10 Tips on Building a Reputable and Profitable Online Business
Updated: Apr 9
If we're honest with each other, I'm sure you want to know how to start a profitable online business.
You’ve probably started at some point in time and stopped. Or mayve you were unable to scale it.
Well luckily for you, it's a lot easier and cheaper now compared to 10 years ago where you need technical skills and a deep pocket.
I have lot of colleagues as wells as trainees making lots of money online here in Nigeria (including myself.
While this is true, you’ll be surprised at how many people spend so much online and make far less or no income at all.
With the right combination of knowledge and tools, a great business idea and an excellent marketing strategy you can start up a side hustle quickly or build a profitable online business.
But do you have the time?
One important factor in building a profitable online business is time.
And you're probably thinking you don't have enough time right? You should probably rethink that.
Statistics has it that most businesses fail in their first to third year. But you don't have to be one of such.
Here are ways to build an effective online brand:
Find a niche: Riches are in the niches. First, you need to be sure of what you are extremely good at. Be sure of what naturally comes to you or what you like doing that you can even broaden your knowledge about. When you narrow down your niche; you have more focus and you know exactly the people you are communicating with.
Find a problem: People don't want to know about your new product, rather, they want to know how your new product would benefit their lives. Your product must solve a need, if not, people won't really see the need to pay for it.
Get a name and register it: A name isn't just a name, a name is what your brand would be identified with. Avoid using names that others have used or names that have wrong connotations. When you find a name, ensure you register it. Claim it on relevant social networks your audience is on and get a website for it.
Have a clear mission and vision: One of the best ways to sell your products or market your services online is by knowing exactly why you do what you do, that is your 'WHY', and where you see yourself in future. It is also important to know your target audience and what drives them.
Have a brand style guide: Here, you are to establish your brand identity. Your logo, colours, brand voice, images, fonts, and so on. This helps you build a consistent brand.
Think mobile: Several types of research have revealed that consumers assess websites more on their mobile devices than ever before. And so, it is important to make sure your websites are optimized for mobile usage and easy to navigate.
Know what sets your brand apart from others and emphasize it in your communication materials: In your images, captions, adverts, etc. always tell us what sets your brand apart from others, that differentiation advantage.
Have a solid strategy in place: A strategy doesn't have to be too long, rather, it has to have key things such as your goals and objectives, marketing strategy, sales strategy, and so on.
Build your reputation: Never neglect word-of-mouth marketing. Your online brand can still be marketed offline and if customers are happy with your services, they would recommend it to others willingly.
Share your story. We all love to hear stories, and as a business owner, it is your job to make us love your business story and see how it helps the lives of your customers.
What other tips would you love to add? Do drop your comments below.