Being an online and a digital entrepreneur seems fun, you can work from anywhere in the world, travel and earn, sleep while you earn and so on, these things seem fun, but there are a lot of things you should know about starting an online business or going into digital entrepreneurship.
Tim ferries describer people with an online business as the (NR) New rich in his book the 4-hours workweeks, but is it really that simple to make money online? Yes, you might have seen lots of people doing it. Here are 10 truths you need to know about making money online.
1. You won’t get rich quick
If you have ever been told or you have the idea that you can get rich quick with an online business, then it is time to face the truth that you won’t get rich as quick as you think.
When you start a new online business, You will face obscurity. This means no one will buy from you, because they don’t know you yet or they don’t trust you enough. Although you can build passive income with an online business, it won’t come that fast.
2. You need money to run it
I have heard a lot of online entrepreneurs saying you can start an online business with nothing. However, online business costs little to start and run unlike a traditional business, but it would still require you to invest to start and run.
For example, if you have an online store, you still need to drive traffic to your website, it will cost you money for paid ads, organic traffic is free but it would also cost you for proper SEO.
So keep it in mind that online business also cost money to run, a lot of online business has stopped operating because the owner underestimated the amount needed to run it.
3. You need passion
Passion is the fuel that will keep you going, I have seen many people start an online business because some influencer told them to. They just buy the course and along the way, they get bored with the business no more.
You see how doctors are passionate about saving lives or, how an artist is passionate about drawing, and how a footballer is happy to be on the field. If you don’t have that passion, don’t even bother trying to make money online.
Before starting an online business, make sure you are passionate about the business or niche you want to get into, this would help you stay and work in the long run.
4. You need knowledge for the online business
Knowledge separates the wheat from the chaff, you need to keep in mind that the people who would use your product or service are smart; you need more knowledge about your business or niche than your customers be as twice as smart in your niche than your customers.
Many people think they can just buy a course or copy an online business framework and make money, even if you make money you need to grow your knowledge for more money to come in. You need not be an expert, but you definitely need to know a bit about what you are getting into.
5. You must put in the effort and work
Some might think to start an online business requires you to work less than if you have a traditional business, first when you start an online business, you become your boss, which means you have to work harder than usual.
However, you can automate your business and outsource a few extra hands to help. You must put in the time and effort to make your online business a success.
6. You must invest in online tools
Just like how farmers need shovels, hoes, or how a carpenter needs a hammer and saw. Your online business needs tools to run. Yes, there are a lot of freemium tools online that can help you, but for you to scale up you will need to invest in premium tools.
7. You can’t start multiple online business at once
Being a serial digital entrepreneur can make you wealthy like Neil Patel, Alejandro Cremades, Syed Moiz Balkhi, and many others, but the truth is you can start multiple online businesses at once.
Looking at all these people with a lot of digital business, they started it one after the order, none of them started their multiple online businesses at once. You need to make it grow to a certain level where you can automate most of the work and work less, so have one idea in mind stick to it and work on it till it became profitable
8. You don’t need technical skills
You need not be a programmer or a web developer to make money online; you need not be a technical founder. You can outsource professionals with technical skills.
Although online businesses are easy to start now, build a website, designing pictures, running ads, and so on, there are now platforms online that can help you get started with no technical skills.
With services like Flippa, exchange marketplace, Shopify marketplace, and many more, you can buy online businesses that are already profitable.
9. There are multiple to make money online
Don’t let anyone tell you differently, there are multiple ways to make money online. You don’t have to looking for what is the trending business online.
10. You need to be an expert to make money.
More than a thousand people are afraid of starting an online business because it scares them, they won’t look at as an expert. You need not be an expert to make money online.
Some online businesses like an online consultant and some blog topic may need your expertise, but you can make money online without being an expert.
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