9 Essential Tips for A Successful Online Business

Despite the economic uncertainty of a global pandemic, COVID-19 has led to a surge in new business startups. Commute times have been cut and more time is being spent at home, making shelved online side hustles all the more approachable.

If you’ve ever dreamed of becoming financially free by starting an online business, now is a great time to do it. Start-up costs can be minimal - you just need to understand what makes an online venture credible, sustainable and viable. To build a thriving online business you should start by following these top tips…

9 tips for starting an online business

1. Recognise that an online business is still a business

Start-up costs may be low for online businesses but your business will still require all the usual processes that come with a more traditional business. Your online presence will require significant planning and market research, skill acquisition, hard work and maintenance so don’t be fooled into thinking that an online business is easy.

2. Be unique

Searching for a viable business market niche is just one piece of the puzzle. It’s not enough just to tap into a market trend - you need to meet an unmet need. Competition is the natural order of business and this is never more true than in eCommerce where it’s not just your local competitors you need to worry about.

Customers are overwhelmed with options, so knowing how to position yourself as a unique offering can give you a point of difference that will make you stand out.

3. Choose something you’re passionate about

Being passionate gives you a powerful edge that will keep you one step ahead of your competitors. Passion is what will support you to put in the hours, learn more and overcome the fear of failure. Choosing an online business you’re passionate about gives you the motivation to persevere when times are tough and it’s the number one trick for long-term success.

4. Start small

Setting goals is an essential part of your online business and if you don’t have a clear direction of how you will get to your end goal, then start small. Short-term goals that you can tick off will fuel your motivation and will keep you moving forward toward your long-term goals.

Small, actionable steps will prevent you from becoming overwhelmed and will help you to track your progress. Commit to the process, creating a structured plan for seeing every small goal through to completion.

5. Stay in your lane

Keeping your eye on the competition is a healthy part of managing an online business and can help to inspire you with new ideas. But be careful when comparing yourself to others. Remember your unique positioning and try not to get caught up in what you don’t have.

Brands with flashy websites and huge mailing lists have likely been in business a lot longer than you so remind yourself that it takes time to build a following.

6. Practice self-compassion

When mistakes are made or you have a bad sales quarter, it’s easy to feel that guilt is warranted. Giving yourself a hard time, however, can lead to an inaccurately gloomy assessment of your potential, which undermines your belief in your ability to succeed.

When things don’t go as you planned, treat yourself as you would a friend in a similar situation. Most likely you’d be kind, reassuring, understanding and encouraging. Directing this response internally is the act of practicing self-compassion.

7. Be realistic

Businesses take time to grow, whether they are online or in your local high street. You can’t expect fast results just because you have access to a global market.

Positive results come from elbow grease, so be realistic about how much to expect in your first year. As long as you’re making progress day-by-day and week-by-week, you’re on the right track. Celebrate the small wins!

8. Embrace digital marketing

If you want to compete in a crowded market you need to concentrate your budget on where you get the best bang for your buck. This may mean investing in a digital marketing strategy.

A DIY marketing approach might be tempting when you’re just starting out but with so many emerging trends and disruptive technologies, it can be hard to keep up. A digital marketing consultant will be able to define a strategic plan for enhancing visibility for all your online assets.

9. Build a community

One of the most powerful sources of growth is the community that advocates for your business’s credibility. Gathering a mass of users and nurturing your relationship with them can give you insightful feedback and valuable referrals. Nothing speaks louder than word of mouth.

Starting from scratch

Starting an online business from zero requires you to develop strategies that will determine the future of your business. Some of these strategies may get scrapped or need tweaking, but having them in place from the outset gives you a pathway to your overall vision.

Starting an online business is more than creating a website or posting products to a website. Since you’re starting from scratch you’ll need to grow your online business skills, including SEO, content creation, video editing, product description writing, negotiation...the list goes on.

You don’t have to be an expert in everything (or anything for that matter), but a basic understanding of the tools you have to grow your online business is something worth putting time into.