Have you ever wondered how to start a business? And is it even possible to take a business idea and watch it grow when you have little to no experience? I see you out there, scrolling through Instagram, watching people live their best lives running online businesses, and thinking, "Damn, I wish that was me." Well, guess what? It can be.
Now, I know what you're thinking. "I don't have the money, the skills, or the time to start a business." Stop right there. That's your fear talking, and we're about to shut it down. Everything is possible if you put in the work, do your research, and follow the right route.
Let's get real for a second. Starting an online business isn't a walk in the park. It will test you, push you, and maybe even make you want to quit. But if you stick with it, the payoff is worth every late night and every doubt.
So, let's break this down, step by step. In the end, you could have a successful business and you’ll be one of those people you admire so much on social media.
Find your million-dollar idea
First things first, you need a business idea that will make waves online. Don’t think about startup costs right now. But here's the kicker — it doesn't have to be some groundbreaking, never-been-done-before concept. It just needs to solve a problem or fulfill a desire that your potential customers have within your target market.
For your own business, think about what you're good at and what you're passionate about. Maybe you're a wizard with Excel and can teach others how to master it. Or maybe you've got a killer skincare routine that could help others. The possibilities are endless, and they all translate into different types of business models. Will you be a service-based business or a product-based one? Answer these questions early to have a clear understanding of your business vision.
In 'The $100 Startup,' Chris Guillebeau talks about turning your passion into profit without breaking the bank. Check it out on the Headway app. It'll light a fire under you and push you to become one of those small business owners you admire so much from afar.
"Ask three questions for every idea: a. How would I get paid with this idea? b. How much would I get paid from this idea? c. Is there a way I could get paid more than once?"
Here are some ideas to get your brain juices flowing:
Digital products: E-books, courses, templates, or software on Amazon or elsewhere.
Dropshipping business: Set up an ecommerce business without holding inventory, with just an online store and an Internet connection. It’s easy to find wholesalers to help with this.
Selling handmade/craft items: Etsy is a wonderful place to sell your items if you’re into crafts and art and have the necessary know how.
Freelance services: Freelance writing, graphic design, coding, virtual assistance.
Coaching or consulting: Open a coaching business and share your expertise one-on-one.
Affiliate marketing: Promote other people's products and earn a commission.
The key is to start with something you know or are willing to learn inside out. Ultimately, when things get tough (and they will), it's your passion that will keep you going.
Get to know your people
Alright, you've got your idea. Now, who will buy it? This is where market research comes in. And before you start yawning, hear me out. This part is crucial.
You need to know who your potential customers are, what they want, and what keeps them up at night. If you don't know who you're selling to, you might as well be shouting into the void. It will also help you set up your pricing structure because you’ll know what they can and can’t afford.
Eric Ries talks about this in 'The Lean Startup.' It's all about testing your ideas and adapting based on what your market actually wants, not what you think they want. It's a game-changer.
"We must learn what customers really want, not what they say they want or what we think they should want."
Here's how to do some quick market research on demographics:
Explore social media: See what people in your niche are talking about.
Check out forums like Reddit or Quora: What questions are people asking?
Survey your network: Create a quick Google Form and send it to a wide range of people.
Analyze your competition: What are they doing right? What are they missing?
Remember, the goal here is to validate your idea before you invest a large amount of time and energy into it.
What about money?
You don’t have a huge amount of money, or it may be that you don’t have any spare to start your own business. That’s fine; you just need a financial plan. There are many ways you can raise capital without having it yourself. Bootstrapping is a surprisingly common way to start a business these days without having money upfront.
Crowdfunding is a great option to think about and involves raising money from a large number of people. If you’re sure your idea is a profitable one, you could look at various lenders, small business loans, and small business grants. This means having a business plan in place and presenting your idea. Angel investors and venture capitalists are other options.
The point is that you don’t need to have thousands in savings to start your business venture or a huge, empty credit card. You just need to be a little savvy. There are also plenty of free resources you can take advantage of. Remember, not everything has to cost a fortune.
Build your online home base
Now, we're getting to the fun part — building your online presence. This is where you get to show the world who you are and what you're about. It’s a key aspect for potential new businesses.
First, you need your own website. Don’t worry if you’re not experienced in web design, coding, and complicated tech subjects. There are plenty of user-friendly, low-cost website builders out there, like Shopify, Wix, or WordPress, that make it easy to set up a professional-looking site for beginners. LinkedIn is also a great place to make your presence known.
But of course, the key thing here is your domain name. That basically means you need to come up with a name for your business. It might take time, but choose something catchy that resonates with what your business is about.
Here's another thing: your website isn't just about looking pretty. It needs to tell your story and connect with your audience, while also focusing on functionality. In 'Building a StoryBrand,' Donald Miller breaks down how to do this. It's all about clarifying your message so your customers will listen.
"... pretty websites don’t sell things. Words sell things."
It’s also important to have a FAQ section on your website so you can easily answer any questions your potential customers may have.
Next, it’s important to use social media platforms. These are your megaphones to the world. But don't try to be everywhere at once; instead, pick the platforms where your target audience hangs out and focus on those. Social media management is about a targeted approach, not an all-or-nothing route. Think of yourself as an influencer, gently guiding people toward your content.
Gary Vaynerchuk's book 'Crushing It!' is a goldmine for social media marketing strategies. He breaks down how to build your personal brand and leverage social media to grow your business. It's like having a marketing guru in your pocket.
"The best way to reach out to a community is to become part of a community. Engage, comment, share, and create without asking anyone for anything. Become part of the community, and you’ll have a much better chance of getting someone to create a meme using your material, or better yet, create your own meme that other people fall in love with and share."
