How To Start An Online Business In 2023 (5 Things You Need To Know!)
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This blog will take you about 15 minutes to read through.
If you’re short on time and would rather download a resource to help you Get Your Online Business Started, In Just 5 Days (with this FREE online course). It’s free and you can access it right away by clicking here >>
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How to start an online business in 2023 (5 things you need to know!) | Kelsey Reidl, Marketing Consultant
Are you ready to start an online business from scratch this year? It’s totally possible, even if you have no clue where to begin…
Do you dream of becoming an entrepreneur and starting your own business? Are you eager to jump into the digital era and take control of your own finances (rather than waiting for a paycheck from your employer), but you don't know where to start?
In 2023, getting started on a new online business doesn't have to be intimidating or time-consuming…
By utilizing the technology and resources available today and time honoured principles of building a solid business foundation, anyone can become their own boss with minimal investment.
In this post, we will explore what it takes to build a profitable online business from scratch - including initial steps such as creating your vision statement, assessing your unique skills & knowledge in relevant topics, and testing your ideas before you go all-in.
Here's to building the empire of your dreams!
Step 1:
Your Life Is One Big Learning Opportunity (Start here if you aren’t sure what type of business you want to create)
What has your life taught you?
As human beings, we face challenges and triumphs on an almost daily basis, and these naturally educate and equip us with resiliency and skillsets, that one day we might pass down to other.
Once you discover what your life's experiences have taught you, you'll begin to understand exactly what you are here to share with others. Consider your life experience as your unique superpower!
Here are some prompts to get your wheels turning…
What challenging and/or extremely positive life experiences have you encountered that have made you into the person you are today?
Describe the various jobs that you have worked in the last 10 years and write beside each one a really important lesson or experience that you took away from it.
What books have you been reading/listening to over the past 6 months & why have you been enjoying them?
When you watch YouTube, NetFlix Documentaries or listen to Podcasts... what are the topics you love to hear about?
Name a business owner, entrepreneur, or influencer that you admire. Also, write down what you do love about their business?
Can you draw any conclusions from your answers to the questions above? What do you believe you are innately good at, or have been told you are great at, by others?
What do you know or what can you teach better than anyone else?
Also, what are you more passionate about than the average person?
From your answers above, which ones do you believe you can make money from (i.e. what skill-set do you possess, that people are willing to pay money for)?
Grab a pen + paper & let's do some "clearing"
This page is for opening up about fear, belief, and/or confidence in YOURSELF and your abilities to become your own CVO (chief visionary officer).
Journal with as much detail as possible, below.
Have you encountered any setbacks or roadblocks that have derailed you from being successful in the past?
Have you been fearful of chasing your goals and dreams because of someone or something?
Do you have the utmost belief in yourself & your abilities to build a business or are you terrified and doubtful?
Are there any legitimate worries that you have about launching a business or being successful?
What do you think is required from you to have your first $100,000 year as a business owner? Do you have those skills, right now?
Now, let's bring this all together to decide what you can turn into your business!
1) I'm Most Interested In
2) I Am Really Good At
3) I Can Help People
4) People Are Willing To Pay For
Write a combined statement using your answers to 1, 2, 3 & 4.
If I am most interested in _________________________ & I am really
good at __________________, I can combine those and help people to
________________________________ know that they are willing to
pay for _____________________________.
*Modify the statement so that it reflects your goals & desires over the coming 6 months.
Now that you know what you're here to teach…
What experiences, knowledge, tips & resources do you already have that you can start to share more of immediately (as it relates to your statement from above)?
Knowing that business growth takes unshakable belief in yourself & your services, what are 3 things that you can do to work on your belief in yourself over the next 90-days, beginning today?
#1
#2
#3
Step 2:
How To Write Your Business Vision Statement
Are you ready to learn about something that always differentiates the successful entrepreneurs from those who quit, give up, or go out of business?
