Starting an online business might be one of the best things you ever do in life. You can help others, gain more freedom, and of course make more money.
There’s really only two things you need to do to start your online business:
- Decide on a business model.
- Set up the business.
Easier said than day, eh? Have no fear, The Traffic Geek is here to help you get through it.
Step 1: Decide On A Business Model
The first step to starting an online business is to decide on your business model.
Your business model is how you plan to make money.
If you are already have an idea for a business, developing your business model will help you make it real. If you don’t have an idea, it will help you find one.
Who, What, And How
My favorite way to decide on a business model is to go through the Who, What, and How of it.
It can be helpful to attack this from all angles and start with a different question first each time.
Start with Who: You may already have the who you want to cater to in mind. This defines your Target Market, your Niche, and your Main Topic.
Start with What: This is often the best place to start. You may already know a problem that exists. Once you have a problem, you can work to figure out the Who and the How.
Start with How: This is your monetization strategy and will define what you do on a daily basis. You may already know how you want to operate or at least the things you don’t want to do.
For example, you may know that you hate providing a service or that you don’t want to sell software. This can help you narrow down what you do want to be doing instead. From there you can find a fitting Who and What.
There are different ways to make money with it depending on what you choose:
Go here for a complete guide on Developing Your Business Model as well as a Free Workshop on “Finding The Perfect Business For You–Once And For All!”.
When you know your Who, What, and How you are essentially ready to start setting up your business.