3. Part of being successful is knowing when to give up.Most Popular In: Tech
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4. They outsource. Sometimes, A LOT.Advertising tycoon David Ogilvy famously said, "Hire people better than you are, then leave them to get on with it." The same goes for outsourcing. If you want to stay competitive, outsource everything that a) doesn't come naturally to you, and b) that you don't enjoy doing. This will free you up to focus on what you love, which is key to sustainable growth.
5. Social media is their not-so-secret weapon.You cannot run a successful online business without using social media. Just over two years ago, Shareholic revealed that almost a third of all referral traffic was from social media. I suspect this number is significantly higher today. If you're not using social media to reach new customers and to connect with current ones, you don't stand a chance.
6. They know that passive income is never totally passive.Many people have this idea that running an online business allows you to work minimal hours while sipping a margarita on the beach. And while it does give you far more flexibility than a traditional job, "passive income" is a bit of a misnomer. Even if your business is highly automated and can run largely without your hands-on involvement, most online businesses will still require you to oversee and manage the big picture tasks (which, admittedly, you can often do while laying on the beach).
7. They focus on the big picture.Running an online business isn't for everyone. If you tend to spend more time on details than you do on setting goals, making plans, looking for trends, etc., running an online business may not be the path for you.
8. They know the value they provide - and charge accordingly.You'll never compete long term by undervaluing your products or services. While it may be tempting initially to undercut the competition in order to make a name for yourself, it's almost always better to set prices that are sustainable for your business for the foreseeable future.
9. They grow their list from day one.Email marketing is an important strategy for all businesses. But for online businesses, it's absolutely vital. Research is clear that email marketing results in increased click-through rates, engagement, and sales. In fact, some research��suggests email delivers a higher ROI than any other marketing channel. Focus on building your list from day one to see these benefits for your own business.
10. They solve a real problem.As with any type of business, finding a real need in your niche is key. What problem or issue can you help solve? Does your product or service truly solve that problem? If not, what can you do to make that happen?
11. They differentiate themselves.Just how big is the global e-commerce market? Some estimate that it's a trillion dollar market spread among 12 million online stores. Successful online business owners know the importance of differentiating themselves so they can actually claim their piece of the pie.
12. They understand the value of amazing content.Content marketing isn't optional anymore, especially for online businesses. If you're not producing a steady stream of relevant, valuable content, you don't have a chance of being successful. Not sure where to start? Check out my comprehensive content marketing guide.
13. They go all in.Some people think they can build an online empire in their spare time. They put most of their time and effort into their 9-5 job, then fiddle with their business when they feel like it. Successful online businesses are rarely built this way. If you treat it like a hobby, it will stay a hobby. Give your online business the attention it deserves and treats it like the real business it is.
14. They listen to their customers.Don't underestimate the value your customers bring to the process of growing and developing your online business. Nella Chunky, the founder of hugely successful clothing company Fresh-Tops, believes customer suggestions were key to her startup's success: "We relied on email requests and suggestions from our social media fans when deciding how to move forward and what items to add to our line, and it worked really well."
15. They pursue their passion.Running an online business can be tough, which is why it's so important you're passionate about what you're doing. Ask yourself: Can I see myself still be in this business in 5-10 years? If not, it's probably better to shift directions and choose something you really care about.
16. They invest heavily in SEO.According to research from Ascend2, 82% of marketers believe the effectiveness of SEO is on the rise. Getting high rankings in the search engines is imperative for an online business, as this will likely be one of your largest sources of traffic. Need some help with optimizing your site? Check out The Beginner's Guide To SEO.
17. They take action even before everything's perfect.Ryan French, Creator of GameKlip has great advice for new business owners: don't wait until everything's perfect to get moving. He writes, "Don’t feel like you need to know everything, or that everything has to be perfect before you start. I knew nothing about running a business, had no idea how to have something manufactured, and had no idea how to ship a package overseas. I’ve now shipped thousands of units to over 80 countries worldwide. It won’t be easy, there’ll be many points where you feel like giving up, but it’s worth it."
18. They stop looking for the golden goose.There is no magic bullet when it comes to building a successful online business. Yet many business owners waste a ton of time looking for that one tactic or strategy that will catapult them to success. The truth is, if there were a golden goose, it would be persistence and hard work. Forget trying to find that one magical thing, put your head down, and do the hard work of running your business.
19. They have an actual plan (a written one).Another common misconception about online businesses: people just kind of find your website, buy your stuff, and you start making tons of money. This isn't true for brick and mortar businesses, and it definitely isn't true for online ones! Successful online businesses benefit greatly from a solid business plan, as well as a documented marketing strategy.
20. They don't let failure beat them up.As with any business, failure is just part of the landscape. It's what you do when you fail that counts. SEO strategy not driving traffic? Choose different keywords. Content marketing failing? Focus on more in-depth content. Social media posts not getting engagement? Study your competitors to see what you can emulate (or do better).
21. They're dominating their niche.If you take one thing from this post, let it be this: don't bang your head against the wall trying to compete with the big guys. Instead, niche down and focus on a subset of your industry - and do whatever you can to dominate in that area. For instance, one of my first niches was Christmas tree storage.
Instead of targeting the entire holiday decor industry, we focused exclusively on building our reputation as offering the best storage at the lowest prices. We quickly built a 7-figure business using this strategy - something we could have never done if we had gone after the big guys!
