E1 - How to start a successful Online Business in 2022
Is it too late to start an online business?What types of businesses operate exclusively online?Which one of those is right for me?I haven’t found my “purpose” yet, can I still start a business?How do you start a business that is ACTUALLY successful from Day one?
These are the questions I’ll be answering in this episode.
Links and Resources
No specific resources mentioned
How I can help you
The Notion Business Hub VIP Day My Notion Templates (ready soon) Tech VA for a Day (sales page ready soon) Day of Voxer Coaching Contact Me
⚠️ The transcript has been copied straight out of Descript. It is NOT edited and will be full of weird typos for your entertainment. One day I’ll be able to get someone to fix it, until then the laughs are free.
[00:00:00] Hey everyone. And welcome back to the online business rebels podcast. This is episode one. And today we're talking about starting an online business in 2022. Is it. What kind of businesses could you actually be starting? What's the right thing for you and how can you make sure that what you're doing will actually be a success?
[00:00:22] So the first thing that I want to dive in with is the question of whether it's still a good time to start an online business, or whether the trains really rolled out the station a long time ago and you've really missed it. So I think. Just as there seems to be more and more people that are starting to work online, there are now also more people than ever accessing services online, and it's really connecting more and more people together.
[00:00:52] But at the same time, as there are lots of people starting online, sadly, there are also lots of people going out of business. Every single year. So I have to say that from the people that probably kind of got their act together around about the same time that I did in 2015, early 2016, I can't say that many of those people are still around today.
[00:01:20] Like the people that were. In my first kind of group program mastermind D thing with me from those 50 people, maybe five or six are still, you know, actively working online. All the other ones by now have disappeared. So it might look to you as if there is an overwhelming amount of people online, shouting about their services and their offers.
[00:01:46] That doesn't really realistically mean that any of that is working for them right now. Okay. So I never want you to not do something because you think that, the whole thing is totally saturated. I'm going to teach you today, how you can go about starting your business. Guarantee that it is going to end up turning into a success.
[00:02:12] So, first off I want to run through the options that you actually have for starting an online business. There are a lot of different types of businesses out there that you can start, and there are different levels of knowledge and different investments that you would need to make, if you were to start that type of business.
[00:02:31] To me, the easiest business to start is a service-based business. People have a problem. You provide the done for you solution in the form of a service and that's it. People pay you for it. So these are people like your graphic designers, your copywriters, your virtual assistants, and all of those people who actually deliver a tangible and.
[00:02:54] The next type of business that you could start is coaching and consulting, which to me is still really a service that you deliver. So it's still a service-based business, but you have some actual expertise, knowledge that you've gathered over the last few years. And you're helping other people with a very specific something, but not through doing it for them, but through advising them, supporting them along the way, giving them accountability and those kinds of.
[00:03:23] The next type of business that you could start as one that offers online courses and info products. So you have some knowledge that you are offering up and people want to get some sort of learning from you.
[00:03:37] And at the type of business that you could create as a product based business, they could be digital products or they could be physical products, physical products, as simple, let's say you sell notebooks or phone stands, or what else am I looking at? You know, some kind of solution that ties my microphone cable to the boom arm properly, you know, those kinds of things, or you could sell digital products there, your digital planners calendars, those sorts of things.
[00:04:01] And the last group of business. I would say you could start as a software based business. They're your online tools such as notion the tool that I wrote these notes in, the tool that I use to send contracts to my clients, et cetera. So they are your simple software as a service business. Now how on earth with all of these gazillion options and another gazillion sub options in those options, how would you figure that?
[00:04:31] What is a good kind of business to start. So the first thing that I want to encourage you to do is to start with the end in mind. So I want you to think about why you're actually wanting to start a business and what you hope to get from that for your life. So if you think about your life, if you think about your future, you know, five years, 10 years out, what does that business actually look like, and I'm going to be very honest with you. Starting a business is hard. Growing a business is even harder and lots of things can and will go wrong along the way. You will probably work much longer hours. You will work much harder initially than you ever have in a job.
