How to Start an Online Business from Home in ONE WEEK (Step-by-step in 2019)

Hey everyone, welcome back to my channel! In today’s video, I’m going to talk about
how you can start an online business from home within a week. Be sure to watch until the end, as I will
be sharing with you my personal experiences with running my own businesses, and the best
advice on how you can start an online business from home with little to no money. If you want more tips on growing your online
influence and building your online empire as a business owner, be sure to subscribe
to my channel and hit the bell to be notified whenever I upload a new video every Friday. Starting a business might sound overwhelming
and you might not know where to start, despite having some business ideas. I’ve made this video which you can follow
step by step, so that you don’t feel lost in the process. Step 1, Conduct Market Research. The first step that you should take before
implementing your business idea, would be to do your research. You will need to do market research, and I
will emphasize that this is one of the most important aspects that will determine the
success of your business. During the research phase, I assume you already
have an idea of your chosen niche. However, my advice to you is to be open to
other choices before you decide on a particular niche that you are interested in. Not every niche is profitable and some niches
will tend to do better than others because there is more demand and people are willing
to pay for certain products and services, and that’s just how it is. You may be insisting “Oh but Scarlet, I’m
only interested in low-fat cookie recipes for cats”. Okay, I’m pretty sure such a thing doesn’t
exist, but the idea is, sometimes the niche that you choose might not have any demand,
and that is why you need to do your research to see if there is any proof of concept for
your business idea. Competition isn’t always a bad thing and
just because other people are already doing it, doesn’t mean that you don’t stand
a chance just because you are starting out. A good example is Chinatown. You have all the Chinese stalls that congregate
in the same area, and they are literally competitors. But people go there to look for Chinese food,
so if there is a famous Chinese stall located within Chinatown, it’s going to attract
all these people who are interested in Chinese food into the area. So that doesn’t mean that everyone is going
to purchase from that one and only Chinese stall, right? There will be people who will compare the
menu and prices of the various stalls, which will in turn bring business for the other
Chinese stalls too. This is exactly the same concept of having
competitors in the same niche, because there is already demand, and people will be comparing
services. That’s where have your unique value proposition
to step in, and stand out in a way which will make people decide on choosing you instead
of your competitors. For example, you have a unique recipe that
is so delicious and cannot be found anywhere else. When you conduct your market research, be
sure to keep an open mind and not make decisions based on emotions. You might be emotionally drawn to your “low-fat
cookie recipes for cats” because you think it’s an extremely unique idea and you will
tend to make unrealistic judgements based on what you want to do. I am sure you have more than one single hobby
and interest. The most logical thing to do is to write a
list of everything you are interested in, pick the most profitable one that can be scaled
into a business. For example, my interests are playing the
guitar, drawing, psychology, and marketing, and I used to teach guitar, but I’ve shifted
my focus and picked the most profitable interest which is digital marketing and turned it into
a full scale business. During your research phase, find out if the
ideas that you have can be used as a business by looking out for the following. Are there blog posts about that topic or niche? Who are your competitors and how well are
they doing? Are there courses or tutorials or YouTube
videos in that niche? This will help you come up with a clear idea
of what is already working and whether there is a potential to start. If you find that the market is too competitive,
it is always recommended to narrow down to a subniche where you serve a specific niche
with a specific target audience. Step 2, Plan Your Business Strategy. After you have done the FBI and the CSI forensics
during your market research, you will need to ensure that you have a business strategy
in place. It is important that you have this sorted
out before we get to the administrative side of your business. The reason why we are not going to choose
a business name and register your business or create a website is because you don’t
know your business model yet, and branding is also not set in stone as you are still
in the planning phase, such as finding out your target audience persona after creating
your business model. The best way to plan your business strategy
is to have a business model using a business model canvas which is a template which helps
you plan your start up. This will help you be very clear on the infrastructure
of your business and the resources that you need, in order to fulfil the needs of your
target audience and potential customers. When you use a business model canvas, you
will be able to identify your unique value propositions such as your price, your branding,
accessibility, your performance, and what will make you stand out from your competitors. To build an effective business model, you
will also need to identify your customer segments which is who your various customers are based
on their needs and different attributes that they have. When you create a target audience persona,
you are not looking to cater to mass market because we will need to target the right people
who will be interested in your products or services. For example, I am targeting mom entrepreneurs,
so my target audience persona would be women who have children, and stay at home moms who
want to work from home. These are some questions you can ask yourself. What are my business goals? What makes my services or products stand out
from competitors? What resources do I need to start the business? Who are my target audience and what are their
interests, life events, and demographics? Step 3, Complete Administrative Tasks. Once you are clear about your business goals
and direction, you can choose a business name, and register your business. You can incorporate your company locally by
yourself, or you can get an agent to do it for you as they will be able to advice you
