Online Business Launch Tips and Revenue Streams

online business launch Mar 23, 2020

I know there is a rush to get online and launch a business. I completely understand. And personally, I believe that an online business is one of the absolute best choices that someone can make.

But I meet a lot of business owners who’ve worked hard to build the wrong kind of business. And I don’t want that for you.

My intention is for you to move forward mindfully and in a smart way that works with your life, aligns with your brand, and establishes your business as a leader.

Online businesses are the new frontier of entrepreneurship but that’s not telling you anything that you don’t already know. But you’ve got to know how to establish your business and how to position yourself strategically in the online space.

I don’t want you to jump in blindly. I don’t want you to waste your time. And time is money so don't waste your money.

With that in mind there are four things you should ask yourself and absolutely nail down before you ever try launching an online business.

I'm handing out some tough love in here and maybe even some unpopular, personal viewpoints, but there’s also a BIG dose of inspiration because I want you to learn from my mistakes.

1. How are you going to make money?

You need to know what your business model is going to be and what your revenue streams are going to be.

I want to share with you some examples that you can consider for your business so that you can begin to wrap your head around this.

1. Sell digital products. Coaches and consultants should consider selling digital products.

This can include downloads, templates, workbooks, and even planners. Lots of people are making great money doing this.

Service providers could offer logo design, PDF design, slide design, website design... anything that the delivery of the product is digital.

An idea for crafters and artists would be to offer signs and pictures digitally through platforms such as Etsy.

Now granted there are other tons of digital product ideas depending on your specialty. Just be sure that since the focus is to take your business online, your product needs to be digital.

2. Launch a course. This is a perfect option for coaches, teachers, or consultants.

Basically there are two types of courses to consider. Evergreen courses are courses that are available anytime, on demand, and whenever your students find you and whenever they are ready.

Open and closed cart courses may only open a couple times a year. These courses have hard closing deadlines so that everyone works together at the same pace.

Another method of teaching courses is via live trainings. This could be accomplished through webinars, through Zoom, or Facebook lives within a closed community.

3. A third option to generate income online is to create a membership site or an association. This option is a little bit more demanding because you are constantly having to pour into your group. And you should also expect a constant ebb and flow of members.

It requires a longer commitment, and if you go this route, you should plan to offer one new training a month. You can provide core content within the group and then eventually charge upgrades for different membership levels.

Just keep in mind that this is a little different than a course. Unlike a course, hosting a membership doesn’t end. It’s a constant nurturing to support the members.

Now that you know the ways to make money, you need to take the time to fully investigate. Go back to your vision for your life. What does this look like? What does your day look like? Do you want everyday contact with your clients or an online course for more passive income?

There’s nothing sexy about it at first. It's a lot of work to do up front. But I love courses. I don’t have the capacity to constantly be in a membership site based on how I've designed my life. I do get to have those closer relationships through my Facebook group, though and it’s the perfect combination of teaching and connection for me.

I wanted to provide a brief overview of each method because you do need to make a choice. Make a choice and master one of these first. I want you to have multiple streams of revenue, but you need to do one thing well. Give yourself the opportunity to focus on that one thing before you start adding to your plate.

2. How much are you going to be working?

Going online does not mean working less.

Yes you can make your own schedule and design your day to day, but when you are first getting started it is a lot of work.

Be aware that it takes more than just showing up on the web. If you launch it they won’t come. You can even expect...dare I say it...Crickets.

Going online has so many more moving parts than in-person business so lets make sure that you have a plan.

It looks different than just meeting one-on-one. When moving online, your work time shifts in that you aren't necessarily working IN your business; you work ON your business. That’s a big difference there. And the main focus becomes one of relationship building.

Relationships that you now build are very intentional and take longer to take root because you aren't physically with someone to build trust. This is true for your potential clients and business colleagues (which are just as important).

So first things first, you must have your brand represented well before you start reaching out even if that's just a simple, one-page website. You don't get a second chance at a first impression.

