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4 Steps to Building a Successful Online Business

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Posted by Cindy on May 1, 2012 at 5:15 pm

4  Steps to Building a Successful Online Business

After being online for 122 days and having made number of sales online,thanks to a supportive group of readers who read my recommendations on what works and what doesn’t. Let’s continue to cheer one another one in reaching our goals!

I have searched and read a number of blogs on the steps and ‘secrets’ to building an online business. These four steps I feel crystallized the basic steps a person has to build in order to build a sustainable and successful business online.

Identify a profitable niche market

 

 

This is numbero uno. You cannot build a successful business if there is insufficient demand for your product or service.One extreme example is ” How to be a  Dodo bird veterinarian” cos there are no more Dodo birds around anymore.

Not only must there be a demand for your product, the best is to be able to identify a market that has high demand and low competition.

A useful tool for identifying profitable markets is

Google Keyword Research Tool which is free and provides lots of important data such as demand for your product in a certain locale.

 

 

If you are looking for more specific data and competitior’s analysis,you can use  wordtracker which provides more specific data such as

  • Competitor’s information
  •   Number of websites that already exist on your niche.

This allows you to be able to see what successful websites do to attract visitors,their monetization methods, study their content strategy. All these provide valuable data to help you in launching your web business.

  •   Demand for you product.

Thus you need to find a market before you develop a product or service for your market.

Product
Study the market and identify what needs are still unfulfilled by your target market. For instance, there are successful bloggers out there who promote products on how to build a better blog or how to attract an audience.However, few touch on creating a content strategy and how to leverage all these into a successful passive income business.

So through you research in step 1,you should be able to uncover a list of unfulfilled needs waiting for you to fulfill.

You can either create the product or service yourself. Alternatively, you can be someone else’s affiliate and combine a few related products together to form a complete package.

Website/Platform

 

Once the first 2 steps are done,you need to have a platform to market your product. A platform can be a website or a blog where you can readily build an audience who may be interested in your niche,build a relationship with them, help them solve their problems and soon you will be richly rewarded for it.

You need a website/blog to create a mailing list so you can stay in touch with your subscribers.

Traffic
This is another key component. No longer will the world beat a path to your door if you have built a better mousetrap. You need to be able to get the word out and let the people know you have a solution they are looking for.In order to get the word out, you need traffic and visitors to your website. In a similar way, a retail store needs walk-in traffic for exposure and potential sales, your website is no different.

The common ways to generate traffic online include

  • Advertising.Pay-per-click advertising, classified ads, blog advertising etc etc. etc.
  • Article marketing.This is the approach I used when I started online. I had no list, no subscribers and no blog. I started building my audience one article at a time. Places whereyou can share your content include
  • Ezinearticles.com
    Buzzle.com
    GoArticles.com
  • SEO: Search engine optimization, which is to optimize your website to improve your search engine rankings online.

These are some of the ways to build a successful online business and drive tons of traffic to your website.
For more ideas on how to create a successful web business, click here.  This is an account of how one 25-year old makes six-figures online working just 4-hours a day from home.

The ‘sleepwalking’ at work is over now. It is time to create your own online business and live the lifestyle of your dreams.

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