Before you embark on your entrepreneur’s journey, you have to set the proper foundation for your business.
The hardest part of online business is facing discouragement and maintaining an adequate cash flow. Without a solid plan, a vision that inspires you, and dedicated time to take consistent action, it will be almost impossible for you to grow your business.
There are 5 areas for you to consider; when these are covered, you’re on your way to success in the shortest time possible.
Planning and Vision
What’s your vision for your online business? What purpose will it serve in your life? Alot of online business owners want their business to fuel their lifestyle and their dreams. Some people simply want an additional income stream. To be clear, though, its not about the money.
Most of us want an experience and a better life that’s different than what we live every day. Your vision will look different than mine, and that’s exactly how it should be.
Your vision will be the thing that pushes you to persevere, when you’ve blown your ad budget testing new theories; when you’re tired, you’re stressed from work, and after a long day you still have to work in your business. Your vision will be the glue that holds everything together.
Your vision should be a picture in your head as well as a plan you have on paper. How will you make your vision come to life? What goals do you need to reach? What do you need to learn to get there? Who do you need to ask for help? Map it all out for yourself before you start.
Get Your Mindset In Order
As your goals and aspirations grow, so should your mindset.
Mindset is a key component in any business. Making the leap from employee to entrepreneur is difficult enough for external reasons, such as time constraints and technical knowledge. Add to the limiting beliefs you may be harboring and that all equals an equation for self sabotage.
Start by listening to and reading inspiring books about goals and entrepreneurship. This post is a great place to start. From there, you can invest in a digital library that will keep you focused on your goals and fuel your growth into your new role as a business owner.
If you don’t see yourself as an entrepreneur and believe that you can reach your goals, you simply won’t allow yourself to get there. You’ll start to work against yourself or your mind will keep you in constant fear of failure and/or success. That’s no way to get work done.
Set A Realistic Marketing Budget
I know that you don’t want to lose money and you don’t want to get scammed on the internet. Quite frankly alot of people assume anything involving making money online is a scam. However it will take you an extremely long time to reach your goals if you don’t invest in marketing.
There are definitely ways to market your business for free online – such as Craigslist, Youtube, Instagram, and of course blogging. Thing is, you’ll be competing against everyone else doing both free and paid marketing. If you don’t have the money, you just don’t have it. But whatever you can devote to your marketing budget will help you increase your exposure and attract customers and clients to your business.
Don’t make the mistake of just throwing money at your marketing, however. If you don’t know what you’re doing, invest in learning how to market. Systems exist that will help you bridge the gap in your marketing knowledge while making money at the same time.
Control Your Time
Once you’ve created your vision, set your goals and mapped out a daily work plan, you can still waste time if you’re not in control. That means when you’re sitting at the computer to work in your business, you’re actually working – not texting your friends, scrolling your Facebook time line or refreshing your Gmail. Focus on one task is hard to maintain, since we’ve trained our minds to multitask at work.
Multitasking can be an online entrepreneur’s enemy. You’re already short of time; splitting your attention between several things can mean that it takes you longer to complete them all. You can afford to burn time at work because those hours are being funded by someone else. In an online business you’re not necessarily paid per hour or per service rendered (that’s the beauty of passive income!). So taking twice as long to complete something costs you more than the hours wasted. It costs you potential passive income as well.
Be Comfortable With Sacrifice
Your competing interests will make building your business difficult. Every minute you spend marketing, working with customers, networking, and producing content for your business is a minute you’re no longer devoting to your family, social groups, and friends.
At times it will be very hard for you to justify why you can’t go out – whether you need to stay in and work or stick to your budget so you can afford paid marketing. Most of the people you know won’t understand. Count yourself blessed if you have a supporting, understanding spouse; most of the entrepreneurs I’ve met didn’t.
Sometimes your family and friends just won’t understand your passion for your business. And that’s ok. As long as you accept where you are, what you have to sacrifice, and that its for a greater purpose – your sacrifices won’t be in vain.
All of your sacrifice will pay off. The long tiring nights, the money invested, the effort used to learn new skills – all of these are the building blocks to your dreams.