In today’s world, the ability to start a business can be made possible by simply having a WIFI connection. This is because anyone can create an online business if they are able to access the internet. But the simplicity of starting a business in today’s world does not mean that building and growing your online endeavour is an easy thing to do. In actuality, the openness of the online world means that you have to compete with global competitors who want the same customers as you. Therefore, your online presence has to be of the highest quality if you want to acquire customers for your online business.
So many individuals start an online business because they believe they will be able to make money fairly easily. And, when you have online entrepreneurs talking about how they are making 6 figures monthly with their business, it can be easy to be seduced by all the money you can possibly make yourself. In reality, being an online entrepreneur involves a lot of hard work, which includes very long hours, even on the weekends. If you cannot commit to giving your best effort on a daily basis, you will find it very difficult to gain traction with your online business.
If you want to become a successful online entrepreneur, you will need to know how to position your online business. In an effort to help you grow your online business, we have put together a list of five criteria that are essential for operating a successful online business.
1) Have a Great Website
Your website is literally your online store. If you want your target audience to purchase your products or inquire about your services, your website must convince them. This is done by having great content and ensuring that your website is user-friendly. Content is what educates visitors about what your business does and the value it offers. A well-designed website is easy to navigate, which allows your visitors to easily find the information they are searching for.
Great content is a must have these days. With so much content being produced every single day, it is vital that your content is relevant to your target audience. The reason this is important is that you do not want people visiting your website for the wrong reason. If visitors to your website are not there because they are a part of your target audience, you are attracting the wrong traffic, and you will never generate sales as a result. Therefore, be sure that your content is optimized with a good SEO plan and that it focuses on your audience’s pain points. This will help you attract the right traffic that can be nurtured and converted into customers.
2) Invest in Digital Marketing
If you want your online business to be found by your target customers, you must be willing to pay to be in front of their eyes. It may sound expensive but that is not necessarily the case. The foundation of all digital marketing campaigns is great content. You can create this content in-house or outsource it to an expert who can create engaging copy for you. Great copywriters do charge a premium for their services, but the return on your investment will definitely exceed their cost.
With great copies in place, you can start investing in social media advertising. The top five social media platforms for advertising are as follows: Facebook. Instagram, YouTube, Twitter, and Pinterest. Find one or two platforms to invest, so you understand how to get the most out of your ad spend. You do not want to spread yourself too thin early on because it will cause you to spend more money than you are making. Once you become an expert on the platforms you have chosen, move on to the other social media platforms to learn how they work. This allows you to get the most out of your ad spend, which means you have quality leads constantly filling your sales pipeline. When your sales pipeline remains full, you are able to generate more sales for your online business.
The other advantage provided by great content is that your digital marketing efforts do not always have to be backed by your ad spend. You can guest write on authority websites related to your industry, share thought leadership articles on LinkedIn, and share your knowledge on different forums. You can most certainly generate leads through each of these avenues if the information you share is valuable and relevant to the intended audience. Many individuals have found leads for their business by writing for publications such as Entrepreneur and Forbes and providing in-depth articles on LinkedIn. You can do the same if you make this free tactic a part of your digital marketing strategy.
3) Acquiring Customers
The reason you start any business is to make money. And the only way money can be made is when you have customers who are purchasing your product or service. The challenging part for all businesses is attracting customers to your company. This is why marketing and sales must be your primary focus as soon as you start your online business. You need to make money fast, as you do not have the time trying to perfect your business in the process. Everything else will work itself out once you have the money to focus on growing your business.
Your digital marketing strategy is about attracting leads. Hence, you need to build your sales funnel to nurture leads into customers. For an online business, the nurturing process is primarily done through email marketing. If an individual signs up to your email list, they are giving you permission to sell to them. But the selling process cannot always be done with a hard sales approach. You need to have a mixture of soft selling, along with the occasional hard sell. Provide your email list with valuable content, and they will eventually feel compelled to make a purchase. Keep them engaged, and they will become long-term buyers, instead of a one-time buyer. You want repeat customers for two reasons. Reason one is because an existing customer does not have to be acquired through marketing expenses. Reason two is because an existing customer usually buys the more expensive offers you have (if they are happy with their previous purchases). Therefore, work hard to keep the customers you acquire.
4) Growing Your Business
Once you have built a solid customer base, you need to create a plan for expansion. If your business is currently making six figures, it is time to generate seven figures in sales. You must remain focused on continued growth. If you remain content, your business may eventually fail due to mediocrity. The best online entrepreneurs are always creating new products and services because they want to keep their current customers engaged and attract new customers. Having a successful online business requires you to make great work habits a consistent effort. There is too much competition around you to take things easy.
Building and growing an online business will not be easy but it is definitely worth the effort. Having the ability to work from anywhere in the world, where a WIFI connection exists, and making great money while doing so is something that most people wish they could do. You can make this desire a reality if you implement the strategy we have provided for you to grow and build your online business.
Related Article: Grow Your Business With In-depth Corporate Advisory Services
5) Outsource Your Accounting
Running a business – especially a startup – is hard work. Your time will be spent on improving your products and services, managing your existing team and hiring new members, enhancing the user-experience by working on customer service, etc. And if you are not a subject matter expert in finance and accounting, chances are you working on the business’s accounts and self-researching on all the requirements and ever-changing regulations will take up a lot of time. Accuracy and compliance are other concerning factors. For example, should you file a document late or submit an erroneous report to a government body (e.g., ACRA), you could face several penalties. These are just unnecessary inconveniences that waste time and resources.
As such, outsourcing your accounting can be a hassle-free option. Partnering with a corporate service provider is a quick and efficient solution that ensures you always get your accounting right. Furthermore, with these operations taken care of, you can focus more on your business, employees, and customers. This gives you peace of mind and the ability to scale your company more efficiently.
Related Article: 8 Reasons Why You Should Outsource Your Accounting
Outsource Your Accounting and Focus More on Your Online Business
Let us manage your online business’s accounting so you can dedicate more time to other aspects of your company.