8 Things You Need To Know About Starting an Online Business

In another post, I mentioned how the Internet Super Highway can be just as treacherous as a real highway as it can be full of pot holes and accidents.   You have to be ready for the good and the bad while you endeavor to have an online business.  This is true even if you just surf for fun.  If you have a computer, you have to have anti-virus software.   The Internet gives us an amazing opportunity to create a cash machine that is automated that will make deposits into your bank account. 

Here are some things you need to know when starting an online business:

Not a Get Rich Quick Scheme

If you are expecting to hit it big over night, you’ll be disappointed.  Like any business, it takes time, patience, dedication and perseverance.  Yes, I thought I’d begin with this point first so as not to waste your time.  If this is what you want, you better re-think your strategies.  There is a lot of research and development that goes into this kind of business.  I’m not saying that you won’t ever get rich, that is up to you and your progress. 

Never Compare Yourself

Yes, this is important as you don’t know what others are actually doing and there’s nothing you can do about it.  This can hold you back if you don’t watch out.  The best thing you can do is to do research and grow with what you know.  Besides, if you start comparing yourself to others, you may end up drawing the wrong conclusions.

Do Your Research

As I already hinted, “do your research”. You can’t go about starting or developing your online business without doing research.  It all starts with what niche you want to work in to what platform to use to have your website all the way through and not limited to researching for articles to post on your blog if you have one.  You’ll never get away from the ‘R’ word, Research.  Knowledge is power and the more you know, the more you’ll progress.  Research can cover a wide range of areas including the following:  products, platforms, media, audience, plug-ins, niche etc.

Be Prompt With Your Responses

Whether it be social media, comments on your blog, or your email, make sure you are prompt in responding to them.  Fast and courteous responses are valued and command respect.  If you respond fast to an inquiry, you’ll likely get the business.  This is who you want to be.  Don’t wait until the next day to respond.  It’s a bad move if you delay your response. 

Get Yourself Online

You’ll need to setup a website for your online business.  First you need to get a hosting package, and then come up with a domain name.  Your domain name is like your store front where people walk into your business.  This is like having real-estate but on the Internet.  I highly recommend Webstarts.com for your hosting and domain needs.  At this point you need to decide what blogging platform to work on.  I highly recommend WordPress.  WordPress has a great support structure and offers a wide range of plug-ins for your use.  Oh, and if you are curious, this website Timabeck.com is a WordPress site.  You can subscribe to Free Lessons on our website

Now for what really matters – Email, Backups, and Monetizing

Start an Email List

This is crucial!  It will be hard to have an online business if you don’t engage people with an email list.  A huge loss in income without this important income generating source.  Get this going from day one.  Don’t make this mistake, have an opt in box to capture leads on a “coming soon page”.  Use autoresponders to send out information and offer a freebie to people in exchange for their email address.

Backup Backup Backup

You never know when a disaster will come upon your website.  This can be due to any number of things.  Anything from a bad plug-in (and yes there are bad ones out there) to your website being  hacked.  You name it, it will happen.  Yes, your host will backup your site.  But do you really want to assume you’ll be fine only relying on that?  I don’t.  I do a full monthly backup to a thumb drive of all files.  So you ask, why should I do that?  My host does all my backups.  Well, in answering, even they can have a disaster.  This is one area that is so vital, that you can’t have too many backups.  As you notice, that I have this in bold red as well.  Please don’t downplay this topic.  Your host should provide a way for you to dump your site to disk.  Also you can find backup plug-ins in the WordPress Plugin Repository.  Get this procedure in practice from the beginning.

Monetizing Your Site

Like Green?  Now it’s time to Monetize your site.  Talk about saving the best for last.  Obviously if you skip this step, you’ll have no business.  Just as bad if not worse than not having an email list. Here is a list of options to consider selling on your website:

Digital content – audios, ebooks, videos, and apps

Charging for membership for a VIP section of a website.

Online video courses.

Advertising space on your website or running ads

Physical products – books & t-shirts

Being an affiliate of a well known company selling proven products. Selling your own products can be more profitable but it is also more complicated and more work is involved in the research, development and implementation of these

About The Author

Tim

I'm a Blogger, into Wordpress, social media, Internet Marketing, Entrepreneur.