5 Step Checklist New Entrepreneurs Follow to Start Making Money Online
Let’s assume that you’re new to the concept of entrepreneurship. You know that you have the potential to make money with your own business, but you just don’t know where to start. You read all of these success stories and wonder how these individuals managed to earn their fortunes so easily.
First of all, they didn’t earn anything “easily.” They followed a very specific process. This post is going to lay out that process in an easy-to-follow five-step-plan. Are you ready to get started?
Step 1: Research and Gather Feedback BEFORE Launch
One of the mistakes that most people make is they launch their new business while relying on affirmation from friends and family – or worse; they don’t bother researching it at all! Better to do your homework before you launch. Get feedback from your target market before asking them to pull out their wallets. You might even consider starting a crowdfunding campaign to see just how many people are interested in your product before you invest in it for the long-term. In fact, I highly recommend crowdfunding for anyone launching a new business.
Another great way to get feedback is through surveys. If you’re just starting out, then surveying potential customers is a great way to ensure that your product or service will solve their problem.
Step 2: Develop a Website
Entrepreneurship requires you to have a website to be successful. Furthermore, you must refer potential customers to your website. It will serve as your brand’s digital footprint.
Here are three mini-steps that you need to take to develop a website with a limited budget:
2A: Use a content management system like WordPress. That way, you’re not constantly fighting to keep your website updated manually.
2B: Register your own domain and hosting account. Don’t use free options because they are horrible. Go ahead and invest in a domain and hosting.
2C: (If applicable) customize your website with e-commerce plugins that allow users to make purchases directly from your website.
Step 3: Define a Target Market
If you have not defined your target market, then it’s time to get this essential step out of the way. However, you don’t want to stop at just your market. Go ahead and define your competition too!
Put yourself in the shoes of individuals who might be interested in your product or services. Ask questions from their perspective. Are you able to solve their problem in a way that your competition does not?
Your target market is going to be the backbone of your entire business so make sure that everything is about them.
Step 4: Develop a Marketing Plan
To be successful in entrepreneurship, you’ll have to lay out an effective marketing plan. First of all, set a budget so that you know how much you can spend every month. Then create a plan based on that budget that focuses on your target market. Sure, others might use the product or service, but all of your marketing should be focused on your target market as defined in the previous step. Here are some effective ways to market:
- Social Media
- Blogging on your Website
- Guest Blogging on Other Websites
- Google AdWords
- YouTube Video Marketing
- Write a Book
- Email Marketing
Step 5: Know When to Seek Help
Finally, most entrepreneurs have a DIY mindset, and that’s okay in the beginning. But as you start to grow, it becomes necessary to seek help. The problem is that there is a point where you will need help but won’t be able to hire employees. That’s where outsourcing comes into play. Be sure that you start slowly delegating non-core tasks to other individuals to free up your time.