Now, more than ever, the internet has made it easy to build a home-based business. The pandemic caused the loss of hundreds of thousands of jobs. And the lockdown motivated many to start an online business. But most home-based businesses fail. And many online companies do not bring in enough revenue to replace a full-time job.
But the freedom and flexibility from being self-employed are enticing. If you do it right, building a business around your passion and expertise can bring you a great deal of success and satisfaction. And, if you are thinking of setting up an online business you will be making money even while you sleep!
What You Need To Know About Building A Business.
Start with what you know and become the expert
Depending on your education and work experience, it is easier to build a business in an area where you are knowledgeable. If there are gaps in your knowledge within the subject area, learn all you can and become an expert in it. Don’t allow the feelings of inadequacy or feel like you do not know enough to stop you. Whether it is about baking cakes or walking dogs, become the expert.
Do Your Research
Look up other businesses in a similar niche that have been around for a few years. How are they running their business? If possible, contact the business owner for insight into how to run a successful business in that niche. Look at their social media links. How are they monetizing their expertise? Is it easy to purchase from them? What aspects of their business resonate with you?
I can’t overemphasize the importance of spending time each day learning from people who have succeeded in the business you are establishing. You can do this through videos, reading, and speaking to successful entrepreneurs. Join a networking group to support and receive support from entrepreneurs at varying stages of growth in their businesses. Model your strategies on the ones used by the pros. Learning from the mistakes of the pros can save you a lot of time from making them yourself.
Align with the essence of who you are and what you have to offer
The process of creating a successful business starts with having a clear sense of who you are, what you stand for, and what you’re hoping to achieve through your company. Your expertise includes your knowledge and your experience, and a whole lot more. Leveraging these is a path towards a lucrative calling.
The essence of your business encapsulates your expertise, your values, your mindset, your personality, and your passions. To put it in a nutshell, it’s your value proposition from the perspective of who you are!
You must be clear about what you can do to enrich the lives of your potential customers. How can you add value to their lives, given your current time and resources? How can you package what you have to offer in a way that sets you apart from others offering something similar? That’s essentially your brand.
When we look at Oprah Winfrey, it is clear what she stands for – making an impact on the lives of her viewer. Even as she evolved in how she delivered her message, there was consistency in the essence of her message. Elon Musk is the epitome of technological expansion. Steve Jobs became synonymous with digital design. You are your message. Know what you stand for.
Know your target audience
Who specifically will benefit from your expertise? Decide on the group of people you believe are most likely to buy from you. How much do you know about them? Get to know them intimately. Know their likes, dislikes, and habits. If it’s Millennials you are targeting, how much do you know about them? What are they viewing on TV? You cannot be everything to everyone. Decide who you want to target and get to know them well. The more you know your target audience, the better you can communicate with them.
No matter what your business or service, it is essential you leverage as many different forms of media as possible. I never gave Twitter much thought until I witnessed, like the rest of the world, the effective use of it in the political arena. Who would have guessed? There is a wide range of social media. More than you may have time for. Study the ones that attract your target age group.
An amazing resource for this is “SOCIAL MEDIA MARKETING FOR BUSINESS 2020 : 3 BOOKS IN 1: The ultimate top strategies to build your personal brand and become an expert influencer using Facebook, Instagram, YouTube, Google & more.”
A great way to increase your presence and authority on your subject matter is to self-publish a book in your area of expertise. It can be the launching pad for a multitude of marketing ideas.
Start a website. Get your domain name. You can buy your domain name with the host you plan on using to host your website. There are numerous companies that host. GoDaddy and Bluehost are popular companies for hosting sites. Building a website can be as straightforward or as complex as you’d like it to be.
Create a website that is easy for visitors to navigate. I would suggest using WordPress more than anyone else. It had thousands of themes to choose from. When you sign on with GoDaddy or Bluehost, you can create a website with a theme that costs nothing, but I advise using a wordpres theme that you have purchased, which means you own it and it’s copyrighted in your name.
