🌳 How To Build An Online Business From Scratch

QUOTE OF THE DAY

BUILDING AN ONLINE BUSINESS FROM SCRATCH - PT.1

387 Words | 1 Min 25 Sec Read

90% Of businesses fail, you’ve heard that statistic right? If you haven’t here’s your chance to get out before you even start.

Go on, go get a job, it's much safer.

If you’re still reading, It’s assumed that that statistic doesn't faze you and if that’s the case you’ve already completed step 1, you believe in yourself and that you can be of the 10% that does make it. The reason why people fail trying to start a business in the modern day is an exhaustive list ranging from picking the wrong niche, the wrong product or the wrong ideal customer.

The list goes on and on but we want to give you a better chance at success so we are going to break down the principles of building your first online business…

Step 1: Understand one problem that one specific group of people has.

Notice we didn't say "all problems" or "all people". You need one problem that one very specific group of people have in common and once you know the problem, you need to know how to solve it.

The easiest way to find this is to look backwards in your life, what's a problem of your own that you solved a few years ago? Or if you’re young look at the problems of people around you.

Start there.

Step 2: Create a clear and concise roadmap to solving that specific problem.

People don’t want to know the roadmap they are going to have to take, they want to know the solution that they are going to achieve. No one wants to spend years at the gym and work through blood sweat and tears but they do want a six-pack and 5% body fat. Problem → Solution.

Step 3: Figure out your product format

What vehicle are you going to use to solve their problem? If you’re going to transform their body are you going to do that through an e-book? A webinar? An online training platform? Depending on who your target audience is will help you pinpoint the vehicle to use. A 60-year-old that wants to start working out doesn't want to use an app, they will appreciate a good old-fashioned audiobook, however.

Thats part 1 of building an online business from scratch.

Tune in tomorrow at 10 am to read part 2!

ACTIONABLE NEXT STEPS:

Make a start, the hardest point will be figuring out the problem you want to solve but once you’ve uncovered this everything else will tend to fall into place, and the dots start to connect.

TAKEAWAYS:

Step 1: Understand one problem that one specific group of people has.

Step 2: Create a clear and concise roadmap to solving that specific problem.

Step 3: Figure out your product format

BOOK OF THE WEEK ⤵️

The book of the week is ‘The 4-Hour Work Week’ By Tim Ferris. It’s the step-by-step blueprint to free yourself from the shackles of a corporate job, create a business to fund the lifestyle of your dreams, and live life like a millionaire, without actually having to be one. Read it HERE 

CREATOR OF THE WEEK ⤵️

The creator of the week is @BetterIdeas, a self-improvement-based content creator focused on helping you improve every aspect of your life from your sleep to how you spend your free time to allow you to look at life from a different perspective and improve relentlessly.

LESSON OF THE DAY ⤵️

It’s arrogant to think you can do multiple things at once and beat someone who does one thing with all their effort.

Pick one thing. Go all in.

Then you become the one who’s hard to beat.