Working online gives you enormous freedom, but it also means you're missing a few of the factors that help companies succeed: a team who strategizes for long-term business success, for instance. As an employee, you're merely keeping one piece in the puzzle running, but when you're running an online business, you're responsible for everything in that puzzle box!

Make Money Online

As a result, when you're not meeting income expectations, it can be easy to get frustrated. You can throw your hands in the air and think to yourself that you're not going to succeed, or you can redouble your efforts and follow this plan to get back on track.

1. Focus Tighter on One Strategy

If you have only been trying your current strategy for a few days or weeks, it may take longer. Some methods of generating online income, such as building websites, can take years before they show a lot of income, while others have quicker results but need intense focus.

You can't really go wrong if you find a strategy that you're enthusiastic about and commit to it for a few months. If you're not at that point yet, keep going and keep tweaking the parts of your business, as the steps below will help you to do.

2. Diversify Your Strategies

On the other hand, if you've been trying for months and you need to make income now, don't lock yourself into one method. This step only applies to you if you are not normally distracted by “shiny object syndrome” – the internet marketing name for the tendency to jump from one strategy to another.

Say you're selling one specific type of physical product, like iPhone cases. Have you thought about selling iPhone screen protectors? It could be as simple as this, or as different a pair of methods as providing both a service for immediate income and products for longer-term income.

3. Break It Down Into Elements

What elements are involved in order to succeed at your strategy? For a service provider, the list might look something like this:

  • Create a unique service offer
  • Get it in front of the right people
  • Provide outstanding service to clients
  • Get repeat customers and referrals
  • Sustain your marketing constantly

Break down your strategy into similar elements so you know where you can improve. For instance, if you're having trouble getting clients, it could be because you're not getting enough people looking at your offer. You need to work on either attracting people to your site or selling them on your offer once they get there.

If you can identify just where your business is going wrong – whether that be an inadequate supply chain process, a lack of new customers, poor customer retention, etc – you can easily fix it.

4. Aim for a 20% Win

Maybe you're making money, but just not as much as you'd otherwise make. You want to make some small changes, but you're not sure how to measure whether you're doing enough or not.

Start by aiming for a 20% win, meaning a 20% increase in some area of your business. If you usually call ten people per month to sell them on the service you're offering, find a way to call two more. If you're making $100 per month on a product, see if you can earn $120 – whether that be from advertising in 20% more places, improving your conversion from 5% to 6%, or some other way.

Don't give up if you're not doing well with your online business right now. By identifying your strategy and the problems with your current endeavors, then seeking to improve one element just a little, you can be back on the path to success!

Reference/Credit

Image courtesy of FreeDigitalPhotos.net


Categories : Online Business
Tags : Business, Making Money


author's photo

Author : Bobbi Preston

I am a software engineer work as a freelancer specialized in web and software. My interests involves programming, website development and writing articles related to Computer Science/Information Systems.

COMMENTS
blog comments powered by Disqus