I grew up with a dad who encouraged me to be an entrepreneur. He left medical school, much to the chagrin of his own father, to start his own Real Estate business. And he never looked back. ‘Always work for yourself!’ was his lifetime motto, and I’ve lived my life following his advice. So, one question I get asked all the time is ‘what’s the best business model to start (in 2018)’. I’m not going to tell you that starting and growing a viable business is every easy, but if you’re ready and willing to make the necessary commitment in yourself and your future, this is just my opinion on what are some of the easiest, most surefire methods for becoming a successful entrepreneur.
The one business that I know will always be in demand is Consulting. Whether you’re interested in consulting with businesses or individual clients, starting a Consulting Business is an avenue for entrepreneurship that is a viable option for almost everyone. The Key to starting a Consulting Business is that you have some information of value to share. After all, a consultant is hired for one reason: Knowledge. Nowadays, anyone can be a Consultant – a consultant is defined as an expert in a particular field who works as an advisor either to a company or to another individual. And depending on your ‘niche’, you usually don’t require any special degrees or certifications. But if you’re looking to build a consulting business, you will need to discover what ‘gift’ or passion you’re most knowledgeable about so that you can market to others. And if you don’t yet have the requisite skills, you’ll need to study and acquire the knowledge you need in a specific niche so that you have the marketable skills around which to build your Consulting Business. Make sure there’s a market for your niche – after all, building a consulting business is all about turning your knowledge resources into a business that people are willing to pay money for.
As you grow your consulting company, you’ll soon find that if your business model is based on local clients and face-to-face interactions, there will be a limit to how quickly or successfully you’ll be able to scale your business. But today, the world on online marketing gives entrepreneurs more opportunities to scale and grow efficiently and cost-effectively than ever before. Once you’ve established a successful consulting model, you can start to scale your business exponentially by creating an online course or program. This enables the entrepreneur to market his knowledge around the world!! And don’t undercharge!! Remember that you are a subject matter expert and your customers need the information that you are providing them – always charge minimum between $997 and $4997 for your course. Once your potential client base and target audience expands throughout the world, your potential customers for your course and your potential profits are limitless. Plus, your extended business reach enables you to help even more people by sharing your knowledge around the globe. Because when your driving motivation and intention is to help people, your success is virtually guaranteed.
- Low startup costs (many online business models can be started for less than $50)
- Almost non-existent overheads
- Can be run from anywhere in the world
- Can be run part-time
- No staff required, unless you choose to
Once you’ve decided to build an online entrepreneurial business, there are some key behind-the-scenes activities that you must do to ensure that you’ll be successful. It’s not always quite as simple as ‘if we build it they will come’ – when we’re talking the world of online business, where there is unlimited competition, the key is getting traffic/prospects to your site. So you’ll need to implement the latest online marketing tools and techniques. That means, to be successful, you’ll need to implement a Digital Marketing Strategy that may include both organic advertising, like SEO (search engine optimization), as well as paid marketing, like Facebook ads. And the great thing with online marketing, is that you’ll have access to all kinds of new equipment and tools that track the key performance indicators (KPI’s) for your campaign, enabling you and your client to know the specific data results for your campaign’s individual components. The great thing about this reporting is that it gives you all the information you need to continue revising your marketing strategy until you come up with the ‘current’ most effective plan. Keep in mind, that your company’s internal marketing team, or the digital marketing company that you employ to take this this onerous business responsibility off your hands, will need to review and update the marketing strategy periodically, as the online marketing world is dynamic and constantly changing (the need to stay current on digital marketing trends is one of the reasons companies often decide to utilize a marketing service for this important task).
Once you start scaling your business online, you’ve started the process of ‘Growing Your Empire’. Growing an online following is critical to your marketing success in 2018 (just look at Kylie Jenner, who is poised to become the youngest billionaire in history; Kylie marketed her ‘Lipkits’ exclusively using zero-cost social media options, simply exploiting her massive number of followers!). One of the best ways for the ‘average joe’ or ‘joanne’ to build their social media following is to brand themselves as a ‘subject matter expert’. And one of the best ways to become an ‘expert’ is to start creating content that is both informative and ‘share-worthy’ for your readers. Some online entrepreneurs have great success creating e-books that they either giveaway or sell at a very low price, all geared toward obtaining email ‘opt-ins’. You’d probably be very surprised how quickly readers start viewing people as ‘experts’ simple because they’re written and published a small book!!
One pitfall online entrepreneurs often encounter, is the desire to do everything; whether they’re looking to save money, or whether the business owner is merely a bit of a control freak who doesn’t trust others to fulfill his vision, ultimately the failure to delegate tasks will result in lost revenue and a lack of growth in the business. Delegating tasks is imperative if the entrepreneur hopes to achieve their goals – it frees up the entrepreneur to focus on higher-level concepts that will have the most impact driving their company’s growth. There are lots of resources you’ll find for hiring contractors – personally, I’ve had a lot of success with Upworks.
Determining what kind of business you want to start online can seem like a really big decision. And because the internet and the world of online business is constantly changing, many entrepreneurs choose to run several different online businesses simultaneously, so they’re never relying on just one stream of income. The decision to start your own business can be one of the best decisions you make in your lifetime – and the great thing is that with the advent of the online business world, your opportunity to become a mega-successful entrepreneur is no longer dependent on the entrepreneur having a significant amount of start-up capital. To stay updated regarding my future posts on business, entrepreneurship and continuous learning, please subscribe to our newsletter. Also, If you have any suggestions or if you have a story you’d like to share, please contact us.