Believe it or not, the internet has provided the opportunity for just about anybody to start their own online home business — and there’s no better time than now, especially during an economic shift.
In fact, it was Michael Loeb, founder and CEO of Loeb.nyc, who said,
“Moments like these are like forest fires. The blaze will cripple some businesses, but they will also provide the heat to release new seeds into the soil. Many amazing companies have been born from the ashes of economic downturns and market crashes.”
Moreover, it has been said in business circles that most businesses fail within the first 3 years — but that is mainly referring to brick-and-mortar type business. Did you know that more than 90% of all online home business ventures fail within the first 6 months? Yes, that’s months, not years.
You see, what I’ve have come to notice from my experience working with many small business owners and internet entrepreneurs is this: many of them have great ideas for online businesses, but for some reason, they think that it’s just about pushing a few buttons here and there and then sitting back waiting for the money to come rolling in.
With that said, if you think you have a great idea for an online home business and are ready to take the next step, there are some key rules that are important to know and follow before you launch — starting with positioning your business as a solution to emerging customer needs.
#1 Make Sure Your Domain Name Fits Your Niche and is Focused on Emerging Customer Needs, or Can Be Adapted to Fit The “New Normal”
I’m sure you’ve read in articles before about needing to get a domain name for your website, so I’m not going to add to that here. But more importantly, the key here is that you come up with a domain name that is niched-focused and is structured around emerging customer needs, or one that can fit the new normal.
You see, I’m of the belief that a good online business rises and falls on an even better domain name. You see, you have to understand that conditions won’t be improving anytime soon, which means that you have to think of a name that will not only serve well for the times that we are currently in, but one that will also be able to live on and prosper after things start to get back to the way they were.
In short, think about the current needs that your ideal customers or clients are going through right now and come up with a name that is structured around that. How can what you are offering through your website meet the current needs that people are going through today?
#2 Give Your Customers or Clients What They’re Missing Most These Days — Social Connection
What I’ve come to experience when running a business during an economic downturn is this: It’s not that people are broke or have no money to buy things, it’s just that they are less likely to buy things that don’t address real needs.
In other words, frivolous products will fail in this type of economic landscape. The products or services that work are the ones that are focused on solving one problem really well.
With that said, how can you know what that one problem is when we are all missing the most important element of business and relationships — social connection.
You see, if you want to turn your online business into something that is considered “essential,” it starts by creating and strengthening intimate connections with people.
But you have to understand that you won’t be able to do this without capitalizing on your online presence — the more active and engaged you are on social media, the better.
Now, more than ever, businesses are beginning to understand how important digital marketing really is. Using social media marketing to build relationships with your customers is essential, especially in times like these.
For instance, Tiktok and Snapchat are light-hearted ways to reach younger audiences. Instagram can help the visual elements of your product or service and start a lively debate. You can also consider throwing a Houseparty type of event for your business through a Facebook Live video or something similar.
Look, the bottom line is this: Intimacy and online social connection are the pillars of the new normal, and even when large gatherings are again permitted, capitalizing on your online presence now will guarantee you greater attention and attraction in the future.
3. Create Quality Content That People Are Actually Interested In Reading and/or Experiencing
First, you want to make sure that the content material on your website is high quality, as well as relevant to the products and services you offer. You don’t want to overwhelm your visitors with too much information, but you do want to make sure that all your important information and details to make a purchase are easy to find.
Secondly — as noted before — now, more than ever, businesses are beginning to see just how important digital marketing and having a solid online presence really is. Now, with that said, I’ve written quite significantly on this subject so I suggest checking out those top three articles.
4. Get Good At The Most Important Department of Your Online Home Business — More Important Than Operations, Product Development, Or Accounting
The first thing you need to understand about business is this: You are not in the business of doing what you do, you are in the business of marketing what it is you do.
You see, success in business is about how well you are able to market your business — especially with an online home business. In fact, it has been said,
“Great marketing can sell an average product, but poor marketing cannot sell a great product.”
