Tips to success in online business
Have a Plan
. I am always amazed when I learn how many people buy a book or a training program and just dive right into it without thinking about what they are doing, setting goals and taking the time to work out a budget and a list of tasks they will need to do.
If you want to start your business
. This is the opposite of the first tip, Have a Plan. I cannot tell you how many people plan and plan and plan and never get started. They are perfectionists and simply will not dive in until the water is at a perfect temperature, and they are wearing a life vest and there is a lifeguard standing ready. At some point you just have to dive in. Yes take the time to write a basic plan, but every online business that I know about takes some experience. It really is a question of learning as you go. Starting an online business is the ultimate in on the job training.
Set up Your Business Correctly
. If you want to sell the occasional garage sale item on eBay you dont have to worry about this, but if you want a real business then you have to take the time to set it up and organize it correctly.Most communities do not require a business license for people operating businesses out of their homes, but some are starting to do this as they see it as a source of revenue. So first check with your local community to see if you need a license.
Next get a sales tax number. Whenever you sell an item that is shipped to someone in the same state you live in, then you need to collect and pay sales tax. To do this you need to register and get a number. Here is a link to an article that explains more about this and has links to the various state taxing agencies where you can apply for a number online. The other reason for getting a sales tax number is that a lot of wholesale sourcing companies will not deal with you unless you have one.
Invest in Your Success
. This is a common problem, especially if you re not used to taking risks. Ask yourself where you want your business to be in three, six or twelve months. How big do you want your business to be and invest accordingly? If you are just looking for a part time income then you dont want to invest in expensive services and tools. However, if this is the way you hope to make a living, then you have to take some risks and invest in your success.
Guard Your Time
. Time has a price tag and its easy to overspend. Years ago I used to run a large commissioned sales force. Our sales people had two tasks; Prospecting & setting appointments and making the sales presentation. I showed out sales people that assuming they closed half of their sales the time spent in front of a client was worth over $200 hour. So why not pay someone $10 an hour to prospect and set appointments for them. I even pointed out that our top three salespeople were doing that with great success. Yes almost none of them would invest the money to hire someone. That is like walking down the street and stepping over a $20 bill to pick up a $1 bill.
There are two types of tasks: high value tasks and low value tasks. Doing miniscule tasks that you could easily farm out or that you could subscribe to an automation service to perform is just silly. It wastes your time and therefore hurts your income. Spend your time on the high value tasks that make you money
Stay on Top of Your Business
. Nothing in the business world is static. Things change all the time and this is probably more true in the online business world where change can happen quickly. Once you get your business up and running and you are making money, it is easy to put your feet up and relax. That is a crucial mistake. You should always be on the lookout for new products, new services that can help your business and new methods of marketing. I was guilty of this when it took me two years to recognize the marketing value of Twitter and Facebook. That mistake cost me thousands of dollars.
Take your losses early
. Believe me I have been there. You purchase some inventory knowing you are going to make a killing and then it turns out it just wont sell. Or maybe you set up a new venture and no matter how hard you work or how much you spend you just cant get it to work. There is a time to be persistent and a time to quit. If you have inventory that is not selling, drop the price and get rid of it. You can use the money to invest into inventory that will sell. If you start a new venture give it a fair amount of time to become successful. As long as you see improvement and growth even if its slow, then you should keep going. But if you are not seeing a light at the end of the tunnel take your losses and move on.
Get help when you need it
. I never had any formal training in writing. When I started writing my eBay books it showed. I would get email from readers pointing out mistakes in my books. Finally I realized that I needed help.Fortunately my son had recently married a British lady who was a very good writer. I hired her to do edit and format my books. I still never got any formal training, but my writing improved just by looking at the corrections she would do in my books. Over time, she was making fewer and fewer corrections as my writing improved. Do I still make the occasional error of course I do and my readers still point them out . But now my books have a professional, yet personal look and feel that I strive for.
. Networking is nothing more than making friends and acquaintances with others who work in your field or related fields. I have even made friends with a few of my competitors. These are folks I can call on for advice. For example, my friend Jim Cockrum has become an expert on outsourcing. I was reluctant to try outsourcing because of all of the horror stories I had heard. Recently I was looking for some help with some web tasks and I reached out to him and he put me in touch with the perfect person. Had I not had that relationship there is no telling how many people I would have had to go through to find the right person.
