Engage in twitter conversations. Or Join a LinkedIn group, Join a Flickr group. Or a Facebook group. Make some friends on StumbleUpon and YouTube. Just get out there let the business radar spot you. Networking can be fun. But you need to know exactly what you’re doing.
No doubt, You’ve all been waiting for this, haven’t you? It’s what we’re here for. There’s a number of ways to monetize a website. The most common ones are:
- Charging for membership to a service or a VIP section of a website.
- Selling in-depth online courses.
- Running ads on the website (selling them individually or being a part of a larger ad network like BuySellAds or AdSense).
- Offering consulting or freelancing services.
- Offering speaking engagements on conferences.
- Selling physical products (like books, t-shirts, posters, etc.)
- Being an affiliate and selling other people’s products for a commission.
- Selling ebooks or other digital content (like audios, videos, apps, etc.).
The most profitable approach is to sell your own product. Unfortunately, it’s much more complicated than being an affiliate. Being a super affiliate is usually seen as the holy grail of generating passive income. When in fact it requires much work to achieve any kind of results. So don’t get excited. Every path requires a big amount of efforts.
Being honest, the desired passive income does not happen by itself unless you devote some serious time to working on it. “Working on passive income” … it barely makes sense, doesn’t it?) I’m confused myself.
Grow and improve
Riding an online business is a never-ending journey, and it starts right after you learn how to set up an online business and actually apply this knowledge. You need to be learning new things, improving your skills and growing your business at regular basis. If you’re not growing you’re dying, no grey line here.
In case you want to improve anything about your website, first you need to learn how to use Google Analytics. Installing it on your website is not difficult, and Google provides some simple how to guides on how to get it done.
And I would like if you remember that not every metric is important, and not everything is worth tracking. One of the first steps to improvement is learning what is a conversion and what it means to your business.
There is also no harm in doing some split testing. You can get started by creating some tests in a tool called Google Website Optimizer. This is not surprising but Google provides some great training videos here also.
Another thing that’s usually overlooked by many marketers is the importance of statistical significance of an A/B split test. Sounds fancy, but actually it’s not that difficult to grasp.
This concludes this article. As you can see, there’s a lot of work to do if you want to learn how to set up an online business and be an overnight success… You shouldn’t get discouraged, though. Just start by believing in yourself and you should be just about fine, bigger things always start small.
Hope this was of a great help, for further assistance please feel free to write me using the comment box below- visit the home page to learn more on how to master the online world.