on which type of business to register (whether it is a sole proprietorship or private limited),
depending on the nature of your business. I made a mistake of registering my business
myself under the wrong type of business which actually put myself at risk of losing my personal
assets because I registered as a sole proprietorship business. There are certain laws tied to the different
types of businesses that you register, so be sure to check it out in your country as
you do not want to risk anything financially, and it is for the sake of protecting your
assets. The next step after registering your business
would be to open a business bank account so that you can carry out transactions and receive
your payments. Once again, decide on which type of bank account
is the most suitable for your business needs because there are various accounts which varies
according to the bank and country you are in. When I made the mistake of registering my
company as a sole proprietorship, I had to close my bank account because I needed to
re-register my company as a private limited one and re-open another bank account, even
though I am going to use the same business name. These are some mistakes which you can avoid
which can help you save time, money and unnecessary headaches. Once you have registered your business and
opened your bank account, you can go on to design your company logo, think of a tagline,
as well as a mission and vision statement. Step 4, Create Your Online Storefront. When you have almost everything in place,
it’s time to put yourself out there by creating your website so that you can carry out your
online marketing. You will need to have a website because it
is extremely important to have a storefront for your business. As a small business owner, you may think that
having social media accounts are enough but trust me, it only costs around $20 a year
to have a registered domain and the benefits of having one are endless. With a website, you will be able to display
your products and services, invite people to subscribe to your email list, and retarget
visitors using Facebook ads. Inviting people to your email list is crucial
for building the relationship with potential clients to follow up with them so that they
will remember who you are even after they leave your website. I made the mistake of not having one and I
was not able to build the relationship with those who have visited my website, and that
basically meant that I could not turn my cold audience into my warm audience with an email
subscription. I was having all these one-time visitors which
did not help with customer loyalty at all. It is easier to sell to people who have bought
from you before as compared to trying to sell to a completely new audience over and over
again, which was what I was doing. Retargeting is also very powerful because
you will be able to target visitors who have visited your website before and retarget them,
which also helps with turning your cold audience into a warm one. Retargeting is usually where the conversion
is the highest as compared to running an ad to a completely new audience because you are
targeting people who are already interested in your products or services and have already
visited your website before. For example, you have been browsing for an
iPhone on Apple’s website, and all of a sudden, you see iPhones appearing everywhere
all over Facebook ads. This is the exact power of retargeting, because
you are targeting someone who is already interested in your specific product and is more likely
to convert. Having a website is also a place where you
can provide value by uploading blog posts, which in turn helps with your SEO for certain
keywords that you are targeting which enables you to be discovered by people searching for
the keywords that you use, which drives a highly targeted audience. Step 5, Create Social Media Proof. The final step but not least, is to create
social media accounts for your new online business. You will need to know where your target audience
are hanging out mostly and create your social media accounts accordingly. If your target market isn’t likely to be
using Pinterest, you don’t need to create a Pinterest account. For example, 70% of Pinterest users are female,
so if your target market are men, you will know that creating a Pinterest account will
not be that relevant to your business. However, if your target market consists mainly
of women who bake, because you are setting up an online baking recipe blog, then it makes
sense to use Pinterest as part of your marketing strategy. You can also create content and share content
that is already trending by using Google Trends or BuzzSumo, and you can re-share content
that is already proven to be interesting and shareable. Being consistent on social media is also very
important because nobody likes to follow inactive accounts and people usually associate active
accounts as more trustworthy. An inactive account will look like it is not
well-managed and people will wonder if the business is still running and have doubts
about whether someone will respond to their enquiries. Creating content which sparks engagement also
creates social proof for your brand, so people know that your business is legit, as your
content is receiving engagement. People love numbers and it’s just something
that’s psychological. The more engagement you have, the more trustworthy
you appear to them and it creates more social proof for yourself. Once you have created your social media accounts,
you can start marketing your business and use it to drive traffic to your website. Alright, I have covered the most important
steps of starting an online business which can be done within a week, and I hope that
you found this video helpful. What other tips do you have for starting an
online business from home? Do leave a comment below! If you want to join a community of like-minded
entrepreneurs, freelancers and aspiring influencers, I have a closed group on Facebook where I
share up-to-date Instagram marketing advice to help you and your business grow. Click here to join! If you want to discover the most profitable
niche markets to start your online business, do check out this video over here. And if you want to find out how I quit my
job and started my own business, as well as some tips if you are planning to do the same,
do check out this video over here. Thank you all for watching. If you like this video, let me know by liking
it, subscribe if you have not done so and leave a comment if you found this helpful.

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