Having an online business can be a very exciting thing. It comes together with many benefits including the ability to settle anywhere you want, financial independence and the ability to make passive income.
These advantages are very attractive and that is why a lot of people are interested in starting their own online ventures. My life has changed radically and for the better. My online businesses have turned out to be some of the most important assets I have.
Having said that, let me quickly add that a lot of people who start online businesses fail miserably. These may end up believing it’s not possible to make online.
If you are interested in making money online there are some fundamentals of online success that you need to be aware of. If you do not understand these fundamentals then your business will not stand much of a chance.
So, what are the fundamentals of online success?
Before launching your online business, you should do in-depth research. This research involves getting to know your target audience and the challenges they face. You do not want to create a business with products that people are not interested in.
You should also research on the ‘niche’ or topic area you want to venture in. It will be a major bonus if you can choose a niche that you are passionate about and that people have an interest in.
If you choose a niche like collecting rocks, for example, your business will not go anywhere. For starters, not many people are interested in that niche and consequently, not many people are willing to spend money on that.
One way of doing your research to gauge the popularity of a niche is to join online forums. In these forums, you will get to know of the major questions that people have.
If you can get to spot a gap and see how you can fill in that gap then you have a potential business on your hands.
Define Your Unique Value Proposition
After choosing a topic you then need to look at what value you intend to bring to your audience. You should clearly outline what sets you apart from the competition.
Doing this will help you select your unique angle of entry. Differentiating yourself will be an immense advantage for you.
You can differentiate yourself in many ways. Let’s suppose you are in the online jobs niche. You can choose to focus exclusively on online freelance writing for stay-at-home mothers.
This will mean that you will be able different from others who write about the writing gigs in general. If you do your work well you will be able to build a loyal following from your audience.
Create Valuable Content
In any niche, you choose you will need to produce valuable content. There is a lot of competition for people’s attention online and without proper content, you will not be able to hold the attention of your users.
Valuable content will be thoroughly researched and will address the questions that your audience has. Depending on your niche, you may have to create content like how-to guides or something like that.
You should create content in its various forms depending on your audience’s preferences. This content must be produced regularly so that your audience will not forget about you.
Content is the backbone of a successful online business, without it, your business will not stand much of a chance. If you are not able to create content you should consider outsourcing.
A lot of people who have online businesses fail dismally at driving traffic. This leads to the death of their ventures.
Traffic refers to the people who visit your website. Just like a brick and mortar business needs walk-in customers to be able to generate sales and income, your website will need visitors as well.
You will need a comprehensive traffic generation campaign. This will include deciding whether to use free traffic only or pay for traffic. You will also need strategies to push your content on social media and to get organic traffic from Google (Search Engine Optimisation).
Some of the traffic generation methods will take an extended time before you start seeing the results. Thus, you will need the strategy and patience to see you through those times.
Keep tracking your Competition
You will need to continually track your competition. You will need to see what is working for them so that you can copy and improve on it in your business. For example, you will need to see what types of content are getting the most shares and responses on.
This will be a good indicator of the important information that people want in your niche. You should then set about creating such content but on a better scale. This will mean that your audience is more likely to engage with that content.
Choose the Monetisation Models you will use
The success and longevity of an online business will depend on how well you can monetise your website. There are many monetisation models out there and you’ll have to choose what best fits your circumstances. Some of the monetisation models are:
- Creating and selling your own products
- Affiliate marketing
- Selling ad space
- Google AdSense etc
Despite such a plethora of monetisation models, it may be tricky if you do not know how to go about it. For example, if you choose affiliate marketing then you will need to market products that are related to your niche.
For example, if you run a photography blog you may not get much success if you promote fishing products.
Choosing the best monetisation methods will go a long way in guaranteeing the survival of your online business.
Have an effective Website
Your website will be the home ground of your online business. It will carry your image and your visitor’s impression of you will be based on it.
You will need to design a website that is effective. Your website should be easily navigable and provide visitors with the information they need easily. If everything else is in place but your website is ineffective then all your efforts will be in vain.
Keep track of your statistics
What is measured gets improved and the same holds true for your online business. You should consistently check your Key Performance Indicators (KPI’s) like your traffic and conversion rates.
Tracking those important metrics will help you see areas that need reinforcement and those which need improvement. You can use tools like Google Analytics and Jetpack to track and analyse these statistics.
Tying it together
Creating a viable and sustainable online venture demands a deliberate and prolonged strategy. Building your business on these fundamentals will ensure that your online business has the highest chances of survival and success.
To help you succeed in your business you can learn from the Internet Pro Club. There you will learn everything you need to succeed in choosing your niche, doing affiliate marketing, driving traffic etc. You will also even learn how to create engaging and effective content.
You can learn more about the Internet Pro Club here.