It's a very simple concept, yet difficult to cultivate!
It all boils down to Having a Business Vision!
What is vision? Well first, I want to tell you what it's NOT...
Vision is NOT about the salary you’ll make. It’s NOT about how many products you’ll sell.
It is NOT what you are doing now....
It IS what you're going to be doing in the future!
Vision is the bolder quest, the North Star.
The thing that drives you, even when you don’t want to get up in the morning to do the work.
The thing that makes you want to be better than the day before.
Vision is what you're going to do in the future, no matter what, and no matter how your business evolves (because it will evolve, believe me!)
Here are a few tips:
Vision provides direction & it describes what you want your business to achieve in the future. It’s more about the “what & why” of you business (different from a mission statement, which describes the purpose of an organization and more about the “how”)
It's okay if your vision evolves over time. It WILL evolve!
When reading over your vision you should be able to imagine yourself doing it every single day for the rest of your life (it needs to inspire the future you!)
Try to write a statement that's unique, captivating & inspiring. It leaves people wanting more.
A vision statement is like a photograph of your future business.
It gives your business shape and direction.
You need to write some thing ... anything ... or you risk getting lost along this journey of entrepreneurship.
Sweetgreen: To inspire healthier communities by connecting people to real food
TedTalks: To spread ideas
Disney: To make people happy
Visionary Life (aka my brand!): To equip 100,000 small businesses with the resources they need to success in business, and implement a simple marketing system
Harley Davidson: To fulfill dreams through the experiences of motorcycling
Netflix: Helping content creators around the world to find a global audience.
Charity Water: To end the water crisis in our lifetime by ensuring that every person on the planet has access to life’s most basic need — clean drinking water.
Nike: To bring inspiration and innovation to every athlete in the world
Ikea: Create better everyday lives for as many people as possible.
To get started on crafting your vision, write a series of "I believe" statements around what you know to be true about life & business, as it relates to your business.
I believe ...
I believe ...
I believe ...
I believe ...
I believe ...
Review all of your "I believe" statements: are there any words or phrases that resonate with you? Which one makes you feel most inspired & excited ?
Write it below.
What do you want your business to be recognized for one day?
What is it that your business might be able to achieve that nobody else has done yet?
Research shows that employees + founders who find their company's vision meaningful have engagement levels of 68%, which is 19 points above average.
Given the impact that a vision statement can have on your long-term success, it's worth taking the time to craft a statement that really inspires you.
Write something meaningful!
Put it all together, visionary!
What is it that your business will be doing, no matter what?
What do you hope to accomplish in the next 20 years, around the world?
Write a high level, future-oriented, world-changing statement below.
Don't be too specific, as you want to leave limitless room for growth.
Step 3:
How to write your Business Plan (basics of starting & setting up your business, successfully)
Who is going to pay for what you are selling?
You've got an idea, you've got a vision, and now it's time to explore some basics of business planning. For the purpose of this workbook, I want you to think about what it will feel like to make your first (or next sale) to the absolute perfect customer (your dream customer!)
Who are they?
In order to sell & market to your dream clients, you have to stop thinking like you and turn yourself into your customer.
Drill down to 1 specific dream client avatar to get clear on who they are and what problems they want solved.
Ask yourself:
What is their life like right now, experiencing the unwanted challenges that your services could solve?
What would life be like after they work with you? How would their life improve?
What have they been trying or investing in, to solve their problem?
How does your offer solve this problem? What outcomes will they experience?
How much money do they spend on things similar to what you're selling?
Describe their lifestyle: How do they shop? What do they care about? What do their weekends look like? What do they do on weekdays? What is their career path? What do they worry about?
Where do they live?
What are they willing to invest in products or services like yours?
Give them a Name, an Age, a Location, and write down anything else about them that will help you remember who they are!
Let’s Talk Money!
