Who says money doesn’t grow on trees?
While it would be great to find one of these bad boys in the wild, your online business can be your money tree. No one ever said that we couldn’t create our own. What if I told you that you could grow one simply by starting your own online business. It’s true! Millions of people have found ways to add additional income streams by creating a business on the world wide web. Here are some basic steps that can help you start growing your money tree today.
Part 1: Setting the foundation for your online business
This is where you begin the process of creating your website: You’d want to follow these 3 key steps.
Choose your domain wisely.
Your name should relate most to what you are offering on your website. If possible, keep your name short so that it can easily be searched by your customers.
Select the best web hosting for your website.
Be sure that you put the time and effort into selecting the perfect host to accommodate all your needs. Be sure that your host has the online support in the event that you may need immediate help with any problems.
Create a customer friendly website.
Starting your business requires that you follow a strict budget. If your budget does not permit a professional website builder, try drag and drop website services that will allow you to create your own site. I will caution you, however, it is important that your website looks professional as you may have competitors that do have the funds to hire an expert.
Part 2: Planting the seed for your online business
Sell quality products/Offer quality services.
Quality products/services are what will create brand loyalty to what you are offering. In the long run, you will find that it is much cheaper to satisfy loyal customers than it is to constantly attract new ones.
Reinvest a portion of profits.
After all your efforts of starting your business, it’s good to be rewarded in the form of profits. However, you should always reinvest funds to ensure that you are staying competitive in the market.
Part 3: Nourishing the seed of your online business
Here is where you’ll need to consistently feed and water your plant. You will do so by driving traffic to your business.
There are 3 types of website traffic that can come to your site:
- Organic traffic- This is when your website is picked up by search engines. Not only is it free but, it requires virtually no effort on your part to drive customers to your site.
- Referred traffic- This is when customers are referred to your website. This is typically done through advertisements.
- Direct traffic- This is when someone enters your URL into the address bar. This makes it easier for your customers to do so when your domain name can be easily searched.
Create a mailing list.
Once you have a list of loyal customers, you’d want to regularly provide them with information and offers that can help solve their needs. Be sure not to bombard them with too much information as this can be annoying to some people.
Before selling some of your products/services full-time, it may be helpful to sell (non-direct competitor) products. This can help you learn some of the ropes of marketing and prepare you for when it’s finally your time to shine!