Best Online Business Model for Beginners
There are so many questions asked about how do you start an online business? Or which is the best model to use? And how do you make a job income online?
The answer to that is there is multiples option to which you can use to start your own online business or to make income job online but first you have to understand what online business is
What is Online Business?
Online Business or e-business is any kind of business or commercial transaction that includes sharing information across the internet.
Commerce constitutes the exchange of products and services between businesses, groups and individuals and can be seen as one of the essential activities of any business.
Now you understand what online business is?
What is the best model to use?
There are several models which have tested but the real deal is for you to decide which of this models works for you best
To start an online business there are three options
- Freelance or agency
- Affiliate marketing
Although these options have pros and cons its best for you to research more before you decide which of these options works best for you, I will further take you through these options.
How do you make a Job Income online?
Let me take you through these seven (7) steps to learn how to make a job income online.
Step 1: Quickest Way To Profits In Online Business
Let’s look at the 3 major quickest ways possible to make an income online
- Google AdSense
- Affiliate Marketing
E-commerce is the activity of buying or selling of products on online services or over the Internet.
Electronic commerce draws on technologies such as Mobile commerce, electronic funds transfer, supply chain management, Internet marketing, online transaction processing, Electronic Data Interchange (EDI), inventory management systems, and automated data collection systems.
There are three areas of e-commerce: online retailing, electric markets, and online auctions.
Google AdSense is a program run by Google that allows publishers in the Google Network of content sites to serve automatic text, image, video, or interactive media advertisements, that are targeted to site content and audience.
Advertisements are administered, sorted, and maintained by Google. They can generate revenue on either a per-click or per-impression basis.
Google uses its technology to serve advertisements based on website content, the user’s geographical location, and other factors.
Affiliate marketing is a type of performance-based marketing in which a business rewards one or more Affiliates for each visitor or customer brought by the affiliate’s own marketing efforts.
Affiliate marketing is you getting paid as a thank you fee or finder fee for finding the customer or the visitor.
In affiliate marketing, you also need to understand 5 basic steps of an affiliate marketing business. These steps are what can make your online business be successful.
- Pick a Niche: A niche is something a group of people all have in common. You need to first pick a niche depending on the choice of goods or product you wish to promote.
- Identify Your Product: To identify your product, make sure the product is in high demands and also a marketable one. This is because there are different factors affecting a products. These product must also be profitable, competitive and also, in good condition.
- Identify Your Ideal Customer: It is very essential to identify and know you customers. These customers are the ones who will buy your promoted products. So, you must have identified and understood these customers problem and promote the products best suitable to them.
- Get Traffic: Getting traffic in affiliate marketing is also an essential step. If you want to make money, you have to find a way to get traffic. The more the traffic you generate, the more the sales and the more money you get.
- Conversion: Since affiliate marketing is all about making money, you need to understand what conversions is about. This is the part where we make the real money. Conversion is about five things which you must know and understand. These are the five basic fact you must have basic knowledge about.
- Know your products.
- Know your customer.
- Biggest challenge.
- How your products solve these challenges.
- Map out the journey.
There are seven steps to build an online business. Let’s go through them.
Step 1: Where You Are?
You have to look at where you are currently because this will determine where you going now. If you know where you are, then you will understand your strength and weakness.
In the online business, you need to work more on your strength then later work on your weakness.
Step 2: Know Where You Want To Go
It is also critical you should know where you want to go or where you are going. This is a simple step, as we all have a set goals and mission in life.
Let’s say you are going to the next street or perhaps going to another state or city. You have to first decide what mode of transport you are willing to take, whether by bike, car, or flight. It all depends on where you are going and how quick you want to get there.
So, it’s very important you know where you are heading to.
Step 3: Identify the quickest way to get there
Just like you have set a destination for yourself by knowing where you are going now, the next thing you have put into consideration is to find the quickest route to take you there. The choice you make determines how quick you can make your money in every businesses.
You must find a quick route to where you are going.
Step 4: Product
It is anything that can be offered to a market to satisfy the desire or need of a customer. After knowing the destination and the medium you want to use which is online business, then product is next.
