Breaking free from the nine-to-five rat race and running your own business is the dream for many office cubicle dwellers. Etching in another mark on your office chair to signify one working day closer to the weekend is not an ideal approach to working life.
Thankfully, due to the spread of the internet, more people are starting their own online business – and it’s not millennials and Gen Zs that are making the most of it. Data suggests that people over 40 make the best entrepreneurs. If you want to try your hand at an online business and think you have what it takes, you will need some help along the way. Start by reading our fundamental tips to start an online business.
Make Sure You Find a USP
One of the most important, if not the most important, is making sure your online business has a unique selling point (USP). It is easy for anyone to register a business and it is just as easy for anyone to have a website these days. This means there are so many online businesses trying to get noticed. Clever marketing or a big cash injection can go a long way in achieving this but having a USP and something that makes you stand out organically is even better.
A USP is most often an innovative or new product or service. For example, the games company mFortune Bingo operates in a crowded gambling industry but they create their very own games that nobody else owns. Thus, offering gamers new and unique experiences they will not find anywhere else. However, it doesn’t always have to be a product. Your USP could be the way you deliver a product or service in a convenient or timely manner than nobody else offers. Think outside the box to tick people’s boxes!
It’s an Outsourcing Culture
Entrepreneurs have a lot of “go” in them and can-do attitude. However, the best entrepreneurs leave this attitude at home when they head to work. They realize that the modern age has contributed to a wealth of specialties. From SEO keyword researchers to website designers and copywriters, most online business now outsources skilled work to talented professionals and people who do these projects on a full-time basis. You may be able to do your own keyword research or write your own homepage – but can you do it as well as someone who lives and breathes this work? Commend yourself on your willingness to try but leave these projects to highly skilled professionals.
Grow Slowly
Growth can be exciting and a reason for celebration. However, one of the biggest pitfalls that new online businesses make is that they grow too quickly. Suddenly they cannot keep up with orders and pressure takes its toll. Work-life balance can be disrupted and quality of products or services slips. Growing slowly is what keeps online businesses alive and kicking. Recognizing when you need to slow down and reassess can be done with the help of partners, colleagues or even business coaches.
That was just three tips for new entrepreneurs starting their own online venture. From day one to happy retirement, running your business with these three tips in mind will help you succeed.
