Imagine that for a second I am your dad. Sitting on a rocking armchair, while you’re on a small stool looking up to my grey beards.
You have just asked me how I started and launched a successful online business. As I open my mouth to speak, you listen as if your life depended on it.
You want to launch a profitable business. Sometimes it’s overwhelming. Other times you don’t know where to start.
For others, they don’t know the right model or strategy to follow. Therefore, having finally launched a side business online after so many trials and errors, I can help you break down the process.
Don’t get distracted by the sound of crickets…
Step 1: What knowledge or skill have you got?
What do you know that someone can gladly pay you to learn?
It could be in the blogging business, social media skills, marketing, coding. You could have knowledge in fitness, productivity, writing, web design, college admissions and even cooking and food preparation.
Your business is either helping people eliminate a pain point in their lives or helping them achieve a goal.
Let’s say you’re a skillful cook. People struggle to learn cooking varieties of soup or whatever – that is their pain point. You prepare an online course/ebook that teaches different recipes and they pay to learn.
A web designer can decide to help busy business owners who don’t want to call a professional web designer for every little edits they need on their websites. Thereby helping them save money and feel more in control of their business.
Therefore, if you sufficiently prove you can help them and charge money for your service or training… then your business has begun.
It’s the market that determines which of your business ideas is profitable. This means you have to validate your idea. The idea validator tool is part of the content you get when you join business blogging gameplan. Moree on that in shortly.
Step 2: You need the right business model
Time-based businesses and Asset-based businesses.
You’re already in a time-based business, where you need to be present and work to make money.
However, when you create an online course, ebook or training that helps people learn something or achieve a goal, you usually put in the effort at first and then focus on marketing it relentlessly.
This is a great business model.
Therefore, here are different asset-based formats for your business…
- Selling ebooks
- Online course
- A membership/subscription website
- Training videos
I love these business formats because you can make money from them repeatedly.
People are willing to pay for the transformation your business brings through any of the formats above. But crucially, you need to figure out who your audience is…
Step 3: You need an audience who wants to buy
This step can easily be the first step, because your idea is useless if nobody is willing to buy it.
You can actually start here and try to make money by solving a problem you notice in an audience. But if you have an idea, then it’s best you test for its profitability.
For example, imagine you’re trying to sell an ebook that teaches people how to iron their clothes – even better. Your girlfriend might buy it to encourage you, but i doubt anyone else would pay for that.
That’s an extreme example. But the point is, your business must be solving an important problem or helping a set of people reach important goals they’ve got in their lives or business.
Those set of people are your audience, and you need to start helping them. I believe business is primarily about helping people reach their goals or solve problems.
Classify your audience
The best way to discover your audience is to classify them based on ‘Reason Why I’m Doing This’ framework.
For instance, people want my help for several reasons:
- Reason #1: They want to start an online business on a blog but don’t know how to start
- Reason #2: They want to start accepting money on website but don’t have the skills to do so
- Reason #3: They have specialized skill or knowledge, but dunno how to launch an online training and make money from it
Therefore, with these reasons from different sets of people, I launched a premium online training that solves those problems; thereby helping them achieve those specific goals.
Now, my son (remember I’m still your dad), can you write out 3 different reasons why people should want your product when you eventually launch?
Each of the reason you write down is a specific type of person who will be interested in what you have to sell online. This will also help you create compelling sales pages that motivate them to buy from you.
So write that down.
If you are a skillful writer and want to make money from your knowledge, using the ‘Reason Why I’m Doing This’ framework, you could have the following kind of persons in your audience:
- Reason #1: Person wants to learn copywriting to create selling sales pages on website
- Reason #2: Freelance writer who wants to improve writing skill and get better jobs
- Reasons #3: Blogger who wants to write better blog posts and grow audience
You see that? With this, you have a clear picture of your perfect potential buyers for your product.
Step 4: Create your online training
Now, build the training that solves the problem you figured out in previous step.
And so, the business you launch should provide a pleasure that eliminates the pain you already discovered.
Those were the steps I took to launch my first digital training.
Over to you… I have tools, tips and a mini course that will help you launch a profitable blog that grows your business – Business Blogging Gameplan.
Click here to learn more, or join below.