Understand your expenses
. I see this all the time. People go into business and start spending money and they have no idea if they are profitable or not. Experts claim that most new businesses fail because they are undercapitalized that may be true for brick and mortar businesses. But I am willing to bet that most new businesses fail because they dont understand their expenses and have no idea hot to track their cash flow.
At first you can track your expenses on an Excel worksheet. Just put down the money coming in, in the left hand column and list your expenses in the right hand column. When the total of the left hand column is greater than the right, then you are making money. If after a while you are not making money, start looking at the expenses in the right hand column and figure out which ones you can eliminate or reduce.
. Don t make the checkout process a mission to go through. A lot of potential buyers drop out of the buying process if there are too many steps or if it gets too complicated. Instead, make it quick, simple and only ask for necessary details. Make them buy before they change their minds! And keep in mind that even if your audience want to buy it doesn t mean they want to sign up to be a member . By making member signup compulsory, you may be losing a lot of potential sales. Instead, have 2 options, guest check out and member sign up.
Track that data
. The beauty about having an online store is that you can track almost every activity that occurs on your site and how people are finding you. There are various free tools that allow you to have transparency with your audience or potential audience. Two of the most powerful tools and they are free are Google Analytics and Google Webmaster Tools.
. Being social online is paramount. Word of mouth is accelerated with platforms such as Facebook, Twitter and Pinterest. If you do not have a social presence you may be missing out on a very large volume of potential audience. These social platforms are a chance for you to connect to your customers on a personal level and customise your campaigns to suit their needs and wants.
Respond To Your Visitors Promptly
. When a visitor, a potential customer, emails you or fills out your contact form, it is imperative that you get back to them as soon as possible. People always take mental note of how long it takes an online business to get back to them. Even if you are on vacation, you should either have an employee answering the emails in your absence or take your laptop along and answer the emails while your out of town.
There is way too much competition out there now for you to let potential clients slip through the cracks because you werent diligent enough to follow through.
Engage Your Visitors
. If you can turn your visitors into active participants on your website, you will increase loyalty and sales. The simplest way to do this is to add a blog and open it up for comments from your visitors. Advertise your posts in your newsletter and ask for comments. For larger sites, you may want to add a discussion board where your visitors can create their own topics.
Do Not Over Sell To Your Visitors
. No one likes a pushy salesperson in a brick and mortar business. Online business are no different in this aspect. People hate to feel like they are being overly pressured to buy something. You can point out the advantages of your product or service but try not to over sell. Watch out for superlative spammy language too. It will usually backfire on you.
Do Not Over Optimize Your Website
. You have probably heard of the term, search engine optimization or SEO. This is where people design their webpages with the intent of ranking higher in the search engines, particularly Google. Many online businesses push this way too far. Their sites end up being demoted or even banned from the search results because the search engines view their efforts as spam. Over optimizing pages also makes them less likeable and readable by real human beings.
Not being different
. In most markets, customers have different options to choose from. If your business has competition, you have to give your potential customers a reason to choose your offering over another.
Going it alone
. The only reason my business exists today is because other entrepreneur friends wouldnt let me quit. Seriously, I tried to throw in the towel and start over with something else, but they wouldnt let me. They talked me out of it.
The Network Effect
. If you want to launch an online business, think twice. It may be worth to launch 5 online businesses at the same time and link them in a network. Maybe your flagship idea will consume most of your focus and resources, but having 2 3 satellite websites projects orbiting the main product will have a bigger impact. Not to mention the learning advantage: you will incorporate much more knowledge from a network, than from a single product.
Measure Measure Measure
. Always use all the available metrics to see where you are with your project. Dont be fooled by your imagination nor let those wishful thinking episodes get in your way. Measure your impact. Watch your money, trends, team, partners and see whats happening. Keep your eyes opened and be ready to cut if things are not looking as you would expect. Better sooner than later.
Manage The Break Up
. Sometimes, your projects wont work. Accept it. Even more, manage them carefully. Closing a project is a skill in itself, a skill that youll have to master. Each closed project may and it should give you resources for the next one. Just leaving debris floating around in the web universe will not make you popular, on the contrary. Not to mention the hidden costs of keeping those projects around.
Build A Community First
. Your product or process will be useless without a backing community. It might be the next best thing since sliced bread, but if you dont have a reasonable pack of people vouching for it by using it and promoting it every day, that product is as good as dead. Building a community first is one of the awkwardness of the online field, when you have to build a positive reaction around your product even before launching it for real.