[00:05:11] So if the only reason that you're thinking of starting a business is because you don't like your boss, honestly, it would be legit easier for you to do your due diligence, get a new job and screen them way harder and say no to 6100, 200 job offers. It would still be easier than trying to start and grow a business.
[00:05:33] It is really a completely different thing to be doing. There's a lot of work that you need to be doing, not just on your business, but also on yourself. And that is the really, really, really difficult part. So why would you want to work 80 hours a week for very little money? You know, so you have to ask yourself those questions and then you have to.
[00:05:53] What kind of business you're looking to have, is it a lifestyle business, which basically just means that you work for yourself, it pays the bills in our, it affords you the lifestyle that you want to have. but it isn't a business that actually exists really out of yourself. So if you're growing a software business, that software business is like, The type of business that can grow huge.
[00:06:19] It could have millions of customers. It can generate tens of millions in revenue. There's going to be employees. So that is a business that has the potential to be pretty huge. And the same thing. Doesn't go for your little coaching business that you might have so that you can spend 5,000 a month to pay your bills and put 5,000 a month into your investments and just live a happy.
[00:06:43] You know, there are two very different things. So you have to think about what is the end outcome that I actually want to achieve with this. And that is very heavily going to influence the actions that you're going to take because different types of outcomes require different choices, require different actions and a completely, potentially different pathway.
[00:07:04] So how do you work out? What is the exact right thing for you to do.
[00:07:09] Keep having this obsession with finding yourself, finding your passion, using your business as some sort of vehicle to make your miserable life super fulfilled and great. But to me, I was there myself, you know, I was like, oh, I made some bad choices.
[00:07:29] As far as my career goes, you know, I'm never going to earn enough money working in daycare. This is awful. I have to get out of this and I have to build something where I can have way more freedom than I have now, where I can have the freedom to make decisions. And, you know, But then I also went down the pathway of like, oh, I have to find the thing that I am super passionate about doing.
[00:07:50] And that is the thing that I have to focus on. And I wasn't getting anywhere because I was like, yeah, but I still don't know. What's my passion. I still don't know what's my purpose. How can I continue with this? Because I don't know where I'm trying to take it and all that good stuff. And I guess when you're just building a lifestyle business that you are having to work in for the rest of your life, then you do have to ask yourself what you're passionate about. But you can build another business either in the meantime or just in general, and you can just love the process of building a business and then.
[00:08:26] You know, your passion can be the aspect where you build businesses that, you know, provide value to people. So you don't need to tie your identity, who you are and whatever into the success and the reception that your business receives from others. Right. So I feel that sometimes it would be easier if we stopped treating our business as part of ourselves.
[00:08:49] And we start treating our business as its own entity, you know, your business, it's this thing. And you are actually an employee of your business and your business provides a service. And sometimes it messes up. And that doesn't say anything about you or the people who messed up it's just life. And then.
[00:09:05] We could just get the fuck on with it instead of obsessing over what people are saying, what people are thinking, and then us not taking action because we have imposter syndrome and whatnot. I think all of this comes from the fact that we're taking our business as like a reflection of who we are, , and if you stop tying your identity and your self-worth into the success of this business, that you're building, then you will be able to take action way faster and you won't be so emotionally involved.
[00:09:33] And I don't think that to be able to start a business, you need to find your passion. I do think that you can just start building something and you can make that something as successful as it's going to be with what you know, and you can feel passionate about what you're doing there. And that makes a huge difference.
[00:09:52] So when I got started online, it wasn't my passion to become a virtual assistant for tech things. I wanted to get out of daycare. I was in this away from mindset, you know, I was working with. I was getting paid very little. I didn't have any savings. I would never be able to buy a house for myself.
[00:10:13] I would never be able to have anything really if I stayed in daycare. So I needed await. So I found a vehicle that allowed me to build a lifestyle business that allowed me a way out. And then I made some steaks like everyone does, because I didn't know about what it takes to run an agency. I didn't really know about how to keep an eye on my numbers properly.
