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Aug 13

Millionaire Wealth Coaching| How to Build a Successful Online Business

Online Business Success Leads to Financial Freedom

Online Business Success Leads to Financial Freedom

If you are ready for a little millionaire wealth coaching, today I want to outline how to build a successful online business.

Knowing how to build a successful online business can lead you to financial freedom for yourself and your family.

First, let me give you my definition of what it means to build a successful online business.

“Successful online businesses stand the test of time by generating enough sales revenue to turn profits into financial freedom for the owner.”

There are millions of online businesses marketed on the internet. Some are blogs; some are focused on reviews of products. Some sites are eCommerce sites while others are sites that promote services. Many online businesses come and go.  My goal is to help my readers whether they are stay at home moms, retirees looking to supplement retirement income or any one who wants to fire their boss and build their own income by generating online business.

Step 1: Understand Online Business Models

A business model is a “profit model”.  A business model defines how you will make money with your business. You could have a great blog that offers excellent content to your readers but if you do not make money consistently, you do not have a business.

Businesses exist for two purposes–to serve people and to make money.

In terms of online business models, there are five basic online models that will bring success if you know how to design and monetize them.  With your online business site you could be:

-1- An Infopreneur offers informational content that is valuable to their audience.  Infopreneuers have both passion and deep knowledge about an area of expertise that serves a niche market.  Your area of expertise and passion could be about raising positive children in a negative world or how to turn your passion for nature and photography into a business.  Any subject that you are both knowledgeable and passionate about could qualify for a blog, a review site or an authority site that could be turned into an online business. Compensation to infopreneural sites comes through online advertisers, affiliate partners or promoting your own info-product.

-2- Selling Agents put up websites featuring local businesses.  They write reviews for local business owners and are then compensated with referral or finders fees.

-3- Sellers of Consumer E-goods build websites that feature products in a specific target market like electronics, kitchenware or beauty products, etc. Online stores are extremely popular for anyone who wants to make money from home with an online business. Businesses like Amazon, Volusion and Shopify offer website building support.

-4- Service Providers are those who offer a any kind of retail service and supplement their service by marketing related products online. For example, you could be a chiropractor.  You may have an office where you serve people  with sports  or occupational injuries.  By incorporating a website with your brick and mortar practice you could easily promote a number of health-related products while advertising your local business.

-5- Website Builder for Local Businesses are those who know how to build money-making websites equipped with local search features as well as internet search engine features. Website Builders for local businesses help brick and mortar businesses advertise and compete in their market place.

Step 2: Describe Your Vision for SuccessLooking for Opportunity

Without a clear vision, most people languish in uncertainty. Vision provides a path to follow toward a successful future. Once you develop clarity of vision, you will be able to set targeted goals for the specific outcomes you want in your life.

Every successful business venture begins with a crystal clear vision and compelling dream of the future. I said it once and I will say it again, “Vision is the most powerful catalyst for changing your financial state that you can possibly engage.”

Along with setting your vision, establishing clear, measurable goals help you determine the specific course of the necessary actions that result in success.

Step 3: Know Why You Want to Be In Business For Yourself

This goes along with your vision quest…and that is knowing what is your BIG why?  What is your purpose not just for establishing a business although that is important but what is your Ultimate Life Purpose?

Steve Jobs lived his life on purpose. Jobs had a purpose to “create a ding in the universe” and by all accounts he did.  His purpose was so compelling that he co-founded Apple and changed the way creative people use personal computers. He then went on to lead the creation the Ipod, Iphone and Ipad that millions of people use to communicate their thoughts and ideas.

My big why for building a successful online business is this, more than anything else in life, I want to help people prosper–help them grow and develop into their best possible self. I don’t have a separate job.  My mission and purpose for building my online business comes from my deepest personal values. I believe that every living human being deserves the dignity of prosperity so they can experience the freedom that having choices with money can bring to their lives. This is why I write about online business, financial freedom and money.

Step 4: Put Together a Blueprint for Business Success

Think of building a successful online business like building a house. You need to have a blueprint before you begin.  Without a blueprint, you cannot know how to structure your website.

You do not need an exhaustive blueprint but you should at least have a handle on the following:

1. What is your online business concept? i.e. what do you believe in strongly enough to build a business around it?  What is your unique point of view?

2. Who is your target audience? Are they male, female, younger, older, working, retired, single, married, parents, students, etc.

3. What does your audience want? What is their pain? Are they looking for solutions to help them look better, feel better, have more money, better relationships, more fun, etc.

4. How will you help your audience? How will you deliver value to your target audience?

5. How will you fulfill an unmet need in the marketplace? What will you do better than anyone else?

6. What resources will you need for getting started? Will you need a shopping cart?  Will you use an auto responder?

7.  Who will be on your business development team? Will you hire a professional web designer?  Will you invite guest writers/bloggers?

8. What is your plan for marketing?  What are your marketing development strategies? How will you use Social Media?

9. How will you make money? What will you sell? Where will you locate products or services to promote? Will you develop your own products?

10. How much time will you allocate to running your online business?

11.  How will you define success for your online business?

By no means is this an exhaustive list for how to build a successful online business; but it does offer some substance to stimulate your thinking. By thinking through each of the above steps you are much more likely to succeed with your online business venture.

Thanks for reading this post.  I want to help you prosper.  Check out my Millionaire Wealth Coach Resources. As always, please feel free to leave your comments in the comment box below.

Got Questions?

Got Questions?

And, with your permission, let me help you by asking you to submit your questions.  I’ll answer your question in a future blog post or respond to you directly by email.

Here is my question to you…

What is your single biggest obstacle when it comes to building your own successful online business?

 

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1 comment

  1. Bernice

    Awesome post

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