6 steps to become an online entrepreneur
How many of us had that thought - should I start my own thing? Okay, but where to begin? Is this idea good enough? Is it really gonna work?
We’ve invited Johannes Larsson, the founder and CEO of www.financer.com, an SEO geek and affiliate marketing expert to give you some tips on how to become an online entrepreneur. He’s been practising entrepreneurship and digital marketing for over a decade and runs a global remote team. Let’s hear him out!
How does one become an entrepreneur?
In today’s day and age, anybody can become an entrepreneur. You don’t need any qualifications and thanks to the internet, the barrier to entry is lower than ever. However, you do need to be patient, resilient and action-oriented.
The biggest challenge is turning your ideas into profitable businesses. It’s not easy, but I’m living proof that it can be done and if you keep reading I’ll share 6 steps for how you can, too.
1. Choose a niche to specialise in💡
Pat Flynn, creator of Smart Passive Income explains, “the riches are in the niches.”
A niche is a specialised segment of the market. It’s up to you how specialised you want your business to be. For example, wine lovers could become red wine lovers or even homemade red wine lovers, and so on. If you get this right you have the advantage of your customers knowing exactly what you do and why to come to you.
You’ll know you have found the right niche for you if it’s in a field you love working in. You have expertise and experience that means you can offer unique value to others, and there are plentiful money-making opportunities.
2. Solve problems like your business depends on it (because it does)🔨
Once you’ve chosen your niche, you need to work out how you’re going to solve a problem for people. That will be your USP (unique selling proposition). The bigger the problem you solve, the more value you provide and the more money you can make.
Solving a problem is the same thing as satisfying demand. You could be fixing something for someone, saving them time or money, providing them entertainment, connection or even inspiration. When choosing which problem to solve, ask yourself: what is missing? What can be improved? What pain points do I hear people discussing?
3. Launch fast, fail fast 📈
As an entrepreneur, you will never entirely avoid failure. So instead of fearing it, accept that it is a crucial part of the process and aim to fail as quickly as possible. Most importantly, learn from each failure so that you don’t make the same mistake next time around!
Always start by creating an MVP (minimum viable product). This means building the quickest, simplest version of your product or service to see if there is a demand before spending time and money perfecting it.
Then it’s time to conduct micro experiments. You can do all sorts of micro experiments to see whether it is worth developing your MVP further and avoid wasting your precious resources. That could include giving away your product for free in return for feedback, launching with a presale to see who is interested or creating social media adverts and monitoring the traction they receive.
Finally, develop great products and services. The better your product, the easier it will be to sell. Once you’re confident in the results of your experiments, you should be able to create a product that people will queue up to purchase from you.
4. Find your customers 🙋♂️
A great product is pointless without anybody to enjoy it, so it’s important to get out there and market it to your potential customers. Firstly, you need to find a marketing channel that gives you a ROI (return on investment). It’s impossible to know which marketing channel will give you the best ROI, so the only option here is to start experimenting again.
First, try out a handful of different marketing channels (such as social media, affiliate marketing and guest blogging). Then, choose the one which you’re most successful with and continue to optimize your strategy until you have reached profitability. Reinvest the profits into this channel and scale-up over time.
5. Grow a supportive network 💻
It’s especially important to prioritise growing your network at the beginning of your entrepreneurial journey, and it will have a serious impact on your ultimate success.
We’re all unique and comfortable in different situations, so finding the right networking methods for you is important. If you’re great at connecting face to face then you might enjoy industry meetups, seminars, conferences or even hosting your own events. If you prefer to stay home, digital masterminds, LinkedIn, Twitter and Facebook groups all work fine too.
However you find people to network with, the benefits of growing your circle are endless. You never know when or where you’ll find your next partner, investor, mentor or client.
6. Start today 🎉
It’s all too easy to let fear get in the way of actually going out there and becoming an entrepreneur. Above all, my top tip would be to start today.
Just like most of the top companies in the world, the business idea you start out with will probably be different from the one you end up with. One thing will lead to another, and you need to be agile enough to improve your initial idea over time.
Sure, you might look back one day and laugh at your original idea or offerings. That’s a good thing because it means you’re growing and improving, just like we all should be. Without being prepared to start with what you currently have you’ll never get to where you want to be.
Be fearless and start today!
Go to www.johanneslarsson.com for more entrepreneurial insights or connect with me at @mrjola on Instagram and Twitter.