Online business has become increasingly popular over the last couple of years. More and more people are starting their own online business or at least looking to start their own online business. So, today we want to show you 5 things that you need to think about before starting your own online business.
If you don’t think about these 5 things and don’t plan them well, then you are likely going to waste a ton of time, or even fail. So, it’s best to get them right from the beginning so that you don’t waste a ton of time.
Let’s get started!
1. What Do You Want To Sell?
The first thing is pretty obvious, but it’s essential that you think about this in-depth. The reason being, you need to think about what you want to sell and find out whether it will be profitable enough.
For example, I once spoke to a friend who wanted to start affiliate marketing, they really wanted to sell their favorite E-book from Amazon, as they really liked it. However, the commissions were like 5-10% and on a $20 E-book, they will earn $1-2 per sale.
That means, you would have to sell 1,000 just to make $1000, so it was definitely not a profitable idea. What you want to do instead is, look at what exactly you are selling and how you can make the most money selling it, maybe with some upsells or something like that.
And, then you want to plan and see how much you would need to sell in order to make the amount you want to. From there, it will be much easier planning to get to that amount.
2. Which Software/ Platform Do You Want To Use?
There are many marketing platforms and pieces of software that you can use.
You can go for something like hosting your own server and then installing WordPress, or you could also use an all-in-one marketing platform such as Kartra. If you would like to try it, you can use the Kartra 30 day trial by clicking here.
3. Budget
The next thing you need to think about is the Budget.
How much do you want to spend on all the tools you need?
How much do you want to spend on advertising and marketing?
These are questions that you should think about. And, you should always have some money left additionally, in case something goes wrong.
4. Marketing Your Product
How are you going to market your product?
Is it social media?
Is it with paid ads?
Again, something that you need to plan well in order to see how you are going to attract customers to your business. A well-planned marketing strategy is the first thing you need when it comes to any business.
5. What is the long-term Goal?
If you don’t have a long-term goal, your business could disappear and get wiped out.
It’s not even a joke, businesses with no long-term goal often get lost along the line. So, it’s extremely IMPORTANT that you have a long-term goal. Short term goals are fine too, but you really want something for the long term, otherwise, you will find it really hard to keep going.
A long term goal, can stop you from getting lost.