The price of my offer will be (write down a high / low estimate):
I can sell this many per month:
x 12 is how many I can sell per year:
# sales in 1 year x price = projected revenue
Now, look at your expenses and costs from Day 1 and see if your revenue is looking high, low, or just right.
Based on everything you've learned so far in this challenge.... what is the WORST thing that could happen if you started this business?
Are there real risks, or are you creating too much fear around this idea?
Are you simply worried what people will think about you or does the fear run deeper?
What are the rewards to starting this business: What would life be like if you went full time with this?
How would life change & be better? What would your happiness look like?
Step 4:
Share Your Ideas To Solidify & Validate Them
Repeat after me…
I will NOT build my business in isolation, and wait until everything is perfect before sharing my products and services with the world.
It’s time to start building connections, fostering relationships, networking, finding your first few clients, and looking for strategic partnerships!
You cannot stay quiet about this idea of yours forever!
You need to start sharing your idea & business vision with anyone and everyone who will listen, right away! Start building community around your offer and enlisting support & guidance around your idea.
Don’t be shy about telling family, friends, and acquaintances (aka Your Existing Network) what you're up to in order to hear their feedback and refine your systems (just don't let their opinions derail you!)
I understand that some of you are introverts, but it's important to overcome that while you're launching (unless you can hire a salesperson, manager or spokesperson right away...which most of us can't)
Let me be clear that we are NOT asking for approval when we share our idea with others. We have already given ourselves permission to build our most visionary lives! We are simply taking action by sharing our idea with those who can help us get this business going (all while boosting our own confidence and clarity around the problem that our offer solves and how to market it).
Ready, set, share!
Still not convinced that Sharing Your Idea is Essential?
Did you know that it's possible to speak (or type) ideas into existence.
Call it manifestation, call it asking the Universe for what you want, or call it ACTION... sharing your idea with others is how you gain momentum, find early success and continuously generate interest and sales leads.
Let me share some examples of how you can share your Business Idea to get validation and assurance that you’re on the right track…
Ask your peers if they know anyone in a similar line of work that they could connect you with
Use your Personal Facebook Page to share a story that leads into why you’re starting this business
Send an email to someone who has already created what you want to build and ask them to go for a coffee or meet on Zoom
Join your local BIA or Networking Group, and start getting to know other entrepreneurs in your community. Be curious about them, and they will naturally be curious about you!
Update your LinkedIn profile to let people know what you're working on and/or studying
Set up some "informational meetings / beta-testing calls" with the types of clients you'd like to work with & ask them for feedback on what you’ve created
What have you done to speak or type your idea into existence?
Step 5:
It’s time to take inspired and intentional action.
You’re well on your way to starting an amazing Online Business! But now, that hard part begins… and that’s sticking with it even when times get tough (and believe me, they will get tough!).
Running your own Online Business is not an easy venture, but iwhen you decide to take the plunge and begin you simply have to accept that there will be ups and downs that come with any new endeavor.
With dedication, grit, a thirst for learning, you'll find that your success is near! Here are a few questions you can ask yourself, to ensure that you’re ready to bring your Online Business to the world…
Are you willing to be a forever student (entrepreneurship means always learning & always growing)
Are you willing to shine bright, even when it feels easier to dim your inner light?
Are you ready to be vulnerable & share your story with others?
Are you ready to be the biggest advocate of your business & brand, before anyone else cares?
Are you willing to rise up, fall down, rise again, fall again, and then rise higher than you ever thought possible?
Are you willing to experience high-highs and low-lows as you navigate this amazing journey of building a beautiful business?
If yes, let's keep going. If no, let's work on your belief.
Today, we're going to change that. We're going to take action.
We're going to do the one-damn-thing-that-will-move-this-business-idea-into-action.
You with me?
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🚨 Before You Go!
Don’t forget to reward yourself with this totally free Business Growth Resource that will help you Get Your Online Business Started, In Just 5 Days (with this FREE online course). It’s free and you can access it right away by clicking here >>
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