The First 4 Steps to Starting an Online Business

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hi I’m Natalie Sisson the suitcase entrepreneur and in today’s episode I’m going to tell you the first steps to starting an online business artemus asked a great question which was I’m planning on starting a business selling calendars and cards that will have my drawings on them what are the first steps to starting an online product based business all right are you ready for it because we’re probably going to break this down into two videos step one is determine your market and demand now in this video I talked all about finding your niche and your sweet spot and just to recap your sweet spot is that intersection between what you really enjoy doing what you’re really good at and what somebody will pay you for and once you have this in place you’re going to be in a far better position to be able to actually start marketing and selling your product so you’ve already determined what you want to sell Artemis and hopefully it’s something that you’re passionate about because that’s going to serve you much better in the long term you do not want to be selling something that you have absolutely no desire to really market and get excited about step 2 is determine your pricing now this may go against the grain a little bit here but when you are starting out you often want to undercut other competitors in the market the reason why is that even though I’m sure you’re worth it you’re coming up against competition that’s been there for a long time and they’ve got all their strategies and systems in place you’re completely new to the market you probably don’t have any testimonials or any trust with customers so you need to initially compete on price the good news is you don’t need to do that for very long until you have raving customers who absolutely love your product once you get some more work under your belt or you sell more of your products and services then you can start raising your prices and start charging what you’re worth and I talked about that and this book am i your customer so definitely worth a read step three is to determine how long it’s going to take to make your first sale now if it’s going to take you six months to make your first product sale then you’re going to need about a year’s worth of income now when I first started out all I had was a blog and I had a very small amount of savings and I was living in a really expensive City so I actually ran out of money within about four to five months and I don’t advise that at all it’s a really shitty feeling so if you don’t have quite enough salary safe but you really really want to start this business then you either need to stay in your day job but reduce your hours where you need a side hustle that may be that you wait tables it may be that you work in a bar it may be that you offer some other kind of service that can just bring in enough income so that you’re not living hand-to-mouth and when it comes to budgeting always allow more than you think there’s always these additional costs and things that will just come up because that’s what life does so make sure that you’ve given yourself enough leeway that you don’t feel really stressed out and you’re pushing super hard to make your first sale trust me the sales will come in but you don’t want to be in a position where you feel really limited and number four is determine your differentiators so aside from price and quality what else can you differentiate yourself with for this it may be customer service it may be in your case Artemus you’re really unique designs that you’re putting into those calendars and cards may just be something really quirky and unique to you perhaps you follow up with a phone call each time or you send a photo of how cool that new design looks that’s coming to that customer so think about how you can differentiate yourself and set yourself apart from the competitors because it’s going to allow you to stand out and create a killer business where you sooner than you expected in time you’ll learn which aspects are primary to the customers that you have buying your products and services so until then think about quality and price as differentiators and also your unique self in next week’s video I’m going to carry on with the final three parts to starting an online business so make sure that you subscribe to my channel and leave a comment below and I’ll be sure to answer your questions and upcoming videos Bing oh my god my first product sale I’m so excited take a joy take it away