. Dont assume you know everything. Allow yourself to be curious about stuff that looks interesting or intriguing. Creating good online products or processes is often the result of an unstoppable curiosity about why is this like this and not the other way around?. Curiosity may have killed the cat, but that really has nothing to do with your projects. Really.
Plan Plan Plan
. Carefully write down every step you need for your project. Create milestones. Respect them. Try to predict any potential danger and take it into account. Planning thoroughly your projects will be the best service you can make to yourself and to your team.
. You already have high goals, all you need is some discipline. The bigger your internal discipline, the higher your chances to respond well to market changes. Being disciplined wont make the field less hectic, youll still be walking on very thin ice, but youll be able to react faster to external change.
The Excitement Stage
. Each project has an excitement stage. Its the beginning, the novelty, the thrills of making something happening. It will not be like this for ever. Many entrepreneurs are abandoning projects after this initial stage, and thats a pity. Just use the fuel you get from this enthusiasm but still walk the path when the thrill is gone.
The Involvement Stage
. After the excitement come the real action. This is where you actually start to implement the processes in your business. Its a long and sometimes tedious interval. In my experience, the involvement is the most expensive part, in terms of time consumed, skills and money. This is where you build your business, stay there.
The Measuring Stage
. This is where you start drawing lines and do the math. This is most of the time the moment you know if the investment was good or bad. Its fundamental and you should not skip this under any circumstances. Be sure any project have a measuring stage, in which you can decide the resource allocation.
Social Media Works
. It might be overrated lately, I agree, but social media really works. As an observer of the online phenomenon in the last ten years I can tell you for sure that this IS a revolution. Much slower than its perceived or presented, but there is a real shift from consuming information to interacting in larger communities. Social media is a place where you really want to be if you want to do business on the internet.
Praise Your Success
. I really dont see any reason whatsoever you shouldnt be proud of what you did. If youre successful, let the world know. Being shy will not help you here. You may not be the next CEO of the largest start up like Charles Phillips of Infor, but you still deserve to brag a little bit. Youre acting on a field so crowded with information that even your own identity is difficult to persist, if you dont actively work at it. Just because your clients know your name that doesnt necessarily mean youre perceived as an expert in your niche.
Dont Focus On The Competition
. But dont ignore it either. This business field is so crowded that youre surely having a lot of competition. Focusing on it will most likely drain all your resources. Instead, focus on your resources, on your projects and on your clients. Pure ranking doesnt really work in the online, but identity does. Work to establish an identity rather than engaging in competition wars.
. In the online field, more than in any other I know, personal branding is compulsory. And by that I mean absolutely unavoidable. Your online presence will work while youre asleep, while youre on holiday, while youre working hard on a new secret feature. Maintaining a solid, persistent online presence is the key ingredient to a successful personal branding. Dont assume people knows everything about you, constantly reinforce what YOU want them to know about you.
Watch For Your Break Even
. But dont consider it a success in itself. Thats what a business have to do in the first place: pays the money invested in it. A common strategy mistake is to slow down after the break even, considering that the simple fact of reaching it will further endorse the business. On the contrary, its only after the break even that youll see how much your project really worths in terms of profit.
Network Network Network
. Go out and meet new people. Clearly state your expertise and and ask the same from your peers. Let them know why youre doing business and how. Join professional organizations and attend to informal meetings. There is no such thing as an upper limit to your connections in the online field.
Ask For Feed Back
. Dont expect your employees to know everything that has to be done, especially in the early days of a new business. Theres a lot of unknown floating around and they dont always know exactly what you expect from them. Make a habit from asking for feed back. Ask questions. Pay attention to the answers. Theyre the people who are building your business, make sure they know how to do it.
Investors and angels
. An investor will most likely buy your clients, contracts and market share. You will provide support for a limited time and then youll be out. In exchange, youll get money. It may take 1 to 3 years, and the youre out. An angel will most likely buy your brains and work power for several years. In exchange he will provide money and possibly know how. Those 2 categories may have very different denominations, but never mistake their role in your business. Different insertion points, different roles.
Services Are The New Ads
. If you want to monetize your project go for services, not ads. Ads are deprecated. While they will still bring some cash in for a long time, they performance versus cost metric is rapidly decreasing. Ads takes too much space, their content is out of your control and the generated revenue is lower and lower.
Be Prepared To Lose
. Some projects will work, some not. You will lose money at some point. Be prepared, its part of the game. If its not working, its not working. Dont get stuck in patterns like: I have to recover my loss, or lets find whos responsible about that, I want my money back. Youre responsible. And money is just a resource. Dont get stuck, because, as I already said it, the speed of the medium will simply let you behind if you dont move.
