5 Steps to a Killer Online Business Plan

1. Identify What The Market Wants

I probably don’t even have to mention this one, right? Of course you want to sell something that people want. But there’s more to it than that. I’m sure you’ve heard people talk about the new “opportunity” that they’ve found.

“… and the best part is, NO ONE IS DOING THIS!”

…is a common refrain. But the fact of the matter is that a lack of competition is usually a BAD sign, not a good one. While there are definitely those brilliant opportunities for a completely new product or service that hasn’t been done before… more often the lack of competition means that someone tried and failed.

So what is a GOOD choice for a new product or service? One of the best is something that already exists, but that you can do BETTER. What can you take and put your unique spin on? What can you do better than the competition? Think of your competition as test dummies… they’ve already put in the time and resources to grow a business, what can you learn from them before you invest in your own?

2. Create An Email List

This is the absolute first step you need to take. Your email list is one of the only true assets you can have in an online business… these are going to be your loyal customers, your raving fans… having a great product is fantastic, but it isn’t going to do much good if you don’t have anyone to sell it to.

It doesn’t have to be complicated or fancy either. You have your market picked out, right? Pick out three to five things that your audience NEEDS to know about your topic — short, quick tips that they can take and immediately put to use (and see results out of). Write up a PDF or shoot a short video about how to do that… then put up a squeeze page and offer it for free in exchange for an email address.

Obviously, there’s a lot more that you can (and should!) do to help build your list… but this at the very minimum can be created in no time at all and will get the ball rolling for you.

3. Nail Down Your Analytics

Simply put, you NEED to know how effective you are. A Google Analytics account is free and easy and is a great way to start. Your email list host almost certainly has tools to let you track your open and click through rates (how many people open your emails and then how many of them click your links).

Getting your tracking tools set up and dialed in opens up a whole world of opportunities for you. You can test virtually anything… from email copy to headline font color. And sometimes those little tweaks can make all the difference in the world. But you’d never know it if you didn’t have a way to track it.

4. Identify Product Potential

So you have a great product that you’ve been selling for some time now… what’s next? All too often, people don’t realize the true potential of their products. You should always be thinking of new ways to make your product work for you. Whether that means a version 2.0, an expansion, an in-depth coaching product for advanced owners, a live event based on the product, or something else entirely — what can you do with the product and the brand that you have already created to further grow your business?

5. Take It Bigger

JVs
Social Media
Blogs
Advertising

What do all of these have in common? They are all ways to drive traffic to you. Identifying the ones that work the best for you (and more importantly, how to optimize them to give you the most, best, highest quality traffic) is one of the most powerful ways that you can grow your business FAST.

All of this might sound like a bit much at first, but it’s really pretty simple. Find an opportunity and a way to take advantage of it, create a list, keep track of what you are doing, and always keep looking up and ahead. Now go get ’em.

The Jeff Walker Team

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