The product is the fuel, and you can decide if you want to sell your product or sell other people’s product.
Let’s say you want to make $1000 per month, you can sell a $10 product to 100 people or sell $100 product to 10 people. So, choose your product wisely.
Step 5: System
System can be called your map. It has to be drawn out. Let’s say you are going to a place for the first time, you would need a map so you don’t get lost. The map in this case, is the system which you follow.
You have to choose you map system wisely and follow the step by step process of how you want it go.
Step 6: Target Traffic
Like it is stated earlier, targeting traffic is one of the critical step in online business.
Traffic are the customers paying for the products provided by you. You need to identify who they are, what are their challenges and how your product can impact them.
Step 7: Scale, Leverage, Automate
The online business is a level playing platform for whatever position you may be. Let’s take a billionaire for example, it is the number of people impacted by you that determines how much you worth totally. In other to scale, leverage and automate, you need to understand that online business is a level playing platform for anyone who wants to start from wherever they are to reach the world.
The internet is full of several information about how to make money. You have to stay away or filter these kind of information because they can be contradictory to each other as this might set you away from your focus.
You need to control the kind of information that gets to you on daily basis.
Shiny object syndrome- stop
In other to make money, you have to stop buying and start selling. You have to be careful of shiny objects that calls your attention which makes you buy things you don’t really needs. In order to make real income, make sure it is the tools that will promote or help sustain and build up your online business.
$100 vs $100k investment
This is one of the issues affecting people in the business sector. They do not treat their businesses with much concentration and it has cause lot of businesses to fail.
When you start a business with $100 dollar, don’t treat it as a $100 dollar business rather you treat it with much value. Make it as if you invested $100K. Take the business seriously. Also, you need to invest in your time and training and devotion to make the business workout.
Get Rich Quick Mentality
The online business opportunity is one of the quickest ways to make money compared to any other businesses. The online business can be accessed by a lot of people fast. Again, there is nothing wrong in having a rich quick mentality, but learn the skills and take massive actions to really become rich quickly.
Activity vs. Results
Everyone has only 24hrs in a day and there are so many things you need to do as a person. You need to focus on a few things and the right things that can get you the maximum results. Pareto principle 80/20 rule, do the 20% of the work that can produce 80% of results.
When you are starting out, there are only two things you need to focus, you need to know exactly what steps to do on a daily basis to get to your goal and you need to be looking for that mentor who can teach you about those steps.
Give vs Get
Think of your job for example, you need to put in your more effort and hard work before getting paid but in online business, you only need little effort to get you more money.
In the online business, you have to first give generously whatever knowledge, information, tools or value to the market before thinking about getting paid.
Follow the Leader
Leader is a person or someone that leads in a certain fields in terms of excellence or success. You need to follow a leader in your online business. This leader could be your mentor. Leader’s mentality is different from the rest of the crowd because they think differently and in a positive way.
Note: It will be more of success to you, if you have just one mentor at a time. Many mentors mean different approach. So stick to one mentor.
Step 4: List Building
Before you start anything at all you must draw out a list of your potential customers.
List and Its Importance
Unlike a real life store where people just walk by, you don’t have to send anybody any email to see your products. But in online business, if anybody visits your site and you don’t get their information, you might never see them again.
That is why this list is very important if there is no list, there is no business.
List is the list of people who show interest in your offer and subscribe to your email list. No list, then no online business. List is the life blood of your online business.
Another important thing is the audience.
Before getting into the list of those that are actually interested in your project you must get a list of what kind of audience you want.
What is an audience? Audience is the actual people who has same interest, speak same language and have many other things in common.
Niche is to choose the product, but audience is to choose the people, their interest, their language, their challenges and their lifestyles.
WHY IS AUDIENCE SO IMPORTANT
If you cannot speak the language of your audience no matter how good your marketing skill is, you will never connect with them. Because if they cannot understand your language, they cannot trust and if they can’t trust you they cannot patronize you.
But if you can, then you can sustain long term mutually rewarding relationships with them.
