• nicolejessicacoggan

10 Tips to Help You Make Your First $50,000 Online

When I started my first online business there was a whole bunch of stuff I should have known but didn’t. I made hundreds of mistakes and it took a while to get real traction. I’ve compiled a list of the 10 things I wish I’d known so you can dive straight in and start getting results.

1. Stop freaking out about your webpage.

If you find Wordpress too complicated and it’s taking too long to set up, create a free site with Webs and once you have it set up the way you want pay for your domain and any extras you need. Webs allows you to collect email addresses with the click of a button, create online course membership sites and sell online with simple drag and drop options – no technical skill required.

2. Create an unbeatable guarantee.

When I first started out with my resume business I created a ‘pay nothing until you receive your resume’ guarantee which totally eliminated buyer risk. You may think this was setting me up to be taken advantage of but 90% of my customers were brilliant and you can always raise your prices to cover the cost of any problems.

3. Try advertising with Adwords or Facebook.

Statistically over 50% of small businesses have success with Adwords (it’s like the phone book on steroids). When I first started out all my customers came through Adwords. It cost me around $25 to obtain each customer but each customer was worth at least $150 to me and often much higher.

4. Know what sort of business you want and why you are creating it.

Many people turn their business into a monster because they don’t set it up right from the start. If freedom is important to you, don’t create something you need to supervise all the time. For example – I started my business so I could stay home and spend more time with my children. When I realized the more I worked, the more money I made I started working all the time which meant I spent less time with my kids. Lucky my husband called me on it and I realized what I creating before it was got out of control.

5. Set boundaries from day one.

It’s super easy to enable your email to come to your IPhone and work all the time. Do yourself a favor and only check your work email during your working hours and don’t take calls outside of office hours. It’s tempting but the fast track to burnout.

6. Track your statistics from day one.

I didn’t do this until month 10 of my business and paid the price. It turned out I could have doubled my income just be focusing on the right product. Devote one month to tracking exactly how much time you spend on each task – the results may surprise you.

7. If you want to start outsourcing things, make sure anyone you hire does a paid trial first.

Testimonials and sample work can be copied and the last thing you want is to be locked into a contract with someone who clearly isn’t suitable.

8. Get some support from other online business owners.

I was a lone ranger for the first 11 months because I didn’t know anyone else that had an online business. Online support groups are a fantastic resource. You can ask for help, have a vent and most importantly learn from other people’s success. I’m a member of a number of online groups and they are a fantastic resource. Two of the main ones are Freedom Hackers and Uncaged Lifers.

9. Invest in some professional development.

I always thought this was a huge waste of time. I’d completed a whole bunch of PD in all my past careers and never found any of it useful. I did BSchool and it completely changed my way of thinking and my business model. It’s different when you choose the PD you need, not your boss. Trust me on this

10. Start growing your email list straight away.

You can offer something for free in return for email addresses, ask people to subscribe to a newsletter or just ask them if they want to be updated on what’s new with you. Again, this is something I didn’t implement until month 10 but once I did it was a crazy success. Past customers could always locate my contact details and I received a tone of referrals from them.

These were the top 10 things I wish I knew when I started. Hopefully you can avoid some of my mistakes and hit the ground running from day one.

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