Starting a business is not an easy task, but running a successful one can even be more of a challenge. If you want to learn how to succeed in an online business, I’d like to explain what you can do without feeling confused or overwhelmed.
Being successful in any business always starts with the right mindset. Along with that, there’s an emphasis on learning, while looking at the long-term picture of where you want to take your business.
In this post, I will share three tips for success in any online business. I’ll also go over my thoughts on how I’ve overcome those struggles over the years.
- Three Important Things To Success In Online Business
- Have The Right Mindset
- Put Learning First Before Money
- Look At The Long-Term Picture
- My Thoughts
- Questions To Ask Yourself
Three important things to success in online business
There are many things I can go over as you navigate through your business. But to simplify it, I wanted to break it down into three simple things you can do starting right now.
Especially when you’re starting out, you want to follow some of these tips. They can help you get a better idea of what to expect as you move forward.
How to succeed in an online business
Success in any type of business requires the right mindset. Along with that, prioritizing learning new skills and a long-term commitment will pay off if you make it part of your routine. Let’s discuss these tips in more depth.
Have the right mindset
Mindset is crucial when you’re just starting out, as it can make a difference over time when starting out. It can be difficult because you want to make money right away.
But keep in mind that you need an employer mindset rather than an employee mindset: You won’t be making money right away, but you will later on at some point.
The employee mindset is you exchange your time in return for a paycheck. So it’s best to get out of that “time for dollars” mentality when you work as an employee.
What is the key of a successful online business?
Besides having a functional website or social media presence, continuing to acquire and learn new skills can help grow your business to the next level. If you don’t make learning a part of your routine, you may miss out on potential opportunities for growing a business to profitability.
Having the employer mindset means having no immediate return on your results. Or you may not get any results at all, as there are no guarantees of success.
It could be a while before you earn your first dollar or make a steady source of income.
Although it can be frustrating starting out, you need to get used to not having any quick returns.
In other words, you also need to have a “not yet” mindset.
It may not happen now, today, or tomorrow. But think of months or a few years until you make you earn those big dividends.
One book I recommend on mindset is Rich Dad Poor Dad by Robert Kiyosaki.
Although it focuses on personal finance and entrepreneurship, there are great lessons on establishing the right mindset to take away.
I would fall short of saying it was life-changing, but it changed my thoughts about money in general.
The father of Kiyosaki’s best friend (aka his rich dad) shares a lot of good stories that relate to mindset, and that’s when I really gained some valuable lessons.
Put learning first before money
When starting out, your priority should be learning new skills. In order to run a successful business, you need to have a basic understanding of the skills required. For example, that may include search engine optimization or social media marketing.
Oftentimes, beginners focus way too much on the “make money” portion only. When in reality, they need to emphasize learning first before they can make money.
Let’s think of a typical example: In order to be a doctor, you need to go to medical school and receive proper training.
You can’t just get certified overnight and start practicing medicine right away. It requires time (i.e. a few years) to be certified and provide medical care to patients.
The same thing applies to any online business. Before the making money part comes in, you need to learn the skills necessary to make that happen.
Don’t set arbitrary commission deadlines
Some people give themselves strict deadlines when they should make money. For example, they may say “I have to make $10,000 within the next 60 days. If I don’t, I’m a failure.”
If you have that type of thinking, you’re more likely to fail than succeed. Instead of limiting yourself, you should set a general goal of making money.
For example, “I want to earn $1,000 from this business.” Once you earn that $1,000, then you can set larger goals down the road.
But the key is to not set a deadline too quickly; otherwise, you will fail miserably.
How long does it take for an online business to be successful?
It can vary, but most businesses take about two-three years before they see steady movement in growth. For some businesses, it can take years before they reach a point of sustainable growth and profitability.
A relevant article from notimekillers.com
Read next on “How Long Does It Take To Start An Online Business? Timeline” to get a better idea of the lifecycle of a business. If you want to build one that’s profitable down the road, this article is a must-read.
What can you learn right now?
Remember learning always comes first before the monetary portion of business rolls in. So set time to learn if not every day, but every week if possible.
Ask yourself the following questions:
- What can I learn today?
- What can I learn tomorrow?
- What could I learn this week?
- What could I learn next week?
- What could I possibly learn in the next month?
To me, that is one of the best tips that I’ve followed in the last few years. If you have a mindset of constant learning, then you’re more likely to succeed in the long run.
Look at the long-term picture
As I mentioned before, there are no shortcuts to business. If someone is saying so, then they’re most likely lying, and maybe they’ve experienced only short-term success.
Any type of business will always take time and effort to see the results you want. So rather than looking at it as a short-term picture, focus on the long-term outcome.
As a beginner, that may be hard to swallow. But I’m being honest: It is the truth when starting any type of business venture.
Rome was not built in one day.John Heywood
Some of the most successful businesses took a couple of years before they had their “aha” moments. I know some people in my space where it took them a few years before they saw their businesses grow exponentially.
A good thing to keep in mind is that building a business is a marathon, not a sprint.
It’s something that you continuously need to keep working on if you want to see incredible results down the road.
What I’ve learned over the years is that anything you start will take time and effort, especially when it comes to business that’s more true than ever.
My change of mindset has really helped me make better decisions over the years. Through my experience, I’ve done a lot better understanding of how the game works.
As mentioned it’s a long-term game to play. You’re not going to win right away- you’re going to have to lose a lot of games at times.
So keep up with it and don’t give up, as you’ll eventually win big down the road.
Questions to ask yourself
- Have you struggled to get out of the time-for-dollars mentality?
- Do you think learning should be a priority before making commissions?
- Are you a long-term thinker when it comes to building a business?
A relevant article from notimekillers.com
Read next on “How Can I Start An Online Business For Free? Where To Go?” to find out the best way to start an online business.
Anyone can succeed in online business; fortunately, not everyone takes on the right mindset when they’re starting out.
They have to understand that they will make mistakes and fail early on. But that’s not the end all be all it’s all part of the learning experience to get better at.
The three tips mentioned earlier can help you get a better understanding. If you’re willing to follow them, you’re already one step ahead of the game.
Your Turn: What will it take to succeed in an online business?
I would like to get your thoughts on this topic. Have you struggled with having an employee mindset?
Do you think setting commission deadlines is a bad practice? Do you find learning to be something that needs to be done regularly?
What can you do now in order to achieve long-term success? Are you committed to the long-term picture of your business?
Feel free to share your thoughts by leaving a comment below. I look forward to reading your responses, and I’ll gladly respond promptly.