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It’s a well-known fact that the internet provides countless lucrative business opportunities. However, building a successful online business from scratch is anything but easy. You need to be prepared to invest time, money, energy, and effort into it.
There is no way to get rich overnight, or build a profitable business without lifting a finger. Even if there was, why would anyone share it publicly instead of using it themselves?
So, don’t fall for the get-rich-quick schemes. There simply is no easy way to do this. But, the good news is — there is a smart way to go about building an online business.
Now that we’ve got that out of the way, let’s talk about what is possible and how YOU can do it.
Set Your Goal
First things first, you need to set a clear goal for your business project.
It needs to be realistic, achievable, and measurable. Simply stating: “I want to make a million dollars” isn’t going to cut it.
That might be the end goal you’ll be working towards; something to motivate you and help you push through.
But, you need to be more down-to-earth when you’re just starting out. In other words, you need to create short-term goals and determine the actions that will help you reach them.
For instance, let’s say your goal is to make $10,000 a month. This can be broken down further into around $350 per day.
Now, you need to figure out what you’re going to sell and how many sales you’ll need to get to generate a daily profit of $350.
This doesn’t mean you’ll hit your goals if you sell 10 products for $35 each. You need to factor in the cost of advertising and acquiring customers.
This might be difficult to ascertain at first. But, once you start deploying advertising campaigns, you’ll know exactly how much acquiring a single customer costs you.
That said, you want to minimize the cost of product creation. This will give you a higher advertising budget, allowing you to find and attract more customers.
Then, you’ll need to price your product accordingly, factoring in the advertising cost.
Develop A Plan & Create Your Product
Once you have an idea regarding the product price point and the available advertising budget, it’s time to start thinking about what it is you want to sell.
Keep in mind that you want to minimize the product creation cost. With that being the case, information products are likely the best option.
Essentially, these are digital products which you can sell indefinitely. You only need to invest time and resources to create them once.
Essentially, these are digital products like video courses and eBooks. They have several advantages over physical products.
Namely, you only need to spend the time and resources to create them once. After that, you can sell them indefinitely.
And, of course, there is no hassle with inventory or shipping.
Now, the question is: “How do I determine what product I should create?”
To answer that, you need to develop a business plan.
So, let’s take a look at the crucial elements of a successful business plan.
Find Something You’re Good At
One of the first things you’ll need to figure out is what niche (target market) you want to build your business in.
Naturally, it needs to be something you have knowledge and expertise in.
You can’t enter the health & fitness niche, if you’ve been eating pizza and burgers all your life, and have no clue about healthy eating and exercising.
The information product you’re going to create needs to provide a ton of value.
And this is only possible if you know exactly what you’re talking about, and can provide genuinely helpful, relevant information on the subject.
So, sit down and brainstorm what areas you’re good at. You want to choose something you’re knowledgeable and passionate about.
One thing to keep in mind — you need to make sure the niche you choose is profitable as well.
If your expertise is very narrow, and not a lot of other people are interested in the same area, you’ll have trouble finding customers to sell the information product to.
Find A Group Of People Who Are Having A Specific Problem
This is key when building a business that revolves around selling information products.
The usefulness of information products comes from the fact that they help the customer improve their life in some way.
So, they have to either help them solve a specific problem or reach a certain goal.
Essentially, buying an information product is equivalent to investing in yourself.
The audience is looking to develop a skill or learn valuable information that would help them change their current situation for the better.
So, your job is to discover that problem which your knowledge and expertise can help solve.
The product you will be creating is, at its core, a solution to that problem.
So, you’ll need to research your target market, before you make the final decision. You need to be positive that your idea will be well-received by your target audience.
This can be done through surveys and interviews. Alternatively, you can approach people you know are your target audience, and ask them if they would buy a product that gives them a solution to a specific problem.
This is how you validate your idea. If it turns out there’s no need for your solution, you’ll have to go back to the drawing board.
Create The Solution
Once you recognize the wants and needs of your target market, you can start the product creation process.
There are two things you need to take into consideration here.
First — what is the best way to deliver your solution to the audience? Are they more interested in reading a book, or would they prefer watching a series of educational videos?
Second — your level of knowledge and expertise on the subject. For instance, if you know a lot about the topic, you might consider creating an in-depth video course.
You can explain everything in detail, step-by-step, and it’s much easier to consume than a 500-page book.
Keep in mind that both the perceived and actual value of your solution needs to be at least as high as the price point.
So, make sure to deliver quality content that provides actionable advice — so that your customers can actually apply what you teach and get results.
After you determine the format and create the content, it’s time to start promoting your solution and generating sales.
Write A Sales Letter
A sales letter is a web page designed to promote and sell your solution. There are a dozen different ways to create a compelling sales letter. That said, there are some general rules you’ll want to follow:
- Establish the problem — Frame the burning problem that your product is the solution for. Why is it such a big deal? Share stats or past experiences, and show them they’re not the only ones facing it.
- Aggravate the problem — Talk about why solving the problem is a huge priority. Explain the long-term consequences of leaving the problem unchecked.