[00:10:35] Then, you know, I got pregnant. I didn't know that when you get pregnant, you could be completely incapacitated for four months because you're dizzy throwing up and whatever not, and you can't work. And I didn't plan for that because. I just, wasn't thinking longterm, you know, and those are mistakes that anyone can make and you learn from those and you build a better thing next time, or you'll be smarter about how you do it.
[00:10:59] And those are the kinds of things that I want to talk about on this show. You know, different ways of doing things, different perspectives, people's personal experiences and how they turn things around and how, what they did maybe is not the traditionally done thing. So I built a business, a lifestyle business.
[00:11:16] Out of being a VA. Great. And then I kept the things that I liked about it, and I evolve those to the next level. You know, I realized that I didn't want to work with 20 clients just so I can make more money because the admin and the workload and the responsibility is just too much. I realized that I'm way better off working with three clients that actually want me involved to a certain level within their business.
[00:11:42] They want my knowledge, they want my advice and they want to pay well for it because they want me to remain available for them and not go to work with somebody else. And that's good enough, , so there is some change and some personal development that needs to happen and a lot of learning that needs to happen.
[00:11:57] And I didn't set out to build this kind of lifestyle. And then the second example would be, you know, pristine podcasts. If you'd ask me five years ago, if I ever think that we'd be offering podcast editing and production as a separate service, I would have said no. However, it turns out that my partner is really good at it, you know?
[00:12:19] And it's way easier for us to market something. If we're just marketing one thing instead of marketing everything. So I'm not passionate about editing. I love podcasting. I love the connections that allows you to make with people. I love recording them. I love making them, but I don't like the editing, but I don't have to.
[00:12:38] I know that podcasting is an amazing tool for your business. I can be passionate about the marketing side, about the business side of it, and my partner can be passionate about the editing side of it. Right. So we have to really detach from this a little bit now. Do we find a business idea that is actually going to work because what I see happening when people start their businesses, isn't really, what's going to lead towards a successful business.
[00:13:13] Now, the thing that I want you to do, if you're thinking about starting a business, is this. I want you to think of a group of people that you really care about. Maybe you used to be a part of that group of people, or you're a part of that group of people now, for example, in your actual career. So I could think of daycare owners, what they care managers, or maybe your mom or your best friend used to be.
[00:13:38] Part of that group was part of the group. Maybe it's like, I don't know, healthcare workers, maybe it's something that you've just always been interested in. Like, You know, maybe you're already interested in fishing. I don't know. So think about a group that you care about a lot. Then I want you to find people who are part of that group.
[00:14:00] And I want you to talk with them 15 minutes on the phone, or even 10 minutes, you know, five minutes for small talk, five minutes for you to ask them one question. I want you to meet with those people. One-to-one, I'm not talking about, I mean, you can do posts in the Facebook group, but it's always way better.
[00:14:18] If you speak to people directly, you know, on zoom in-person whatever, you know, if there is an exhibition near you, a house that you can go to where there's going to be a lot of, I dunno, wedding professionals, and you want to talk to wedding professionals, go to that exhibition and speak to wedding professionals.
[00:14:35] It's always. To speak to people face to face when you can. So then I want you to ask, what problem do you have right now in regards to that industry? You know, what is a problem that you have? So if you ask neurodiverse entrepreneurs, what is a problem that you have in your business right now, they're going to give you a list of things that are a problem.
[00:15:02] And then the thing that I want you to do is I want you to build the solution for it. And I don't mean I want you to finish building something. I want you to design the solution. So that solution could be a service. So it could be that all of the neurodiverse entrepreneurs telling you that there is a specific thing that they struggle with in their business.
[00:15:23] And you're going to offer a service that targets that specific problem for that group of people. It could be a product, you know, it could be that they're saying, Hey, we're struggling with. Okay. One of the upcoming episodes is going to be about time blindness. So we're struggling with time blindness. We need help with that.
