What You Need To Know About Online Business

What You Need To Know About Online Business

Starter Guide: What you need to know about online business | Part 1

To summarize earlier blog posts and videos, we are going to be teaching you all the skills you need to get to a position where you can generate revenue from a business you build online. 

One of the things you may need to come to terms with is sidelining perfectionism. While you certainly want your product to be high quality, it does not need to necessarily be ‘perfect’. Waiting to release your product or service when you deem it perfect can hinder production. 

For example, we’ve had projects and products delayed for months, even over a year, because we’ve strived for perfection. But at the end of the day, that perfectionism has been a block for us. In our opinion, it’s just been fear in disguise. It’s saying, I can’t put this work out to the world because what will people say about me? What are they going to think about me

The first level of our BATON (Business Audience Tribe Offer Network) model is designed to help you overcome perfectionism. We are going to be implementing steps fast. We are going to be testing your product fast. We are going to be asking your online community for their opinion sometimes before a product is ready. What this allows you to do is very quickly improve, improve, improve your product to a point where you can sell a £100 product to 1,000 people. The product is high quality (not necessarily perfect), and the natural marketing affects take place. 

So, my question to you is, are you willing to do the work? Are you willing to get rid of the feeling of perfectionism? Whatever has been holding you back in the past, if you are willing to do the work and answer to the question is yes, then let’s get started. And let’s get learning.

Starter Guide: What you need to know about online business | Part 2

When considering business as part of the BATON model we need to consider some key questions. So, these questions are as follows:

  1. Who is your marketplace?
  2. What is the marketplace?
  3. How do we reach that marketplace?

The answers to these questions don’t necessarily have to come in a certain order. Additionally, we’re going to be walking you through how to arrive at these answers.

So, the first thing was, who is the market? The second thing is, how to reach the market and then the third thing to consider is, what is the message? 

What is the message that we want to give to your customers? What is the change that we want to create for them? What are we promising in that marketplace that we are going to deliver? Then we can work out either in advance, or at this stage, what is the product or the service. What are we going to offer them? What do they want? What do they need? Don’t forget those elements. Is there a need and want for our product?

What we don’t want to do is put you in a situation like Dragons Den. You walk through the doors and enter the Dragon’s Den. The Dragons are sitting there in front of you and they say, “okay great start telling us about your business.” And then you tell them, I spent the last two years developing the product. I’ve invested X amount of money into the product, and I’ve got some passionate people involved in the business. 

The dragon asks you, “Well have you launched yet?” No, no, we haven’t launched yet, what we are doing is we are focusing on developing this perfect product. They really want this perfect product and they present this to the Dragons. The Dragons sort of deliberate and they say, “We love your passion, we love your enthusiasm, but in our experience, we are really sorry there is not really a marketplace, or a need for this. Nobody wants this, nobody needs this.” 

So what happened in that scenario is, you’ve invested so much money, invested so much time into something in the hope that somebody wants and needs it. So what we want to do is not put you in that situation. We want you going into the Dragon’s Den with a successful revenue product, and all you need from them is a cash injection, and their expertise. 

Now, let’s reverse that model and begin talking about finance. What revenue model are we going to consider? Is it subscription model? That’s very popular at the moment. Is going to be you selling products online, direct to customers? Are they going to be B2B or B2C? Are you going to have contractual based products? Are you going to be billing people on a quarterly basis? Do you sell them a small product in advance, a medium-sized product, and then a high-ticket item down the line? Or are you selling them a high-ticket item first and keeping them on a low-cost payment plan going forward. There are so many different revenue models, and that’s something you’ve got to consider at the business stage.

So, these are the points. Like we mentioned earlier, the answers can be in any order, in any timeframe. But the key is how to look at those key points and do the research in advance.

Starter Guide: What you need to know about online business | Part 3

We have spoken about the key parts. And we are going to focus on what matters. 

When building a business there are hundreds of questions to consider, lots of things to put into your business plan. However, let’s just focus at this stage on the online world, and on the most important questions. To answer those question, in the next blog post and video Kyle is going to show you how you work through that process. 

Just think about it like this: you don’t start a hundred metre sprint without doing the training and the warmup. This is the training and the warmup before you sprint, get to the finish line and collect your reward. 

So, that note let’s move on to the next part.

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