8 Mindset Factors for Starting an Online Business
“Nothing can stop the man with the right mental attitude from achieving his goal; nothing on earth can help the man with the wrong mental attitude.”
~ Jim Rohn ~
Are you one of those people who wakes up and drudges through their morning routine, only to reluctantly climb into their car, traverse through the daily obstacle course of rush-hour traffic and then run into your job with only one goal in mind; quitting time?
Surely you have dreamed of finding or doing something better and or more profitable. The stories of quickly earned fortunes on the internet flow abundantly through the media and become mouthwatering temptations.
You may wonder if you should start an eCommerce business, a digital product empire, create some new software or app, or even attempt to become a famous influencer on TikTok, Instagram, or YouTube. Oh, the sheer joy of money for nothing.
You can make a significant income with an online business, although it does not come through the push of a magic button or a simple copy-and-paste solution. Instead, a reputable and profitable online business takes some thought, planning, and strategizing to have long-term success.
Deciding What You Want
Before launching an online business, it is important to consider these eight key factors to plan your strategy effectively.
- What are you really good at, and what do you love doing?
- Think about what you’re truly passionate about.
- Is there an existing niche for that interest?
- How much do you desire to earn with that business?
- Will your business deliver physical or digital products?
- How much time and capital are you willing to invest?
- Are you willing to learn and be mentored?
- Are you willing to stick with it until you succeed?
Establishing Your Game Plan
What are you really good at, and what do you love doing?
It is crucial to take inventory of the skills and abilities you already possess to create the foundation for your new business. Having a great idea is good, but unless you can outsource everything to generate your business, you will need to find a “done for you” solution or learn skills like app creation, web design, and copywriting.
After listing those abilities, decide which ones you can learn, and research where to outsource to others to take care of those tasks. You don’t need to be a one-person show.
Think about what you’re truly passionate about.
If you plan on developing an online business, it is best to start with a product or niche that you are interested in, as this will increase your desire to succeed. On the other hand, maintaining focus and motivation is difficult if you are dealing with something you have zero interest in.
Is there an existing niche for that interest?
Once you have determined that niche, you can do some online research to discover how profitable that niche will be for you. After that, you might need to dive deeper into a more specific sub-niche.
Sometimes you will discover that a more specific sub-niche has an even more buyer-hungry audience, which can prove to be very profitable.
How much do you desire to earn with that business?
You will want to establish an income goal you wish to achieve with your online business. This sum can be an annual, monthly, weekly, or daily amount. Doing this will also help you reverse-engineer the steps required to develop it.
Will your business deliver physical or digital products?
Determining the type of products you plan to market will factor into the kind of web presence you develop. Each product requires different forms of delivery as well as payment processors. It would be best if you researched which is best for your needs.
How much time and capital are you willing to invest?
Whether you treat your new online venture as a business or a hobby will determine how much time and capital you invest into it. If you treat it just as a hobby, you will see no significant ROI (Return On Investment).
Time and money invested in a serious online business should bring you profits and can be scaled to become a substantial income. In this case, your expenditures could be tax deductible.
Are you willing to learn and be mentored?
Most people make the big mistake of trying to go it alone and fly by the seat of their pants. This usually ends in disaster and substantial financial losses. You need to be willing to learn and find a mentor who can guide you along your path and save you unnecessary time and money losses through their experiences.
It is important to be humble and accept their guidance, even if they are younger than you. They are often already very successful because they mastered the learning curve quicker. This benefit can help accelerate your learning process and help you to quicker gains.
Are you willing to stick with it until you succeed?
This is the toughest question to answer because it will expose your true entrepreneurial self. We all know the true story of the gold miner who quit just a few feet before hitting the motherload, only to see his successor strike it rich after a few digs with the shovel.
Don’t expect your online business to make you a millionaire within minutes, hours, or even weeks because that is extremely unrealistic. Although a well-run and planned online venture can generate large sums of money within a short period of time, it is often the entrepreneur’s tenacity that makes it succeed.
You must decide that you will achieve your success, no matter the obstacles, how long the delays, and frustrating the situations get. Then, ultimately, you can achieve financial freedom and free yourself from the job you have been working at for years that has yet to provide you with that level of success.
Once you have completed and fulfilled these questions, you will possess the ideal marketing mindset and achieve the lifestyle changes you desire.