So you want to make lots of money, but don’t know how? One sure way is to start your own online business. The thing most people don’t know is that it isn’t hard to start and build a successful business, but it does take time and it does take some personal growth. You have to be willing to put the time in to grow your business and to grow yourself. It can take five years or more to establish a strong business and make some good money. The problem is that most people don’t want to wait five years. They would rather not try, and instead, work for someone else for five years, being unhappy, and slowly, if ever, increasing their pay.
But if you decide you’re willing to put the work in and willing to invest five years into growing a business, then this post is for you. I researched this quite a bit and found a great video from Minority Mindset called: Secrets To Making Money Online. In this video, Jaspreet of Minority Mindset, states that you only need two things for a business: a product and customers. He outlines five steps to building a business online, growing your customer and product:
1. Find An Idea (Year 1)
I agree that this is probably the most difficult thing you’re going to need to do. I’ve said for years that I can build just about anything, but to have the idea is key. Well, there are ways to find that idea faster. Jaspreet suggests you write down a list of five things that you’re passionate about, interested in, or a niche you want to explore. If you find an idea that you’re passionate about and interested in, you’re much likelier to be successful and stick with it.
2. Research Your Idea (Year 1)
Now it’s time to see what is available online associated with your idea. Simply go to Google and search for blogs, websites, podcasts, etc… associated with your idea. Don’t worry if you find lots of hits. Most people think this means the market is saturated and there are no opportunities there. That’s not always true. What it does mean is that there is lots of demand around your idea and you just need to figure out how to fit into it. This is easier than trying to create a product and convince people it’s something they need. Find the need first. Then address that need better, cheaper, or differently than what is being done today.
3. Build Your Audience (Years 2-3)
Now that you have your idea, you need to build a customer base. You have to get your name out there. When your idea crosses a customer’s mind, you want them thinking your name and brand. Start a Facebook and Instagram page. Start a blog, podcast, or YouTube channel. Get into your customer’s head. Find congregation points for your target customers and start showing up there. Subscribe to the same blogs, webpages, and online communities.
Once you have that base of customers, you need to start selling product. You may be thinking, “I don’t have a product yet.” If you don’t, that’s okay. You can sell other people’s product. You’ll be the middle man, all the time growing your customer base and learning more about their needs. Do this for a couple years, building up capital.
4. Build Your Own Product (Years 3-4)
Take all the capital you earned over the last couple years and use it to create your own product. The good thing is that you have a good customer base now, you know their needs, and you know how to serve them with your own product. This way, you get to keep 100% of the profit instead of reselling other people’s products and not earning as much. Take capital you earned and create your own product!!!
5. Scale Your Business (Years 5+)
Now it’s time to get as many people into your business as possible. Jaspreet doesn’t provide a whole lot of guidance here, besides saying that this will take some time and be tough. In my experience, you have to scale your business by building systems to run your business, improving efficiency of delivering your product, along with improving the quality of your product. Systems will allow you to run your business efficiently and put you in a position to scale your business up. You’ll need systems that attract prospects, convert prospects to customers, deliver your product, and collect money. These are all important in scaling your business.
As you can see, there aren’t that many steps to building a business online, but it does take time. Five years may seem like a long time, but where are you going to be in five years anyway? Will you be at the same job you have today? Will you be bouncing from job to job playing the salary increase game between companies? This is no way to build security and financial freedom.
Use the five steps the Minority Mindset recommended and get going on your business today. I know five years seems like a long time, but if you start today, you’re already a day closer. Get started now!!!
You can watch Minority Mindset’s video here on YouTube: