If your desire is to find out how to start your own online business, you sure need to have a clear idea of what profitable online business you will like to start.
Thankfully, there are so many different online business models all of which you can do. The problem is that most people do not know how to go about them. So you must not do exactly the kind of online business which a particular person is doing.
If you really want to create a side hustle that can earn you some extra cash as a student or a full time employee to support you in this very difficult time we find ourselves, or you want to create a full time business, there is an online business you could do.
Who is this guide for?
We all have brilliant ideas that could solve important problems in the life of many people. The best way to earn a lot of money, is to turn these ideas into an online business
The problem though, is that most people don’t know how to set up there own online business
If you belong to this category, This article will give you you a full guide. it will provide you with everything you need to do to start your own online business. Grab a seat, get a cup of zobo, and read every detail.
There are a lot of articles you can find on the internet on how to start an online business. That I know, but must of them just focus on how to set up your website or just how to sell using one online channel. This is a complete guide that takes care of everything you need to know to create your own successful online business.
Regardless of your location, academic qualification or financial status, if you can fully apply this guide, you are on you way to earning a good fortune on the internet.
Without further waste of your time, let me share with you this step by step guide on how to start an online business.
What is an online business
Without understanding what an online business is, this guide will be of little value to you, so i will imediately do justice to that.
An online business have been defined in many ways. Generally speaking, an online business is a business which part of its process or the whole of it is done on the internet.
This entails using digital marketing channels like a website, social media, mobile phones, emails and many others to carry out a business transaction.
Being able to carry out a business transaction using these channels without the need for face-to-face interaction, is what an online business is all about.
An online business can be done from your home, on transit or from anywhere around the world it is commonly referred to as the lifestyle business or the business of convenience
There are few very important feature that set online business apart from other business which is what we will want to lok at next
Characteristic of an online business
Global reach: Having an online business means you can do business with potentially anyone in the world regardless of where they are, this gives an online business a unique potential to generate unlimited revenue.
Easy to start. The process of starting your own online business is much easy to start that any other type of business. You will start your business without having to figure out how to get a good location for your business, create your own products or services, hire office staff and all that. All you might just need is a smartphone or laptop, and internet connection and a digital marketing channel
Low Start-up cost: You can start without a product or service of your own. Just selling the products and services of others which requires much less start up cost, you also don’t need to rent an office space, you can do it at home.
Ease of operation: Nothing good comes easy, i know! But it is relatively easy to operate your online business than any other business, because you can choose when you work and there are tools that can automate most of the processes so you don’t have to do them manually every time
Lower Risk: it is worth mentioning that starting your own online business carries a much lower risk than other type of business, because you don’t have to put in so much money that you could loose if the business fails
Easy to scale: it is easier to grow your online business in many resect. Whether in terms of the cost and the process, the same website you are using to transact with few client at the start of your business, can be used to attend to millions of clients as the business grows with just need for a bigger hosting package and few other improvement which is no match for the cost of expanding your offline business
What are the online business models you can use
Sell your own product or services.
Your can start your own online business by using digital marketing channels to promote and sell your own products or services online. With this model you can become a freelancer, create an e-commerce store, create online course etc
Sell other people products or services
There many people out there with top quality products or services who are looking for buyers for these products and services, you can start an online business that uses digital marketing channels to connect people who wants to by these products to these sellers so that you will earn a commission each time they purchase the product
Monetize your content
Are you good at writing greate articles, or you can produce highly engaging videos or podcasts that a very valuable, this model allow you to attract huge traffic to your content and collect huge advertisement revenue from companies will to advertise to your audience.
Launch a platform or online tool: you can create an app or build a web tool such as a game app, social media app, accounting app etc which attracts regular traffic and earn money from advertisement revenue.
Now that we have looked at the different business models you can use to start your own online busness, let’s look at what you will need to succeed
Requirements to succeed in your online business
Starting an online business is so easy that anyone can start it beacuse it doesn’t require any educational qualification or a business certificate.
But an online business is a business and every business has some requirements in order to be successful in the business.
In the online business game, here are some of the most importan requirement you will need in order to succeed
Have a clear purpose and vision for the business:
Like my mentor Simon Sinek will always say, “start with the Why”. You must be clear on why you want to start the business in the first place. Is it to provide for your family, to become rich and famous or to provide a better solution to a particular problem.
It will benefit you more to know clearly what your reasons and purpose for the business is and to keep reminding yourself of it as you keep growing the business.
Have a plan
You must of how you intend to go about your business, are you going to be working on it part time at the start or full time? What task are you good at and which will you have to hire someone to do for you? which niche will you start with?
All these are things you need to know how you will take care of in running the business
Believe in yourself.
You are the one to run this business. Without gain saying that without a strong believe that you can do it, your business will never really move.
