Running an online business is both exciting and challenging. You can be your own boss, but that does not mean that you will not be working like one. If you want to be successful, you need to start by building your business on solid foundations. Knowing this will make all the difference in the world whether your business succeeds or not. This blog looks at the five foundations you need to build to help your online business grow.
- Time
- Clear Plan or Direction
- Be Ready To Put Your Blinders On
- Attitude and Mindset
- Attitude Towards Your Business
Time
Most people who try to start an online business either have a full-time job or have a family to take care of. There is a lot of juggling going on. The truth is, there is much to do with so little time.
Time is both a liability and an asset. We all have 24 hours in a day. It is a liability because time seems to go so fast most of the time, especially when we are busy. There never seems to have enough time to do all the things that we need to do.
Time is also an asset because it is something in your life that you can take control of. You know that you have 24 hours in a day. How are you going to spend your time? Determine the things that you can and cannot control is a good start.
These things take time. When you are just starting and trying to learn about your business, the learning curve might be steep and might take a while. You will make mistakes in your business as you go along that you have to correct. You have commitments to your family and yourself as well. These are time-related things that are beyond your control.
However, there are also things that you can control, such as how much time you spend watching television, the time you spend surfing the internet or being on social media sites, the time you spend with your friends, and so forth. Spending too much time on activities like these can be counted as time-wasters.
Focus your attention on the time you spend on activities that you CAN control. Take time to determine your time wasters and learn to prioritize your time. Eliminate your time wasters and focus on activities that will help you grow your business.
Your mentality is the key to your success. Prioritize your time. As soon as you start to re-adjust your mindset and change your priorities, things begin to happen.
Clear Plan or Direction
There are so many avenues for an online business – blogging, affiliate marketing, eCommerce, and a whole lot more. Sometimes out of desperation, we are pulled into practically all directions when we are just starting with our online business, jumping from one program to another. We get stuck in the learning mode without actually doing anything. In a similar case, we newbies also tend to follow so many “gurus” in the field/s that we have chosen. Doing this is the reason why most of us tend to have information overload that paralyzes us.
Be clear on what it is that you want to do. Try picking something that comes easy and enjoyable for you to start. If you like writing, then maybe start with blogging. Stick with it for now. You have all the time in the world later on to expand your business.
Be Ready To Put Your Blinders On
Pick one program or one “guru” to follow. Forget everything you have learned in the past and follow the program you have chosen precisely. Do not try to put your spin on it. Diverting from the strategy and putting your spin on it is one of the reasons why many online marketers fail – when they try to pick strategies here and there when they are just starting. Stick to one method for now. Focus on this one strategy, and when you become successful, you expand your business by adding more strategies.
Attitude and Mindset
Think of value and service
Put your audience first at all times. How can you serve them? How can you help them solve a problem? You do this by providing value. Put in the work TODAY and do whatever it takes to deliver value to your audience. This is how you create a relationship with them. And when you do that, they will know, trust, and like you. People buy from people that they know, trust, and like.
Be honest
Remember your moral compass in doing your business. You should be able to stand by your recommendation even years after you have made it. Do not let profit get the way of your honesty in your business.
Think of your business in the long term
Remember that you are building a solid and successful business that will withstand the changes of time. This is not a get-rich-quick scheme. It will take time. Understand that it might take two to six months before you see some results – this is how long it takes for you to grow your subscribers organically and gain your online reach and influence.
If you adopt the attitude of long-term thinking, you will be freer. 95% of this business is the mindset and 10% work. You will not be afraid of failing because you trust that the strategy works, and at some point, you will have more confidence in yourself.
Attitude Towards Your Business
Work on your business consistently
Many online marketers fail because they only work on their business whenever they can. It is just like a hobby. You have to put effort into it. If you have a restaurant, do you think it will be successful if you are only open for business whenever you can?
Continue to learn about your business. Invest in yourself and believe in what you are doing. You will make mistakes but learn from those mistakes, and you will do much better the next time.
Be patient
Know that this thing takes time. Do not be too hard on yourself and avoid having vanity metrics for a goal, such as having 100 subscribers in a certain period.
Invest in your business
It is incredible how you can start a business for practically $100 a month! You will need essential tools to run your business. When you are starting, only invest in the tools that you need. As your business grows, so will your expenses because you might have to spend on better equipment or upgrade your plan or subscriptions for specific tools.
Having an online business is such a wonderful and freeing experience. Now that you know about the foundations of a successful online business, you will be able to build your own. We are fortunate to be able to do this.
Check this blog article for ideas on the different online businesses that you can start now.
What’s holding you back from starting your own business?