Once you have an online presence such as a website, then create an optimal lead magnet and allow for a period of time to grow your list and amount of followers. Then you dig into the relationships.

This takes work and time. Your goal is to get other businesses and influencers to tell people about your business. These kinds of relationships require trust and time. It’s a two-way street, and you have to be willing to share and promote others if you want that in return.

So launch your business, then connect with other people and get your business out there. The more hours of work you put in at first, the more ground you will cover. Plain and simple. When you launch people will not be plowing to work with you. It takes some major, up-front hustle.

And, you can’t stop connecting with people face-to-face. Honestly, I suck at connecting with people in this way. I don’t need a lot of in-person interaction. I have a small circle that I see everyday and I'm good with that. However, I have learned that my creativity does.

In order to continue to get my business where I want it to be, I need to surround myself with people who speak into my business. I might meet them through a digital online community, but in order to facilitate those relationships, I have to meet face to face.

Now this has been a night and day change for my business from being in the trenches in my office by myself. It's a new development for me, and I am witnessing each and every day how important that is.

It all comes down to this. Do you want to grow? Accept that this will take time. You need face to face relationships with mentors and influencers who speak into your life and into your business.

3. How are you going to master the technology?

I want to share my philosophy with you.

I want you to be prepared to not be scared.

When it comes to conquering technology I set my bar pretty low. And when I start something new I know I’m going to suck at it. It’s not going to work right, and I’m good with that. But now I'm at the place where I hire help.

You don’t have to be a tech wizard. Hire it out. Can’t do that? Figure it out. Be prepared to set aside time to tackle the learning curve.

And do your research before you ever launch. Go back to number one, figure out what you're going to deliver to the world, and choose the website platform that will best suit your needs.

Technology is getting easier. Choose the one that you can master well in the beginning. That’s what’s important. You don’t have to go with what’s most expensive or elaborate. You can always transition through multiple software as you get better, your income grows, and as time allows. But for now, find what works for you.

Is it going to be easy? No.

Is it going to be worth it? Yes.

4. How are you going to stand out?

First of all...UNAPOLOGETIC ALLY BE YOUR BRAND. Not everyone is going to like you. And I get that this is easier said than done.

But you shouldn't try to be someone else. You deserve to build a business that is a representation of the brand you want to put forth.

Give yourself that permission. Not everyone will love you. It's OK.

Secondly, don't be afraid to narrow your audience and don’t be afraid to NICHE DOWN.

One of the first areas I specialized in was the maternity industry. I became an expert in that industry helping to launch businesses for professionals in that field. Because I was so niched, I never had to market that business because I was so clear on who I served and what they could expect. There is power in niching down.

Now my niche has obviously changed. I have transitioned to teaching coaches and consultants who want to reach the 20-hour week business model. I want you to get that specific. Be authentic, and don't try to please everyone.

Finally, in order to stand out you must BE CONSISTENT.

Being online means that you will always leave an online footprint. People can look back to see when you posted, how you posted, and what you posted.

Create a plan to be consistently showing up. If you can’t do that every day, aim for once a week or once a month. Whatever you can do, commit to it and DON’T FAIL AT THAT.

Being inconsistent is how you misrepresent your brand. People will subconsciously question whether or not they want to work with if you're not consistently showing up in front of them. With all of the messages and images that are coming at your potential audience and all at once, you’ve got to be constant, committed, and consistent. That's what it takes.

Begin today!

So many of you are ready to take the jump to an online business and it's amazing. I want you to be able to share your gifts with the world, but I want you to go into this with eyes wide open.

You won't be working less. It takes time to put out a great product, and it takes a while to scale back to a 20 hour work week. It’s a journey.

There is nothing about this process that is easy, but the end result is so worth it.

Always keep in mind the big picture for your life and the reason behind everything that you do when it comes to building a successful online business. There is no better time than the present to jump in with both feet.

So here’s your encouragement to go for it, but just promise me and yourself that you will move forward with intentionality, strategy, and commitment.

And know that I am always here for you in case you need that intensive guidance to get where you want to be quicker than going it alone.