Building an online business has been in an upward trend in recent years. There are now 571 websites being created per minute, a majority of which would utilise some sort of online store or ecommerce solution.
Lets look at the benefits of starting an online business instead of a bricks & mortar business:
- Lower startup costs (domain name, hosting, website theme = under $100)
- Lower overhead costs (monthly or annual hosting)
- Lower advertising fees
- Higher profit margins
- Quicker startup & build time
- More automation & optimized systems
As you can see, the benefits of starting an online business are massive! So, where do you start?
When I first started online 4 years ago, I had absolutely no idea where to start, who to speak to, or what business I wanted to start! I only knew that I wanted an online business that produced a residual passive monthly income through automated processes and systems. This would allow me to live the lifestyle I wanted to live whilst also generating a full time income.
Let’s take a look at some of the steps involved in how to build an online business
- Think of a business name and buy the domain name
- Purchase and setup hosting
- Install a Content Management System (WordPress, Joomla etc.)
- Find & Purchase a website theme for the CMS you’re using (WordPress, Joomla etc.)
- Develop website and upload all products to the online store
- Setup online advertising to generate traffic (Google, Facebook, Twitter etc.)
- Gather data from google analytics to understand website visitors behaviours
- Split test and optimize website and product prices to increase conversion rate
- Build social media presence
- Build Email list and market daily
These are the steps involved (at a high level) of starting your own online business. Each of these steps can be time consuming to learn in the beginning so it can take weeks or even months to complete all of these steps.
Am I telling you not to do it? Not at all! I’ve done it myself many times and will continue to build online businesses over my career. All i’m saying is that it can be a steep learning curve to begin with because you not only need to learn how to do each step, you need to learn how to best do each step to increase conversions and therefore sales from your website traffic.
Is there a better way? Yes there is.
Let’s look at a typical bricks & mortar franchise business, McDonalds. McDonalds is a franchised business that allows people to purchase and run a McDonalds store. They can use all of the branding, products & services, processes, systems, and everything in between that McDonalds has come up with over their years and years in the industry. This allows anyone to buy into a system that will generate revenue and therefore an income for them on the basis that they strictly follow the exact processes and systems as every other McDonalds. They are buying into a proven system, a proven formula.
Well, these franchise type business models also exist in the online world. Every step from 1-10 shown above are already done for you, except for number 6, driving traffic. This means that the website is built and hosted for you, the products are built for you, the split testing and conversion testing is done for you, everything is done for you!
All you have to do is follow the training to learn how to drive traffic to your website (which is built for you) and the system does the rest. As soon as a visitor is on your website, the system in place will convert the visitor into a customer using an extremely highly converting sales funnel.