[00:15:41] So maybe you are going to design a planner, or maybe you're going to design software that helps to overcome this issue. Right? I don't want you, however, To go and build any of that. Now I don't want you to take any other action. I just want you to define what the solution for that specific problem is. And then I want you to explain this to people and like one to two sentences.
[00:16:04] So I help this group of people to solve this problem. By doing this, I help neurodiverse entrepreneurs to solve problem X by doing Y. And if you can't explain the solution that you offer and who it's for, and those, you know, actually in this one sentence, I need you to go back and talk to more people and refine the solution.
[00:16:31] And I needed to keep doing that until you have something that you can literally very easily explain a grandma in the street has to be able to understand what it is that you do. And the next thing that I want you to do is I want you to sell this solution to as many people as possible by reaching out to people one to one.
[00:16:53] So you're going to reach out to any form of contacts that you have that are neurodiverse entrepreneurs. You are going to, find people online that are newer, diverse entrepreneurs, and you're going to send them a cold email, and you're going to explain what it is. You do, and then you're going to ask them if they need the service and they're going to have to give you money for this service or this product today.
[00:17:20] Okay. So you're going to say, I help neurodiverse entrepreneur solve this problem with the service. is this something that you would be interested in, you know, happy to get on a call if need be or whatever the heck. Um, and then you're going to sell them this thing. If you can get five people. To give you money for it within a few days.
[00:17:41] And when you're sending cold emails and you don't have personal contacts with people, then you might need to send hundreds of cold emails to get five people to say yes. So expect like a 1% conversion rate on your cold emails. but if you can get five people to give you money for it, in let's say a few days, maybe a week, then you have validated that this is something that people actually want need and are willing to pay money for.
[00:18:07] You set yourself up and you started a business and it has paying customers from day one. If you can't find a single person and I mean, you've tried your hardest to reach out to people. One to one. You've reached out to your personal contacts. You've picked up the phone and called some friends. You know, if you can't get five people to give you money for this, it is not a business you're going to start.
[00:18:30] It is a waste of time and you better know within seven days that what you're about to start as a waste of time, because nobody wants it and needs it, or nobody's willing to pay for it. Then you've just saved yourself months or potentially years of your life. So now I want you to notice how I said that building a successful business from day one does not start with setting up a website or social media accounts or making content or building an email list or getting your branding done.
[00:19:01] Having expensive photos, taken of getting a logo designed, even getting registered for self-employment or a company, or really doing anything other than defining. Who you help, what you do for them, and then getting some people to pay you money for it. You do not have a business until you have actual paying customers.
[00:19:25] And please don't confuse people saying, yes, I would pay for that. With someone actually giving you money today, lots of people don't want to hurt your feelings. And they will say yes, yes, I would totally pay for that. But then, when push comes to shove, they will not pay for that. I do not trust what people say, trust what people do.
[00:19:42] Right? And then the next thing that you're going to have to focus on is just delivering the thing that you just sold to five people. Then you get more customers and you keep the delivery going, you get more customers and who keep the delivery guy, you get more customers, you keep the delivery going and you do that until you haven't refined to a point where you can actually.
[00:20:03] Take on an unlimited number of customers and keep delivering. The thing, and that is going to be your next challenge after the sales. So even after that, you're probably going to run into bottlenecks with you at delivery. That's going to be client complaints, things take too long. You might need to have to get help with the delivery, blah, blah, blah.
[00:20:21] So you have other problems then, but still you really don't need the website. Don't meet the logo. Don't need the fronting. Don't need a million social media accounts. You just need to sell to people on a one-to-one basis, get them to pay you money and then deliver the thing that you get paid for. And that's all that you really have.
[00:20:36] Thank you so much for listening to the online business rebels podcast. As always, you can find all of the show firstname.lastname@example.org. If you enjoyed this episode, tell a friend about it. Don't bother to leave me a review. Don't do anything. Just tell a friend, get them to listen and get them to tell a friend as always.
[00:20:54] I hope you have an amazing day and I'll see you for the next one.