To do this you need a set of what they call customer avatar.
In order to get to your audience and to know who your audience is, you need to be able to build your customer avatar.This is a set of behaviors and attitudes that represent your ideal customers.The simple ways to look at this are;
- What do they want? Let’s say you are promoting a fitness product, you ask find out what the audience want.
- Is it six packs abs or lean body? Thigh muscles building, lose weight and so on.
- Where do they hangout?
- Closing the gap.
- How do they count?
Audience comes in different stages majorly four
- Leads – one way
- prospects – two way
- Customers – buyers
- Loyal followers – fans
Now we look at how you build a list.
HOW TO BUILD A LIST
Landing page is another form of websites. There are three elements to a landing page
- Hook statement: These are attention grabbers, the bold statement you see when you open a website or a landing page.
- Lead magnet: Something you offer for free, in return for their contact information, it can be
- EBooks – pdf, shortlist, resources list
- Free download, Trial, product
- Quiz and survey
- Call to action: Strong call to action with bright colors and arrows pointing towards it. With action words like
- Yes if want access
- Get started now
- Get instant access
- Download now
Step 5: Building Relationship
There are so many ways to build a relationship with your audience and potential customers.
- Email marketing
- Social media
- Live events
MEDIUM DOESN’T MATTER
The medium you are using doesn’t really matter. There are 7 things that are very critical in relationship building with your audience.
When you are starting out as anew person and you don’t know what is in your industrial niche, the very first you have todo is…
- Common Interests: Find people all over social media who you share the same interest with based on your industrial niche.
- Join conversation: After you find the common interest, you can then join the conversation, by commenting and liking and sharing, on posts, videos and soon, those are the very first things to do when starting out and anybody can doit.
- Stop Automation: When you are just starting out avoid the use of automation, you need to manually engage in conversations.
- Engagement: Start engaging with this common interest groups.
One of the most important thing is youneed to be authentic, authority comes later. You need to be unique about yourself.
Also, start thinking about the famous failures you have encountered so far in your life and some of the lesson you have learnt from those failures and from other people in your niche.
Being authentic is important. There are a lot of people who don’t know the information you know, so be yourself.
Spamming is not real marketing, so stop now if you are engaging in it. You can’t keep posting in hundreds of groups and expect to make money. It doesn’t work that way. This is a skill. You have to learn it, then implement what you have learned before you are able to get there.
Share others Information
In every industry they are other influencers, other people who you look up to.
Be genuine about your comments, and if it is something you find meaningful, do share it.
Create your Content
After you have learned all this information from other people, you start creating your contents. You don’t have to know everything before you start creating just start where you are.
Whatever you are going through as your biggest challenge becomes your opportunity to be wise and to put some tips and tricks into it.
Some people might have in mind that selling is not their thing but selling is part of human lifestyle. Every one sells in one way or another.
Understand that business is for profits and to make profits, you need to sell stuff. Don’t be afraid to sell, because if you don’t sell then you don’t have a business.
Selling is like transference of feelings and you must have absolute believe in whatever you are selling and promoting.
Become an Authority
You can’t become an authority by specializing in a few things. Set a target for yourself. You can start with a thousand followers and have the right and loyal followers.
Step 6: Traffic and Conversion
First let’s start off with“Truth about Traffic”. The truth is there is NO FREE Traffic. You either spend money or you spend your time. Free traffic means you are spending too much time to get that traffic and that’s not free. Organic traffic is dying.
SEO is another TIME consuming activity that takes the time you can spend on creating ads and running paid ads to get predictable results.
Economics – The Missing Ingredient
When people talk about business, they talk about traffic + conversion = sales.
They miss the important ingredient which is Economics. You could be spending $500 on traffic and make some sales, but what if that sales made you only $250, then even though you had traffic + conversion = sales, It is not profitable.
That is why you need to understand the Value of Traffic – How do you determine the value of traffic? What is the maximum amount of money you can potentially make from your customer?
Volume of Traffic – The business is always a numbers game. When you bring in a certain number of people to your offer, there will be a percentage of people who are going to buy. You need to understand that number and decide on the volume of traffic you need to get in order to see results.