- Share your story — You need to tell the reader who you are, and why they should trust you. Showcase your knowledge and expertise. Help them relate to you by sharing your personal story, and tell them how you managed to overcome the problem they are facing.
- Present your solution — Introduce your product and present it as the best possible solution to the problem. Explain exactly what they’re getting by investing in your solution.
- Create persuasive sales arguments — Talk about the main benefits of leveraging your solution. Paint a picture of what their life will be like after solving the problem for good by using your product.
- Talk about the investment — This is especially important for high-ticket products. Make them understand that they’re not paying for a product per se, but rather investing in a solution that will help them transform their lives.
- Guarantee — Create a guarantee that will eliminate or at least lower the risk factor for the customers. This helps remove the buyer’s doubt and greatly facilitates the purchase.
These are just the bare bones of a successful sales letter. However, it’s a good place to start, and having a solid work frame will prevent you from staring at a blank page for hours.
You can always expand on the points I listed here, and add other sections to your sales page, where you deem it’s appropriate.
Test Your Marketing Campaigns
To generate a decent amount of new customers, you’ll have to invest in advertising.
There are a number of different advertising channels to choose from. You can advertise on Facebook, Instagram, YouTube, run ads on Google Adwords, buy Solo Ads, etc.
Whichever approach you decide to take, it’s important to test out your marketing campaigns.
Testing the campaigns basically means investing a certain amount of money and seeing how many sales each of the campaigns generates.
Try out different ad copy and visuals, and several different ways of framing your offer. Compare them to see how each is performing.
It’s best to discontinue the ones that aren’t getting results, and scale the ones that prove fruitful.
Increasing your advertising budget for campaigns that are profitable will allow you to get your offers in front of more people, and boost your online income.
Nobody can tell you exactly what will work for your business and your audience. The only way to know for sure is by testing and improving your marketing.
So, don’t be afraid to experiment with different versions of ads. Once you know what’s working, you can improve your conversion rates and drastically increase your return on investment.
Create A Timeline
You won’t get anything done if you try to do everything all at once.
Instead, set a specific timeframe for each of the crucial activities. This will ensure that you’re fully focused on the task at hand and remain productive.
Here’s roughly how it should work:
Dedicate the first week to researching your audience and your target market. Again, you need to make sure that there is indeed a demand for the solution you plan on creating.
You want to validate your idea before going any further. It needs to be profitable if you’re hoping to build a long-term, sustainable business.
Without research, you’re basically going in blind. And you might spend a decent amount on product development and advertising, only to realize that nobody’s interested in what you have to offer.
That’s something you want to avoid at all costs. So, do the necessary research.
The data you gather from the research is invaluable. It will help you create a product your customers want, and frame the offer in a way that will appeal to them.
Once the research phase is complete, set a week aside for product creation.
Remember, the product needs to be high quality and deliver massive value. That’s the only way to reliably and consistently acquire new customers and keep the sales going.
That’s said, don’t worry about creating anything fancy. You can always improve upon it further down the line.
For now, focus on creating valuable content and delivering a step-by-step solution to the audience’s problem.
This will be your core product, so spend as much time and energy creating it as necessary. If it flops, the future of your entire business might not be bright.
Take an entire week to craft a compelling, persuasive sales letter. Trust me; you’ll need the entire week.
The sales letter is just as important as the product, if not even more so.
Because, even if you have the best product on the market, if your sales letter is bad — nobody’s going to buy it.
A great sales letter, on the other hand, can sell thousands of products, even if the product itself is mediocre.
Remember, you need to create persuasive sales arguments and tell the reader exactly what the benefits of leveraging your solution are.
Once everything else is set up, you can spend a week creating and testing out your ads. That’s the only way you’re going to figure out what works and what doesn’t for your business.
So, write up a few copies for a bunch of ads, and let them run for a few days. Then, compare your results and see which headlines, visuals, and offers give the best results.
Combine the best elements into one or two ads, and scale them by increasing your advertising budget.
Like I said, building a business from scratch won’t be easy.
You’ll have to invest time, money, and energy to learn and develop your skills… That’s the only way to build a business that will generate a sustainable income for years to come.
That said, although it might not be easy, hopefully the 5 steps I outlined in this article will simplify the process. They can serve as a framework that will help you get started and ensure you’re on the right path.
So, bookmark this article, print it out, or just write down the steps on paper. Also, don’t forget to share it with anyone who might find this information useful!
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About The Author
Your Millionaire Mentor
Shaqir Hussyin is the founder and CEO of WealthAcademy.com & Funnels.com. Nicknamed the “Backpack Millionaire”, he’s invested $350,000 into his own education and training. Whilst traveling to 100+ countries, Shaqir has built over 10+ million dollar brands and attracted over 500,000+ subscribers.
His signature program is now available: Max Income System; 14 Simple Steps To Making Your First Online Income
Shaqir is also a highly sought-after speaker and direct response “Sales Funnels” global leader. Shaqir’s work has impacted over 100,000 businesses in 65 different countries. Connect with Shaqir on Instagram, YouTube, LinkedIn & FB Group.