Start blogging on your expertise. Blog regularly. Ensure that you update your blog consistently with current information. Look for speaking gigs. Build a YouTube channel. Write articles for publications that focus on your niche.
One of the most important things you can leverage includes your mindset. Your mindset drives the way you approach your business and life in general. That is foundational for the success of your business.
Do you tend to be fearful? Or are you generally positive and enthusiastic? Are you self-motivated and driven? Or do you rely on external stimuli to motivate you?
According to psychologist Carol Dweck, people with a growth mindset have a positive attitude towards learning new things. Her book, Mindset: The New Psychology of Success, provides insight into the characteristics of a growth mindset and ways to develop it.
As opposed to a fixed mindset, a fixed mindset believes that your qualities are unchangeable. People with a fixed mindset have a difficult time learning from their mistakes.
Having a growth mindset is foundational to your success in business and all aspects of your life.
The good news is that while many personality traits remain stable over time. You can change your mindset. Building a business requires a high degree of adaptability. The correct mindset will make learning that much easier.
Capitalize on your strengths
Be attuned to your weaknesses as well as your strengths. Depending on the size and scope of your business, capitalize on your strengths, and hire people who can take over the part of your business that you find most challenging. If you are starting out and cannot afford to hire someone full time or even part-time, then seek the help of freelancers on sites such as
Depending on the nature of your business, Fiverr is also a great place to offer your services. There are hundreds of gigs provided by thousands of freelancers from all over the world. The quality is not uniform. However, you get to read the reviews on each freelancer. The best part is that you can ask for a refund if you are not fully satisfied with the quality of work.
Know your “why”
Knowing the reason for wanting to start your business will be the anchor for the continuation of your business, especially in challenging times. I have met countless people who started a company for the sake of freedom and flexibility, only to find that they were tied to the business for eighty hours a week with no flexibility or freedom.
Clearly define your goals and outcomes
Have some clearly defined goals – each quarter or annually. But go beyond these. What outcomes are you hoping to achieve? If it is an online business, some of your desired results may be in the form of visitors to your website each month. Members in your FB group. The number of new clients for your program.
Making $200,000 a year is a clearly defined goal. Maybe your outcome is to be financially free? Or to reinvest in the business. What would that entail? Maybe your overarching desire is to make an impact on this world. How can you quantify that? Conducting a survey or having a feedback form completed after each client has completed your program would be one way to evaluate impact.
Focus and self-discipline
Be kind to yourself
Develop a process to handle setbacks because they will happen. Setbacks are part and parcel of any business. Become aware of your emotional state when these moments arise.
Decide how you will deal with them. Create a support system that can be both honest and encouraging.
Take time off when you need to. I found that meditation, exercise, and journaling were effective in helping me deal with setbacks as I was setting up my business.
Building a business based on what you’re passionate about can be extremely rewarding. You have the option to work when it is most convenient to you. It can free you up to spend more time with your family. Or maybe, it can allow you the flexibility to travel and write or travel and work online.
But, Running a business also presents many challenges. Inconsistent income, distractions, and no employer pension plan. Don’t lose sight of why you got into business in the first place. And while you’re at, have fun. No amount of success can take the place of a deep sense of fulfillment. If you’re not enjoying what you’re doing, then it’s time to reconsider if you should be continuing on this road.
For strategies on building your business, feel free to contact me at firstname.lastname@example.org
This blog post contains affiliate links. I may receive a commission for products and services purchased (at no additional cost to you).
Through consulting and seminars, Jennifer teaches individuals and businesses ton how to achieve their goals. She has written numerous books on money: Women and Money: 7 Principles Every Woman Needs to Know to Be Financially Prepared in Any Economy and Growing Up With Money: Raising Financially Resilient Kids in an Age of Uncertainty.
Towards a most abundant future? Sign up For the 21 Day Challenge here.
Jennifer Thompson divides her time in San Diego and the Mediterranean. She can be reached at email@example.com