- Have you been thinking about creating an online business?
- It there something you want to share with the world? A passion, a skill, valuable knowledge…
- Have you been looking for alternative ways to generate revenue that allows you to work from home, or from anywhere there’s internet access?
There are 10 things you need to know about business before you get started if you want to be successful.
The Covid pandemic opened many of our eyes to the limitations of classic work practices and had us asking questions about alternatives.
While there is plenty of spin about how easy it is to create a “six figure income” online, and lots of “experts” offering to teach you how, the reality is that any business, online or brick and mortar, requires a foundation of knowledge and information to build on in order to have any chance of being successful.
If you’re considering an online business (or any type of business), we recommend you use the sections below to identify what pieces of your vision are missing. Filling in the gaps will help you create the solid foundation you’ll need.
Underlying any kind of success in business is to know who you are and what you’re committed to. Consider the following:
- Your strengths and weaknesses
- Your passions, talents, skills, aptitude, interests, motivations
- Things you love doing and things you hate doing (helps you to delegate)
- Things you’re good at and things you suck at
- Who you want to be and what you want to offer the world
- Gifts you want to share
- Difference you want to make
Know Your Vision
- What do you want to create
- What’s your perfect picture; of what you want to offer and how you want your life to look
- How much money do you want to make
- How much time do you want to spend working
- Where do you want to work
- What do you want to contribute
- What causes do you want to support
Know Your Audience
- Who do you want to serve
- Who is your ideal client or customer
Know the Problem
- What problem(s) are you trying to solve
- What pain do you want to alleviate
Know Your Solution
- What solution to this problem do you offer
- What makes your solution effective, exclusive or distinctive
- What will people gain from your solution
Know Your Delivery Method
- How will you deliver your solution
- How will you get your product or service to your audience
Know the Systems Needed
- What systems do you need to have in place to run your online business (such as)
- content creation
- communication strategy; website, social media, community building
- financial management
- product distribution
Know Your Timeline
- How long can you take to build it
- What are the phases of development/milestones
Know the Costs & Potential Revenue
- What are the costs (time & money) you anticipate to generate revenue
- What potential revenue streams do you envision
Know the Resources Needed
- What resources do you need (resources include people, things, money)
- What resources do you already have available
- How can you access the resources you need
To deepen your understanding of these 10 areas, and access a mapping process to help you visualize your knowledge, check out the Business Model Canvas. There are oodles of great (free) resources you can download and use.
Read about Finding Your Why
Learn about an Audience First Business Model.