6 Steps To Start Your Own Internet Business
The best time to start your own internet business was probably about 5 years ago. The next best time is now. Online transactions on Cyber Monday, 27 November 2017, reached a record $6.59 billion, according to Adobe Insights. That’s just in one day and is more than a 16% increase from 2016.
But online spending isn’t just about one day. The estimated total for online retail sales in 2017 is expected to be around $2,197 trillion (yes trillion) and 2018 is looking towards $2,489 trillion (source invespcro.com).
This trend means that more and more people are looking to buy products and services online. So if you want to claim your slice of these internet business opportunities, how can you start if you don’t have any products to sell and have never run a business before? Let’s take a look at the 6 keys steps to start your own internet business in 2018.
6 Steps To Start Your Own Internet Business
1. Decide What You Want To Sell And Who You Want To Sell It To
As with any business, online or offline, you can’t sell everything to everybody. Running a successful internet is a lot like being married. There are ups and downs. A lot of hard work is involved. Some days running your online business will seem like the greatest thing in the world. While at other times, well, not so much. Both your financial situation and the relationship you have with your prospects are strongly and irreversibly interconnected.
It’s critical that you’re clear on what you want to sell and who you want to sell it to. Work hard on getting to know what your audience expects from you and thinks about all the time, and you will have fewer financial problems.
2. Choose A Solid Business Model
There are many different successful online businesses. What works for some people may not work for others. For example, are you going to sell products or services? If you don’t have any products or services of your own, you can sell products and services that have been created by other businesses. This business model is called affiliate marketing. This is probably the easiest business to start up online. You promote services or products produced by somebody else and when a sale is made, you get paid a commission. All the customer service hassles, and product delivery, are managed by the company. All you have to do is find an audience, pitch the products, and if you successfully convince someone to make a purchase you get paid.
Of course, you can produce and sell your own products, such as digital information products like ebooks, online courses and membership websites. It’s beautifully simple business model. You create it once and it can be sold again and again. And, because it’s a digital product that your customer can download, they can receive instantly without any shipping costs incurred.
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3. Build Your Website
If you’re going to start your own internet business, you will need a website. And this is often the task that stops many potential online entrepreneurs in their tracks. But getting a website online isn’t as challenging as you may think. There are many website building platforms available that make the whole process very straightforward, or you can hire somebody to build the website for you.
Remember you are building a business, so there will be some costs to pay.If somebody tells you they know how to start an online business with no money, don’t believe them. At the very minimum, you’ll need to buy a domain name for your website and pay to ‘rent’ some space on the internet (called website hosting). This isn’t expensive but it’s not free either.
4. Get People To Visit Your Website
So now, you’ve got a well designed, easy to use website with lots of great products and services tailored towards a specific target market. But there’s a problem. How do they know it exists? There are countless numbers of website online, and you need prospective customers to visit your website. There are two main tactics you can use to generate website traffic to take. You can use free website traffic methods or paid website traffic methods. Both have have their advantages and disadvantages and it’s always best to use a combination of both.
5. Build A List Of Customers
It’s very unlikely that your website visitors will want to buy from you on their first visit to your website. Even if they do take the time to look around your website they won’t be getting their credit card out straight away. They’ll have a look around and then leave. But if you can get a visitor to leave their email address, you can remain in contact with them via email. Your emails can keep them informed about your business and encourage them to return to your website.
The most effective way to collect email addresses is to provide something of value for free in exchange for someone’s email address. This can be something as simple as a free report or ebook that is related to your industry. It has to be something that your website visitor will find useful and want to have.
6. Create A Sales Funnel
A sales funnel is a step-by-step process that gently moves people who have opted in to your email list from an interested prospect to a buying customer. On average, a prospect needs to see 5 to 7 messages from you before they are ready to buy. Email is the ideal way to deliver these messages and your sales funnel process can be automated with email marketing software. Your sales funnel emails are prepared in advance and are ready to be sent out whenever somebody joins your list.
For example, your first email is a ‘Thank You’ email that thanks them for joining your list and contains the link to download your free giveaway. After the ‘Thank You’ email, follow up with several engaging emails that continue to deliver a lot of free and valuable content relevant to your market. At the end of your initial 5 to 7 email sequence, you make a low-end offer that is almost a no-brainer. On the back end of that offer, you make a higher value one time offer (OTO) that complements the low-end purchase. What ever option they choose, to buy or not to buy, they are moved into a new sales funnel process.
Learn How To Start Your Own Internet Business
You don’t need to know everything about the online business world to be successful. You might feel worried that you’ll get caught up with technical issues that seem impossible to understand. Or that you’re too old, too young or too inexperienced and just not know where to start your own internet business. To help you get started, this free Online Business Webinar outlines the steps for profiting online and growing your income with a business you are passionate about using proven business models and techniques.