Quality of Traffic – This is very critical as people go for cheap traffic thinking about low lead cost. These are good but these are not all. What is most important is the cost per acquisition. In order to have a low CPA, you may be spending high lead cost. That is the point, you need to look for that quality traffic in order to get buyers not just leads.
Three Types of Traffic
- Traffic YouControl (you send it to squeeze)
- Google Ads
- Solo Ads
- Banner Ads
- Traffic YouDon’t Control (you send it to blog)
- Traffic YouOwn
- This is the traffic you own. When people are interested in what you offer, they opt-in and become your subscriber or followers that’s when they become your own traffic.
Advanced Traffic Methods
If you are brand new and starting this online business, then these are for latter. In case you are already good at videos, Instagram or Snapchat etc. then go ahead.
- Don’t try too many traffic sources at the same time
- Don’t buy bulk leads
- Don’t buy solo ads when you are just starting
Quality vs. Quantity
Think of quality instead of quantity in the beginning, it is still a numbers game but when you are starting you need to start learning by doing.
Start small and Scale high once you become comfortable and know what you are doing.
Best Traffic Source to Start
The best traffic source is still paid traffic. You can start with PPC either google or Facebook. Again my recommendation is Facebook. Start with $5 dollars a day.
Learn how to place an ad, how to write ad copy, how to create ad images that people will click etc.
Step 7: Next Steps
Four States of Human Living
The Negative Spiral – You’re not happy and you don’t have a vision for your future.
The CurrentReality Trap – This is the most painful one. You have a happy life now and after 10 or 15 years, you start wondering what happened.
Stress & Anxiety – This is the state of most people – even career driven people – that are struggling to build their businesses. They are NOT happy now, but they have a great vision for future.
Bending Reality – This is the ideal state where everything will start like luck is on your side and magic happens. You are happy now and you have a great vision for your future.
How can you be happy now?
The two factors for happiness is “Growth and Contribution”. In order to have growth you need to make progress. Life doesn’t stand still, you either grow or you die.
How to make progress?
The universal formula is goal setting.
How many of you set goals to make more money, lose weight, gain muscles, six pack, etc.? Since how many years you are writing it and how many of you honestly achieved those goals?
Those who achieved whether knowingly or unknowingly, were able to achieve their goals by what I am going to explain.
If you keep an eye just on the goal, then you are missing the point. For you to achieve your goals, you need to be happy now. You can only be happy when you see progress. This is the reason we get into the habit of busy work but no results. You are always busy but no satisfaction.
More Important than goal setting
So the point is you need progress, the right progress that takes you towards your goal.
The question is how do you get that progress consistently? The most important piece of the puzzle is, you need a process. Now you understand you need to have process to make progress and to achieve your goals.
In order to be successful you need to have the knowledge, tools and more importantly, the sequencing.
How to make consistent progress in your online business
If you want to make real money in your online business. You need to focus on these three things
High Ticket Offer – Offers that are useful and that are producing recurring monthly income
Mentor – Don’t try to learn on your own.
System – I can’t stress enough, System works, people fail. You need a system that can work for you even when you don’t feel like working and can also make money for you while you are sleeping.
We mostly look at things either worse than it is or better than it is. We need to learn to look at things as real as it is.
Who you are is part of where you are as a person. You need to look at your strengths instead of looking at your weaknesses. When you want to start a business, you need to look at what service you can provide to others. You need to look at all the strengths first and when you are running the business then, you can learn or delegate the areas you have as weakness.
In Online business, look at your interests and passion to decide on the niche you want to get in.
When you start your business, you need to put in work day in day out. So it better be some thing of your interest. This is very important because you must know where you want to go.
Remember, if you want to go to the next street – You can walk or take your bike.
If you want to go to the next city – you can go on your bike or car.
If you want to go to another state – you can take your car or you can take a flight.
If you want to go to another country that is halfway around the world – You must take a flight.
So it is critical that you know where you want to go. Best of luck as you begin this journey.