I grew up in an Entrepreneurial home i.e. both parents did business both by choice and as last means of survival.
For example, there was a point when my mum lost her shop and instead of staying home complaining and crying over her situation, she found a spot outside a busy line and was offering computer services plus selling small products in a little store or protection outside.
While the zeal and doggedness has sustained her for a long time in business – this alone is not enough to grow a profitable business online today.
Here are some top online money business lessons i’ve learned over the years:
1. Become an Expert/authority at something
One of the fastest ways to attract your ideal clients is to become an authority in your niche. But you won’t become anything near an expert if you’re not niching down in the first place.
There’s no big reward doing what everyone else is doing. Focus on finding your expertise.
Pick an idea/market to gain expertise and give it your ALL. Plus don’t forget to personalize it is a unique way to build a hot-niche.
Best if you really have a specific target audience and solve a big problem for them. This will make you seen as an expert in this specific field, and you won’t have to worry about the amount of clients in the future.
2. Work Smart – not just Hard
It starts with having a solid desire to make things run smoothly without so much of your effort. How many people have you seen in construction and literally breaking their bodies just to do their work.
You want to be fit enough to be able to play with your kids in the future so learn to use your mind to earn money not your back.
Life is hard for people who believe they deserve to be rewarded just because they are working hard. You also need to be smart about what you choose to work on.
— Orange Book 🍊📖 (@orangebook_) May 17, 2023
Don’t just work hard, but ensure you work SMART also. Build systems – let your money work for you:
The good thing about building systems now is that you just need to tap into other systems in place such as Ads, automations, Webinars affiliate networks, flows and retargeting which have already been optimized to give you best results.
3. Focus on your business and starve your distractions.
Its easy to jump from one business model to another every week – but that’s not going to build you a solid brand.
The only way to stay focused is to starve all your distractions including shiny objects and focus on your business.
Doubt, anxiety, imposter syndrome, and fear of what others think are usually a by-product of a lack of self-belief.
If you dedicate your all to your business, your business will feed for a lifetime. – Naija Brand Chick
See also: 9 tips to staying motivated while running your own business
4. Take Action on Ideas
The key to getting amazing results and building confidence in what you do is to focus on implementing and stop overthinking.
“Most people overthink every aspect of building a business.
It’s dumb and such a waste of time.
Instead, just start executing on a DAILY basis.
Yeah, you’ll suck at first and people will shit on you for it, so what?
With time you’ll notice that the faster you take action, the more confident you’ll be.” – Joshua Cousin
5. Freedom >>> Chasing status or income
Freedom is living a life on YOUR terms and one that aligns with your values!
Thousands of people have used Entrepreneurship as a springboard into financial security, financial freedom, and huge business and personal success.
In terms of fulfillment and happiness, entrepreneurs that learn to stop fixating on just status or higher income are the ones killing it!
Happiness is found on the journey of actualizing your own mission and vision.
See also: Beyond Keeping Score: Embracing A Wholistic Approach To Life
6. Be consistent
The reward for consistence can never be overemphasized. In short why did you quit that new business you wanted to go into?
You probably lost faith or the zeal for pursing that dream.
The reward includes becoming known for something and the resilience/grit you develop with it which has a way of molding your character.
But you don’t want to be consistent in a blind manner -analyze the things that are working and the things that aren’t.
See also: How to be consistent
6. Learn how to sell
Selling is one of the world’s highest paid skill. No organization can grow without sales.
⦁ Create irresistible offers
⦁ Promote your offers daily
⦁ Get better at sales
Want to build a powerful one-person business?
Learn how to sell.
Every single day you’re selling something:
– Idea
– Vision
– Product
– Solution
– CustomersLearn to sell and you’re a one-person distribution machine.
— Justin Welsh (@thejustinwelsh) October 23, 2022
7. Track and measure everything
The moment I fell in love with tracking ad spend, sales and net profit with Excel or Google sheet my business felt like a “real business.”
It was only then I could notice trends, anomalies and how to predict and manage my expectations.
You cannot improve what you cannot measure.
If you want to get better at something, TRACK IT!
— Syed Balkhi (@syedbalkhi) February 27, 2023
8. Underpromise, over deliver
Sales is always easier when you are able to blow the minds of your customers and competition.
Remember, anyone can make a one-time sale. But only when you give outstanding results does your work gets spread by word of mouth.
Aim to offer the “best” service or high quality products. Remember, no amount of marketing can keep you in business if you have a bad product.
9. Optimize your business for profit
Not all business have a direct means of measuring return over investment or calculating profits especially right away e.g. Writing.
For example, i can swear writing has not paid me directly even 1/100th of the effort i have put into it but it has in an in indirect manner SCALED my business 10x what i would have ever imagined if i never indulged in writing as a habit.
Your business overall should be optimized to be profitable in the long-run so you never regret starting in the first place.
You’re not in business for charity, you’re not in business for fun, you’re there to make money.
Ensure what you’re selling has a high profit margin, if you can, a 40 to 50% profit margin is great.- Naijabrandchick
10. Reinvesting back into your business
It doesn’t matter what vision or goals you have for your online business, if you’re afraid or don’t have reinvesting back to your business as a priority – your business is going to suffer.
When I noticed the potential of my business – I started reinvesting 80 – 90% back into the business because of the hope I had in the business.
And no surprised it worked – the results of investing such huge amount back into the business has yielded much results that I now relax into a more convenient share.
CONCLUSION
Growing up in an entrepreneurial household has given me a unique perspective on building a profitable online business.
It has taught me the importance of expertise, efficiency, focus, action, freedom, exceeding expectations, tracking progress, optimizing for profitability, and reinvestment.
These valuable lessons have equipped me with the knowledge and mindset needed to navigate the digital landscape and create a thriving online venture.
I got attracted to tech from an early age getting close to my Father. Coupled with learning some high end skills i was able to build a 6 figure Ecommerce store a few years ago after graduating from Pharmacy.
The only way I have found to express myself as an introvert is through writing.
I’m convinced 100% that to build a 6-7-figure business and beyond you need to invest in yourself and your personal development.
The more you grow, the more your business will grow.
PS: I wrote a short book on why you don’t need more motivation and how to push through in such moments – get it here:
Thanks for this info!
Consistent is key to everything