Look, marketing is more than just advertising. It is identifying your target market, discovering their needs and wants, designing a plan that delivers a unique selling proposition, and creating and retaining a loyal customer base who not only buy from you on a regular basis, but are also thrilled to tell their friends about you.
Now, there is a concept — first presented by legendary direct-response copywriter, Dan Kennedy — referred to as The Marketing Triangle. It is a concept that we use at my company and works as the foundation upon which we build out all of the marketing materials for our clients.
Following this Marketing Triangle is essential to the success of your online home business and overall marketing efforts. If you could get this kind of marketing system in place in your business you can finally put an end to ineffective wasteful advertising once and for all.
Now, picture a three-legged stool: if any leg is too short it’ll be that much harder to balance your rear end on it; a leg missing entirely and it’s certainly not going to work at all. Moreover, understand this: no one leg is more important than the other.
The marketing triangle looks something like this:
- The right message
- The right media
- The right market
In other words, knowing your target market (or target audience) and using the right media means nothing if your messaging is off.
Moreover, having the right message and knowing your target audience means nothing if the media you are using is wrong.
And, lastly, using the right media and having the right messaging means nothing if you are not crystal clear on who your target market is.
This is why it is important to really narrow down on what your particular niche is (reference rule #1) — for it has been said, “There are riches in niches.” But in addition to all that, becoming crystal clear on who your ideal customer or client is also equally important — for it has been said, “If you try to reach everyone, you end up reaching no one.”
5. Start Building Your Most Important Asset in Business Today — Don’t Wait For Tomorrow
Now, this rule works hand-and-hand with the last one. You see, it has been said in marketing and copywriting circles that it takes about eight communications to your prospects before someone will actually buy something.
With that said, you have to understand that when you first launch your online business the chances a website visitor actually buys something from you within the first interaction is slim-to-none.
That is why it is important to start building a list by capturing their email address from the get-go. That way you can remain in contact with them and begin to build and nurture the relationship.
It has been said that the money is in the list — and it has also been said that your net-worth is highly dependent upon your network. With that said, it is important to understand that the most important asset of your online home business is the list you build. It is through this list that you will be able to communicate with your potential customers whenever you want.
Now, I’ve written quite significantly on the subject of email marketing, copywriting, and about how to sell things online, so I suggest checking out these top three articles.
“Everyone has a plan until they get punched in the face.” — Mike Tyson
In the midst of the economic downturn, many companies are offering support to the launch of new businesses — even new online businesses — by offering discounted rates. For example, Shopify is offering a free 90-day trial, and HubSpot has suspended the limit marker on sending out email marketing messages — and they have also significantly dropped the cost of paid ads.
For an internet entrepreneur, the cost of launching an online business is less expensive than usual and will probably stay that way for the next several months.
Look, a good recession is when truly defining companies take form. Just as cryptocurrency companies skyrocketed when trust in banks and traditional financial institutions reached an all-time low, businesses that propose alternative solutions to emerging customer needs during crises will always have a serious advantage over companies that do not.
“Many of life’s failures are made up of people who did not realize how close they were to success when they gave up.” — Thomas Edison
Give Your Online Home Business The BEST Start
Look, it’s bananas to me how some people, who would never consider starting a traditional offline business, think that they can start an online home business and make a fortune without any real effort or strategy.
You see, just like any offline business, to really achieve success you need a clear vision for your business, and a solid business model — not to mention ongoing training and support.
To discover the proven steps for starting your own online home business, I suggest carefully considering joining our mailing list. It has been specifically designed to help budding entrepreneurs (both online and offline) start a thriving business — even if you have no previous experience or any products to sell of your own.
William Ballard is one of the most sought-after business and leadership coaches in the world. As founder and CEO of William Ballard Enterprise, his core business development and leadership programs are designed to be a catalyst for entrepreneurs and leaders who want to enhance performance and make a meaningful difference in their business, their lives, and the world.