Focus on the legal aspects
I know, I know. The legal stuff isn't fun, but trust me, you don't want to skip this step. Getting your business set up legally from the start can save you a world of headaches down the line. Decide on the type of business you will be, e.g., a limited liability company, and start from there.
Here's what you need to do:
Choose a business structure (LLC, sole proprietorship, etc.)
Register your business name
Get any necessary licenses and permits
Set up a business bank account
Get your tax situation sorted out
Work out how you’re going to approach bookkeeping and record-keeping
It might seem like a lot, but take it one step at a time. There are plenty of online resources to help you navigate this stuff. It’s also a good idea to speak to a financial advisor in terms of bank accounts and tax. Every situation is different, and a professional can help you work out what you need to do to make sure you’re not missing anything important.
Hustle smart, not just hard
It’s easy to think that hustling 24/7 is the answer, but it’s not. You need to work smart, not just hard. Your business idea doesn’t need to be your full-time job right away either; it can be a side hustle until things take off. Keeping your day job also gives you that flexibility and peace of mind.
Tim Ferriss breaks this down in 'The 4-Hour Workweek.' It's all about maximizing your productivity and automating as much as possible so you can focus on what really matters in person.
"Focus on being productive instead of busy."
Here are some tips to hustle smarter:
Use tools to automate repetitive tasks
Outsource what you're not good at or don't enjoy
Focus on high-impact activities that move you forward
Set clear goals and prioritize ruthlessly
Take care of yourself — burnout is real, and it'll kill your business faster than anything else
Market like a boss
You've got your product, you've got your website, and now it's time to get the word out. And no, I'm not talking about spamming your friends and family on Facebook. I’m talking about a strong digital marketing strategy that will act like a roadmap whenever you feel you’re getting a little lost.
Content marketing is your best friend here, whether you’re setting up an ecommerce store or you have another online business idea. Create valuable content that your target audience wants to consume. It could be blog posts, YouTube videos, podcasts, Instagram posts — whatever fits your brand and resonates with your audience. If this isn’t your forte, there are many online courses you can take that give you the basic knowledge and skills.
Email marketing is another powerful tool. Start building your email list from day one. Offer something valuable in exchange for email addresses and referrals — maybe a free guide or a discount on your products if you’re setting up an ecommerce website.
And don't forget about SEO. Learning the basics of search engine optimization can help your website show up when people are searching for what you offer. This can certainly do a lot for your profit margins.
Embrace the grind (but don't let it grind you down)
Starting an online business is a journey, not a sprint. There will be ups and downs, wins and losses. The key is to keep pushing forward, learn from your mistakes, and celebrate your wins, no matter how small.
Remember why you started, and keep that fire burning. And when things get tough (and they will), don't be afraid to reach out for help. It’s helpful to join online communities of other entrepreneurs, find a mentor, or link up with an accountability partner.
And here's something crucial — take care of yourself. Your business is important, but it's not worth sacrificing your health or relationships over. Make time for rest, for the people you care about, for the things that bring you joy outside of work.
Some food for thought …
To help you see how all of this can work in practice, let’s take a look at an inspirational story.
Canva, now a global powerhouse in the world of digital design, started from modest beginnings that highlight the power of a simple, visionary idea. In 2007, Melanie Perkins, a student at the University of Western Australia, was tutoring fellow students on how to use design software. She quickly recognized how difficult it was for the average person to create high-quality designs. This insight led to the creation of her first venture, Fusion Books, an online tool to create school yearbooks.
However, Perkins dreamed big and saw an opportunity beyond yearbooks. Alongside Cliff Obrecht, her co-founder, the idea for Canva began to take shape. Their vision was a platform that made graphic design accessible to everyone — from beginners to professionals, removing the steep learning curve associated with traditional design tools.
Canva’s drag-and-drop interface made design easy and accessible to users with no prior experience in graphic design. This intuitiveness attracted a broad audience, scaling up its user base rapidly. Additionally, Canva introduced a freemium model where users could access many features for free but would pay for premium features like advanced templates and design elements.
We should also mention the cloud. By operating in the cloud, Canva allowed users to design from anywhere and collaborate in real-time, a significant advantage that propelled its adoption in various sectors, including education, marketing, and small business. This met a need that Perkins identified in the market research state.
While it originated in Australia, Canva quickly expanded its services globally. The universal need for easy-to-use design tools, coupled with the localization of the platform in various languages, pushed its international appeal forward. Finally, Canva has fostered a strong online community and continuously evolves based on user feedback. This responsiveness to user needs and community engagement has helped improve the platform, enhancing user satisfaction and retention.
As you can see, from its roots as a niche solution for yearbook design, Canva has transformed into a comprehensive platform serving millions of users, illustrating the power of addressing user pains with simple, scalable solutions.
Inspiring, right?
Look forward to business success with Headway
Now, I know we've covered a lot here. And if you're feeling a bit overwhelmed, that's normal. Starting a business is a big deal. But here's the thing — you don't have to figure it all out at once.
Take it one step at a time. Start small, learn as you go, and keep pushing forward. Remember, every big business you see out there started as someone's small idea.
If you're ready to dive deeper into this world of online entrepreneurship, the Headway app can help you. We’ve got summaries of all the books I mentioned in this piece and more. We're talking concentrated knowledge that can save you years of trial and error.
So, what are you waiting for? Your online business journey starts now. No more excuses, no more waiting for the so-called perfect time. There is no perfect time; there is only now.
Remember, in this online business game, the only thing holding you back is you. So get out there, make some moves, and show the world what you've got.
