6 steps to becoming a successful online entrepreneur

Updated on: 13 August 2015

The internet revolution has brought with it a new generation of entrepreneurs (online entrepreneurs). These are men and women who have effectively utilized the power of the internet to make money and create employment opportunities for millions of people. Basically, an internet entrepreneur is a person who takes advantage of the power of the internet to start a business and grow it to phenomenal proportions. We have many stories of successful entrepreneurs who, with passion and dedication, changed the course of online business forever. But how do you start and become a successful online entrepreneur? What are some of the steps that could help you realize this?

Have a well thought out and detailed business plan

Failing to plan is planning to fail. Just like conventional businesses, you need a well thought out plan on how you are going to start and grow your online business. A well thought out business plan should contain specific, measurable, attainable, realistic and time bound business objectives. It should outline how you are going to attract capital; how you are going to roll out the business and the chronological steps you will follow to make your online business a success. You cannot be a successful online entrepreneur without a plan or a clear direction of what you want to achieve.

Create a website with prerequisite tools

Your website is your window to the world. It’s a medium through which your prospective customers will interact with your product and services. You therefore need to create a website that makes your business operations seamless. You can add shopping carts to make transactions easier for customers, custom make your website to make it easier for navigation and find information that customers needs, include share buttons for increased exposure, and use surveys with the intent of providing what the customer wants.

Make use of advertising

You cannot succeed as an online entrepreneur if you fail to do proper promotion. People need to know what your business is all about, the products and services it offer, why it is better than competition and so on and so forth. To achieve this, you need to engage in proper advertising. You can do this through paid search such as search engine marketing and email marketing. You should also invest in Search Engine Optimization for Google organic traffic. However, as much as Internet marketing is effective, ensure that you also do physical marketing such as newspaper and flyers for customers who don’t have access to the internet.

Check your expenses

Just like any other kind of traditional business, being a successful online entrepreneur means that you need to check your costs. Don’t jump into haphazardly using business funds before you make your mark. You should keep your expenses at a minimum and ensure that your revenues always exceed your expenses. Your aim should be limiting expenses and making as much profit as possible.

Risk management

While starting a business is always a risk, engage in risk that is manageable. Don’t put all your eggs in one basket. Above all, you should put measures to hedge against risk that emanate every now and then. Your success as an online entrepreneur is dependent on how well you can hedge against risk and your ability to curtail your expenses on unnecessary things.

Make use of social media

You cannot afford to burry your head in the sand. Social media is here to stay and plays a great role towards your success as an online entrepreneur. Social media marketing allows you to connect and engage with your customers on social media networks such as Twitter, Google +, Facebook, LinkedIn and many more. Social media is instrumental in brand exposure, increased interactions and engagements with your customers.