Business Building Tips

Online Business Building Tips

When you are making a decision to start an online business there are numerous factors to consider.  This is not something that should be entered into lightly.  Any business (even if you treat it like a hobby) will have costs associated to it.  Those costs are both monetary and time commitments.  Planning your endeavor up front will save you from wasting your time and your money.

Remember the phrase “Ready, Aim, Fire” is better than “Fire, Ready, Aim”!  Jumping in feet first without having a plan in place is a good way to lose a leg, or some other body part.

Here are a few things to consider when starting an online business; these are all things that need to go into your business plan.
1)    Decide what product you want to market.  There are many types of products to choose from.  Some considerations are:

  1. Tangible Goods – This could be Televisions, computers, bath towels, nose hair trimmers, well you get the idea.  This would be an item that could be purchased through an online store and shipped to the customer.
  2. Services – There are many services that could be offered via a website such as; web design, typing, transcription, etc.
  3. Informational Products – These are also known as eBooks or electronic books.  These books can be delivered electronically with a simple automation technique using an autoresponder.
  4. Affiliate Products – This is where a website promotes someone else’s product and is paid a fee (or a commission) for finding the customer.  These types of products make it easy to get started in an online business because the producer has done much of the work upfront with the marketing, design and creation of the product.

2)    Create a written plan.  Once you have an idea of what will be sold on the website it is time to create a plan consisting of what you want the business to look like and how you will get there.  The first plan will be an overview of what the business will look like, just put together a few bullet points.  The next step for your plan is to put details to those bullet points.  Basically it is time to put some meat on the bones.

3)    Determine what the costs will be – Before getting too deep into this business venture, determine how much it will cost to get the business up and running.  It will also be important to know how much the recurring costs will be (such as hosting a website and domain registration).

4)    Hire a team – Although there are things that you will be capable of doing there will probably be a few things that will need to be farmed out to professionals.  These could be things like; web design, logo and graphic creation, content writing, etc.  Although it may seem like it will cost less up front, the time wasted or the errors that can be created are not usually worth the few dollars that will be spent.  Be sure to shop around and get referrals from past customers.

5)    Have a marketing plan in place – How will the online world know that you even exist?  There are many successful ways to market a product; there are also many unsuccessful ways to market a product.  Some of the methods are video marketing, email campaigns, article writing and list building.  There are many more but these are some of the more common ones that businesses tend to start off with.

6)    Pricing the product or service – This is an important step, not only does the product need a price but it also needs the right price.  How much is it worth?  How much will your customer pay for it?  How much did it cost to produce or purchase?  These are things that need to be considered.  Some businesses will choose to have a markup percentage on everything they sell.  So for example if a widget cost five dollars to purchase they will make the selling price ten dollars.  A markup of one hundred percent was added to the cost.

7)    Create Free (Viral) products – This is something that is given away freely, such as an eBook.  The eBook will be filled with links back to your money site and inside it will state that it can be freely distributed but it cannot be changed or sold.  This is where the viral part comes in, as people give it away others will start to find out about the business and this will drive more customers to the website.

8)    Set up a schedule – Determine how much time a day is available to work on the business.  This should be done for the startup and the maintenance of the business.  If the business requires ten hours a week to maintain and there are only fours a week available to do the work there is a problem.  This is where a decision has to be made to farm some of the work out or come up with a way to automate the work.

9)    Get the right tools – I can’t stress this point enough, there are tools that every business needs to function properly.  Just as a carpenter can build a house with a hammer and nail, in today’s world they wouldn’t be successful if they weren’t using a nail gun.  You can still build a house with a hammer and nail but the time factor is too high.  If it is impossible to get all of the tools now figure out what ones the business will start off with.  Then set up a timeline for the other tools needed.  Creating a budget for them would also be a good idea.

10) G. O. Y. D. – (Get Off Your Duff) I have seen business procrastinate themselves into pure stagnancy.  Although all of these points are important there is nothing more important than getting started.  Take the plan that you laid out and start working it.  Get it going; get the blood flowing, pump up those creative juices.  I don’t care what you call it, all I care about it that you just get it done.

The list above is not meant to be an all inclusive or an exhaustive list.  It is meant to be a starting point or a launching pad as you would.  You will come to find that there will be areas in your business plan that need to be tweaked.  There will be areas that you might not be able to afford to farm out.  There will be expenses that will come up that were not planned for.  These and many other things are what keep a business fresh and exciting.  They can also be the things that can cause the business owner to give up and quit before ever getting off the ground.

To help with these and other problems I have two solutions for you.  There are two ways that I can help you and your business get to where you want to take.  I am able to help you by using my expertise to teach you the things that you need to do in order to succeed.  As a Money Coach and a Financial Coach I specialize in helping businesses get off of the ground running.  I have an exhaustive black book of resources at my disposal.  The names in this book are (in my experience) some of the top in their fields. 

So there are two ways that I can help you in your endeavor:
1-    On the top of the page there is a link called “My Rolodex”.  Click on the link and you will find a list of some of the resources that I use.  Click on the links and follow the instructions on the main pages.  This list is a starting place but I do nt put my most valuable resources up there.  Those are the resources in my little black book.  So here is the second way I am able to help you on the path of success…

2-    I offer programs to help businesses get started off right.  There are pitfalls that many business make when getting started.  My job as your coach is to make sure you don’t step into those minefields.  As your coach I will also keep you accountable for your actions.  I will hold you to task to stay on your plan or if the plan is unrealistic then I will help you reshape the plan to a more realistic one.  The bottom line is to help get your business started right.  I will be there to answer your questions and take you by the hand and bring you to success in your business (online or brick and mortar).

I have run and helped grow many businesses, allow me to do the same with you.  Don’t go it alone.  The online business arena has become cut throat and one, JUST ONE mistake can be the downfall of your business.  Give yourself the best opportunity to be successful.  Allow me to be your coach, your Financial Coach in your business endeavor.

Send me an email so we can discuss your situation and the solutions I have for you.

Thank You
Robert J. Roy
Money Man