How to Start an Online Business
Starting an online business can be challenging for a lot of people. Most people don’t even know where to start. The truth is, anyone can start an online business. You need to have a plan. First and foremost, you have to figure out a budget. How much can you spend a month on marketing your business? You can have the greatest product on the internet, but if you cannot market well, you’re not going to make a whole lot. If you want your business to grow, you have to set aside a budget for it.
That brings me to my next point, your product. Do you have a product? If you don’t, don’t worry. You can market other people’s products on the internet and receive a commission on each sale. Start small, see if you can find a high converting item that’s relatively cheap. Once you begin making your first few sales and getting the hang of it, go for larger commissions.
High ticket items or, “top tier products”, are some of the best ways to make significant income online. It can be harder, but the reward is far greater. For this reason, you should start with smaller items and scale up to the bigger ones.
You really need to set goals for yourself. Ideally, you want a conversion rate of at least 1.5% per 1000, or about 15 sales for every 1000. This is realistic. Once you achieve that and perfect your marketing strategy, it’s time to start lifting up your financial ceiling on your marketing budget. If you can, reinvest every dollar that you earn into marketing. Set 2% conversion as you goal. Once you have a solid stream of cash coming in, it’s time to start your business budget.
Your business budget will cover a lot of the simple things you do. Hire a few people from oDesk to do your daily tasks. This gives you time to do what you want, from golf to coming up with ideas for your business. Figure out your overall cost for marketing, your total cost to run your business and add at least 10% to business growth. The remainder of this, is yours. This can be broken down even further, but we’ll save that for another time.