It's been said that now is the best time to start a business. The business landscape is evolving and advancing at an incredible rate, shifting how businesses launch and scale.
While there are a lot of challenges and obstacles, there are also a lot of opportunities for people to build their businesses, especially in the online e-commerce space.
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Many tools are available to help you get started on the right foot with building a website and developing your brand image. When developing an online business, you want to understand the trends that are continuing to make this market one of the hottest to start an online business in 2023.
Read on to learn more about my journey and the current business trends that can help you start your online business today.
Start With One-to-One Client Support
Starting a business doesn't have to be complex. You can take what you know and build your customer base by offering your services through one-to-one support. Whatever you know, what you're passionate about, and what you're skilled in, leverage those skills and transform them into opportunities to earn an income.
In the beginning, it's all about getting work done for clients, and sometimes it takes working on 1 - 2 projects for free in exchange for referrals and in order to gain experience.
When you have previous work and referrals to show off, it's much easier to go out and look for new paid clients since you now can refer back to previous work. In the early stages of your One-to-One business, it is crucial to overdeliver on every project to gain trust and a good reputation.
Strategy #1: High demand - Low Supply
There are strategies to go for in the early stages of pricing your work. Alex Hormozi often suggests that you keep your prices up and open slowly and only do a small amount of work in order to fill your calendar to the max.
This could be by offering 2 open spots per week in the beginning. Once those 2 are filled you mention to your leads that you are thinking about open 1 more spot in a few weeks and that way you can always keep the demand higher than the supply and thereby keep your prices up.
Strategy #2: Low Demand - High Supply
This is easier said than done, especially at the beginning of your business when you might focus on getting as many clients as possible onboard. The counterpart is the easier and more common way, which is to take on as many clients as possible and keep prices low to be able to gain clients.
If you go for strategy number 2, which is going in on a market with free or low prices to gain the maximum amount of clients, it can be easier and more long-term to raise your prices since your clients expect to get your services at the lowest price possible.
Leading expert
Once you passed the beginner stage of your business, you can focus on becoming the leading Expert in your field which will eventually offer you top dollars. Becoming the leading expert is about being the Go-To guy when looking for the absolute top services in your niche.
This way you avoid the race to the bottom, which means cheap businesses trying to compete with prices instead of value and thereby lower their prices against each other which eventually leads to low or no margins left.
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Review Your Leverage Points
Once you have a solid, stable client base that you've built over time and perfected your operations, review the market and the current demand. Look at your target market needs that can be managed digitally, and think about how you can add income streams to scale your business.
Adding Leverage
You can continue to offer one-to-one, group services, focus on your media, offer digital assets, or offer freebies through your sales funnel. Examples of services you can establish can be hosting a virtual event, starting a YouTube or Facebook Group, or writing an eBook to further establish your credibility in your field and increase your income.
This is where you might start running out of time and have to start looking for scaling by hiring people or by decreasing the one-to-one in order to add on more passive and strategic work like Facebook groups or eBooks that are easier to scale once they are set up.
Branding
Building your business online, you have to think about the big picture. How do you want to position yourself to become the go-to in your industry? Focus on becoming a big brand in a small niche and create assets that your target market will find the value that can support them in that industry.
Free value
The easy way to build your brand is by helping your community by providing free value in your niche that people will appreciate and a large portion of them will also become your customers - Either as One-to-One or by purchasing your Online Course or eBook to read more about the topics you've been providing value on.
Find a Problem to Solve
Evaluating your target market and customer base can help you better understand the problems they face in your niche. Review those problems and figure out how you can solve them with one of the many leverage points of beginning an online business.
You can create something that is free in exchange for emails to build your sales funnel and help you build a better relationship with your customer, which can lead to you closing more sales on your services or products.
You can leverage the tools available to build a comprehensive and custom page for your business. It can collect only the information you want and engage your customers when you decide, depending on the level of involvement you want to have with them.
Offer solutions
When deciding the type of online business you want to start, consider what you can do in your industry. Are there goals you hope to achieve or problems you want to help solve? There are so many ways you can leverage your skills.
You can develop media, offer services, and create assets you can provide for your customers to build a successful online business.
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