Sep 12

Millionaire Wealth Coaching| How to Start a Small Business Online-Part1

Make money at home with your online business

Make money at home with your online business

Today’s Millionaire Wealth Coaching post is about how to start a small business online.  Before I take you through the steps of how to start a small business online, let me tell you why I love my online business work from home job.

Owning a small business is the top way to millionaire wealth. Nearly 74% of all self-made millionaires have accumulated their wealth through small business ownership. Read my article about how self-made millionaires accumulated their wealth here.

I love my online business work from home job because of these 6 reasons:

  • Compared to a brick and mortar business, an online work from home business has very low start-up cost
  • Online businesses take very little expense to run which if marketed expertly become very profitable
  • Not only can I set my own schedule and work out of my home, I can work anywhere in the world with a laptop and an internet connection
  • The possibilities for starting an online business are endless because of the global market of 3 Billion internet users
  • I get to choose my own projects to work on because I am my own boss
  • I experience enormous satisfaction because within my business niche I am providing a lot of value and helping a lot of people in their quest for financial freedom and financial success

Start By Evaluating Your Potential for Online Business Success

Before we get into the specifics of how to start a small business online, I encourage you to do a little introspection.  Operating a small business online is not a fit for every person.  Ask yourself these questions and be honest in your evaluation.

-1-Do you enjoying learning about business?

-2- What skills do you have that would adapt well to an online business?

-3- Are you a highly motivated self-starter?

-4- What is your motivation for wanting to operate your own small business online?

-5-Are you self-disciplined?

-6-Can you focus for long periods of time?

-7-Are you patient and persistent?

-8- Can you work by yourself without supervision to keep you on track?

“Yes” answers to all or most of the eight questions indicates that you have the basic qualities and skills to succeed in starting your own online business from home.

Step One: How to Start a Small Business Online—Plan for a Successful Start

So, let’s get down to the basic building blocks so you can build your own successful online business from home. Knowing how to start a small business online begins with a series of questions. Your thoughtful answers to these questions will be used to formulate a business plan. Think about each of the following questions and jot your answers down on a sheet of paper or on a Word doc of some kind.

-1- What is your business concept?  In other words, what value will you provide?  How will you help people? What need  will you fill in the marketplace?

-2- What are your three most important goals for your online business? Where do you want your business to take you five years from today?

-3- What business are you in?  What exactly is your product or service? In other words, what will you market and sell? How will you generate income?

-4- Who is your target customer? Who does your product or service serve best?  Who exactly wants your product or service? What are their needs?

-5- Why would your target customer buy your product/service? What solutions are they seeking?

-6- What is your distinct value or sales proposition? Why would your target customer buy from you instead of buying from a similar competitor? What is your competitive advantage?connect

-7- If you were searching for the product you offer, what would you want? What will make your product/service superior to others in your industry? What are the features and benefits of the product/service you offer?

-8- What if anything would keep a customer from buying from you? Think about credibility, quality, price, value, customer service, etc.

-9- What objections could a customer come up with for not buying your product/service?  How will you respond to their objections?

-10- How much capital will you need to start your online business? How will you meet your financial needs before your online business gains sales momentum?

-11- How much money does your online business need to generate each month before you can quit your day job?

-11- What will you name your business?

-12-How will you create your business brand? What will you do to promote your business?

-13- Where will you get your products /services? What costs are associated with your product/service? What is your profit margin?

-14- How many units must you sell each month to meet your personal income goals?

-15-Will your online business require any outside assistance or can you operate your business as a solo-preneuer?

In my next post, we will focus on Step Two-How to Start an Online Business—Building Your Website.

Thanks for reading this post!  Please feel free to share your comments and share this article with your network.

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  1. online business coaching

    Hi Rebecca,
    Thanks for sharing this awesome article

    1. Coach Rebecca

      You are most welcome. Please feel free to visit my new site, http://www.askcoachrebecca.com

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