Look For Alternate Skills
. When building a partnership, look for something you dont really have. People often forget this simple rule and start searching for like minded people. They are good to mastermind, to brainstorm, but a partnership must cover a part of your business or process you dont handle directly. If you go for similar skills, youll basically create internal competition, not a partnership.
A new solution
. Recently I came across a vastly superior solution to this problem a way for people to build a successful online business that doesnt require them to become technology gurus.
What I recommend is a service called Site Build It! its an all in one solution for creating and building an online business. You pay an annual fee for the service, and they provide you with all the tools you need to build an income generating web site. They host the site for you, they help you register your domain name, and they provide integrated tools like point and click page generators, built in blogging, form builders, RSS feeds, and lots more. Many of these details will be handled for you, so you dont have to worry about them.
Design and build your website
. Once you ve got your market and product, and you ve nailed down your selling process, now you re ready for your small business web design. Remember to keep it simple. You have fewer than five seconds to grab someone s attention otherwise they re gone, never to be seen again.
Use search engines
. Pay per click advertising is the easiest way to get traffic to a brand new site. It has two advantages over waiting for the traffic to come to you organically. First, PPC ads show up on the search pages immediately, and second, PPC ads allow you to test different keywords, as well as headlines, prices and selling approaches. Not only do you get immediate traffic, but you can also use PPC ads to discover your best, highest converting keywords. Then you can distribute the keywords throughout your site in your copy and code, which will help your rankings in the organic search results.
Establish an expert reputation for yourself
. People use the internet to find information. Provide that information for free to other sites, and you ll see more traffic and better search engine rankings. The secret is to always include a link to your site with each tidbit of information.
Increase your income
. One of the most important internet marketing strategies is to develop every customer s lifetime value. At least 36 percent of people who have purchased from you once will buy from you again if you follow up with them. Closing that first sale is by far the most difficult part not to mention the most expensive.
Make your site different
. Many websites have taken search engine optimization efforts too far. They have heard that search engines look for quality text based information that is relevant to the search term entered and turned their website into batches of reading material. Frankly, if customers want to read, theyll go to the library.
Most people are attracted to a visual experience. Graphic presentations not only draw their attention, but it helps them remember you. Textual material is important and if you cant use text embedded in your graphics, dont go overboard with text. It may draw the search engines attention but search engines are never converted into customers, humans are.
Be recognizable to your customers
. When customers see or hear your name, it needs to be immediately recognizable. When you are first starting out in an online business, your marketing will also include some off line efforts. Your logo, internet address and/or your companys tag line needs to consistently be present. Whether you sponsor a local sports team or take out ads in the local paper, when your logo is seen by potential customers, they instantly think of you.
Learn quickly from your mistakes
. If you make a mistake be quick to admit it. Mea Culpa can quickly turn a customer around and by admitting the mistake and offering to make it good, can turn a bad customer experience around, making a friend instead of a former customer.
Quality vs Quantity Stay focused
. We have had greater success cultivating a smaller number of people and guiding them through a very intentional sales funnel, than when we cast a wide net to people who might not fully align with our target customer.
. We set aside 25% of our marketing budget to try new things. There are so many new tools, services and mediums to try. Unless you are strict about setting budget aside, you can keep doing the same thing over and over and miss opportunities to discover new things that could end up seriously paying off.Having just seen Life of Pi, it occurs to me that online marketing for small businesses is like being that young man in a tiny boat at sea. You have a set number of things you can use to survive and thrive a net, a spear, resilience and creativity. Use them all and get to safe shores. You may even find you can outrace the big cruise ships in reaching your customers.
Understand the buyers journey
. In the past we had many different lead offers using only discounts; everything from 20% off to buy one get one free. Take a minute to understand your potential customers decision chain, and whats most important to them. Once you do that, you can match the right offer. We now offer a free trial of our product to get leads to the top of the funnel. Then we try and educate them about the value of language learning, and throw in a tasty offer offer from time to time. With this multi staged approach, were beginning to see much higher conversion rates and lower CPA.
Turbo charge your customer service
. Make sure whoever is answering phones is prepared to upsell, offer special discounts and incentives and take orders on the phone. Getting the customer to call or click is only half the equation. Take a page out of Zappos book and make sure your customer service people understand your product, understand your customers, and are a pleasure to talk to.
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Amazing Rangoli Designs And Patterns 27
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