How to Turn Your Skill into an Online Business
Updated: Nov 23, 2022
If you have a talent or skill, you can turn it into an online business and make money while you sleep.
The internet has made it easy for people to start their own businesses.
And because of this ease and accessibility, more Americans are turning to the web to provide services that range from writing to digital marketing.
Because starting an online business involves some work upfront, like creating a website and figuring out marketing strategies.
It's important to do your research before diving in headfirst!
With these tips will help guide you through this process:
Decide what you are good at.
While you may have a specific skill in mind that you'd like to turn into a business, there's no rush. The first thing to do is identify your skills and there are many different kinds.
For example, if you're good at cooking or drawing and have an eye for design, then those are examples of skills that others might pay for.
If you're not confident in any particular areas, don't worry! There are plenty of other ways to turn your passion and interests into something profitable.
Think about what makes you happy. What do you enjoy doing? What would make it worth getting up each morning? Does working from home sound like more fun than sitting behind a desk for eight hours every day? Would traveling around the world be more appealing than saving money by staying put?
Consider these questions as well as others that come naturally when thinking about your dream job:
How much money would I need to earn each month so I could continue doing this work full-time instead of just part-time while keeping other responsibilities such as childcare or caring for elderly relatives?
How much time will be required each day/week/month to build up my business so I can begin earning profit from it rather than losing money at first like most people experience when starting out on their own venture (the data shows 90% fail within five years).
Am I willing to invest money since I may not have the time to invest and have a third party create the content I need to start my online business?
Narrow down the list of possible online businesses.
Now that you've identified your skills and interests, it's time to narrow down the list of possible online businesses.
First, think about the marketability of your skill. Is it something that people will pay for? If so, how much money are they willing to pay?
Next, think about how much time commitment you can give to running a business. Are you able to devote at least 50 hours per week to this project?
Lastly, evaluate the costs involved in starting an online business. Do you have startup capital (or access to credit) on hand that would allow you funding for advertising and marketing campaigns.
Are there any other costs associated with running an online business (such as website hosting fees or software licensing fees)?
Determine the target market for your business.
Before you can start making money, you need to know exactly who your target audience is and what they want.
For example, if you build websites for small businesses and charge $1,000 per website, then you’re going to need a lot more clients than if you build websites for large corporations and charge $50,000 per site.
You also have to consider how much time it takes for each project. The larger the company paying for your services (and the more projects they have), the faster you can make money.
Keep these questions in mind as we walk through steps for turning an existing skill into an online business.
Choose a name for your business and secure a domain.
The first thing you'll want to do is choose a name for your business. You should already have an idea of what this will be, but it's worth making sure that it's available as a domain name.
Next, make sure the name is easy to remember and spell. If someone can't remember or spell your company's name, or if they think it sounds confusing when spoken aloud (e.g., "car" vs "card"), chances are good that they won't take the time to see what you're offering anyway!
Finally, make sure the length isn't too much or too little for its purpose. Don't go overboard with long names that no one can say without sounding like an alien.
On the other hand, don't pick something so short that it doesn't give people enough information about what services/products are provided by your company.
Create a branded logo and website for your business.
For many of us, it's easy to get caught up in the excitement of starting a business.
But before you begin, it's important to focus on the basics:
What does your logo look like?
Is it memorable and unique enough?
Does it reflect your brand values?
Are you able to reproduce it in any format or size at all times?
A logo is not just a pretty picture. It should be easy to read, even at small sizes. It should also be recognizable by anyone who sees it no matter how far away they are from where you create it (for example, if someone sees only part of your logo then they should still know exactly what is being advertised).
As an online entrepreneur, creating an awesome website that sets the tone for everything else about your online presence is key!
Your site will act as a foundation for building up everything else, and that includes marketing materials like social media posts or ads on other platforms such as Google Ads (formerly known as AdWords).
Get support from your community and local government.
To get started, reach out to your local government. They can help with resources and support for you to build your business.
You might also want to join a local business association. These groups often have events that bring together people who are interested in starting their own businesses and can be great sources of networking opportunities and mentorship.
Many associations also offer coaching opportunities where they pair up new business owners with more experienced ones for guidance on how to navigate certain challenges or decisions that come up during their first year as an entrepreneur.
Another resource is getting involved in community groups (like non-profits). Community groups often need volunteers and if they don’t have funding available themselves, they may know other organizations that do!
Consider investing in paid advertising on social media as well as search engines.
If your business is retail, you’re probably already familiar with the importance of getting your name out there.
But that doesn’t mean you have to spend money on expensive traditional advertising like TV commercials or billboards. Instead, consider investing in paid advertising on social media as well as search engines.
Social media platforms offer a number of very affordable ways to get noticed by customers and potential clients. You can use Facebook Ads to target specific groups of people based on their interests or demographics (like age and gender), which lets you zero-in on those who are most likely to be interested in your product or service.
This allows you to make sure that any money spent is being spent effectively!
The best part? Social media ads give instant feedback! They tell you exactly how many clicks they received and how many people actually saw them so that it becomes easy for us marketers to determine whether or not our campaign is a success. With the right budget and knowledge, you can use this tool to reach millions of people in just one day!
Build an effective website with a blog, marketing strategies, responsive design, and more.
If you want to be taken seriously as a business, you need a website that looks professional. You also need it to be easy for people to find and navigate around on their own.
The best way to do this is by using responsive design techniques. This means that your site will always look good regardless of what device your visitors are using, which makes it more likely that they will stick around longer and enjoy reading about your products or services!
Responsive design is a technique that allows your website to be viewed on any screen size. This means that if someone visits your site on their desktop, they will see one version of your website.
If they visit the same site while using their mobile phone or tablet, it will display differently and look good on those devices as well!
Here's what you're looking for in an effective website:
Make sure your website is mobile responsive.
Use email marketing to reach out to customers and have them opt-in for future communications.
Track analytics on your site in order to determine what works and what doesn’t when it comes to converting visitors into paying clients (or at least potential clients).
Offer quality customer service that reflects your brand values and has the potential to generate positive reviews and testimonials.
You can build trust with your customers by offering quality customer service. Customers who feel good about how you treat them are more likely to recommend your business and stay loyal, which will help you grow your online presence.
You’ll also want to make sure that the other ways you interact with customers on social media reflect the values of your brand, so it looks like each post is part of a coherent strategy.
For example, if one of the core values of my company is “helpful and friendly” then I’ll make sure all my interactions on social media reflect those values. Especially when responding to negative reviews or comments.
With the right plan, an online business can provide some of the same perks as a traditional business -- without the commute or expensive office space!
The beauty of starting an online business is that you can do it for very little money, and you can run it from anywhere in the world. You don't even need to be at a desk! And there are no employees to worry about or office space to rent.
What's more, running an online business doesn't mean that you have to give up your full-time job. In fact, many people run their side hustle as their primary source of income while holding down another full time job (or more than one) outside of their business venture.
If you are looking for a way to make money from home, an online business might be the answer. It can be as simple or complex as you like, but if you follow these steps, it will help get your business off the ground and running smoothly.
If you need help with a plan for all aspects of your business before launching it, feel free to schedule a free consult with me! Together we'll make sure you're set to start your business successfully.