Even if you are a first time business owner, you have to be confident on the fact that with practice and learning you will get it right
Be willing to learn and collaborate
To succeed in your online business, you have to be willing to learn and collaborate with others. especially those who are already ahead of you in the business, though starting an online business can be easy, the steps and strategies to achieve success can seem somewhat complicated to you need some guidance, especially at the beginning.
Be patient and focused:
just like in other business, success will not come over night, though with the right tools and strategies, it is possible to begin to see success withing 3-6 months, you have to be patient and focused.
Don’t be distracted by the fact that you are not just earning immediately. Your online business will serve you for a life time once it takes off. You need to be patient in building it.
Now we have taken care of all the preliminaries of starting your own online business. let’s dive deep into the step-by-step process.
step-by-step process of starting your own online business in Nigeria
1. Choose the right online business
just as i mentioned above, there are so many business model you can use to start your own online business. There are even many more types of business you can start with each of the model.
You really have to make sure you choose the online business that is right for you.
Some of the most important factors you have to consider when choosing which online busiess is right for you include:
Your unique kills and talents
Which channel you are more conversant with
Your current financial status
Your target audience etc
2. Have your plan
A business plan is a must have for business success. A well detailed, conventional business plan is best for you. you don’t have to wait until you can develop a full detailed business plan.
What You need is a lean business plan that details how often you will promote, which channel you will focus on, which strategies you intend to use in reaching your audience, what amount of money you intend to making etc
3. Register your business
Just like every business, you neewd to register your online business so that you don’t get into legal issues.
Registering your online business is very important. It shouldn’t hinder you from starting your online business first. Once you have the fund for it, endeavour to do it immediately. You can use this guide to help you through the process of registering your business.
4. Set-up your business website
Having a professional, high-converting website is the major sign that you are a serious online business owner. So as quick as possible, you need to create a niche website for your online business. that you can start generating unlimited traffic that will bring you massive income.
You can build your own website yourself, using some simple tools online. Or, you can have us build a professional high converting website for you.
Since you seriously need a professional website, here is a guide that will help you create your own website yourself. Though, this will definitely take some time for you to set up your own website.
5. Create your brand identity
When we talk about brand identity, most people think it just got to dowith logos, flyers and other business collaterals. It goes beyond that.
Brand identity has to do with crafting your business message in a compelling way that makes your target audience to identify you as their preferred source for that particular product or service and are able to attch a high level of quality satisfaction and unique experience with your company
So to become a successful online business owner, you have to add some special creative nuance to provide top quality experience for your audience.
6. Promote your business
Even if you have the best product or the best service and no one knows about the product or service, you will make no money from it. You have to get the word out there for people to know what you do.
Some of the strategies that are proven to work include participating in online forums in your niche, posting your business content on social media channels, writing very engaging blog posts that are search engine optimized, paid advertisement, freebie give away, and lots more.
All these strategies are proven to help you attract unlimited traffic to your website.
7. Engage your audience
As you begin to create awareness for your online business, those who your brand messaging are meant for will begin to gravitate towards your business.
This is the time to make or break your intial momentum. If you fail to engage them, you may loose them forever.
But how do you engage them you may ask. Some of them were attracted by your top quality blog post you shared on your social media. So make it a regular practice to regularly write and blog post on your social media page.
Some were attracted because of the freebies you shared. So, you must do well to engage them with series of emails that will properly educate them about your business.
You can also do live interactive seession on facebook or youtube to give the the opportunity to interact with you.
8. Build your authority
The world loves to deal with those they percieve as an authority in a given area of life. The world of online business is no difference.
You need to become an authority, but don’t fret already, it doesn’t require you to get a masters degree or a doctorate degree to do that. You just need to provide high value articles and other content that your audience will find valuable.
To help you create your own strategy for building your authority in your niche, i offer a free clarity session to help you with proven strategy that will work perfectly in your niche.
9. Monetize your brand
Now that you have huge traffic flowing towards your brand, you need to monetize your brand using the following strategy
You can use google adsense to monetize your blog or youtube channel. Selling other peoples’ product or services as an affiliate. You can get paid for doing sponsored posts, or through paid adverts on your blog.
selling your own products and services to your audience is another way.
10. Choose the right bank for your business
Any bank in Nigeria my be right for your offline business, not when it comes to online business. You need a Nigerian bank that is acceptable on must of the major online payment processing portal.
The debit card of your bank is what you need to perform transactions online so you have to get the visa card or master card of a bank that is accepted online. One of my recommendation is to get a first bank mastercard. You can enquire from your bank if you don’t have a first bank account.
So, there you have it. These are the very steps we have used to start online business for our clients. You too can use it to start your own online business and succeed. We hope you got real value for yourself from the post. You can get in touch with us if you need any help.