Your Guide To A Profitable Online Business

Our tried and true plan for ensuring an EPIC launch of your online business

Apr 8th, 2021
As a branding and web designer, you’d think that my first piece of advice to you in opening a profitable online wellness business would be to set up your branding and web design, right?

Not quite. Before that can happen, there’s a lot you need to consider — and in this post, we’re going over all of it!

As a business owner, you need to do a lot of deep thinking and research prior to opening your business’s virtual doors. You’ll need to decide on the basic concepts of what you’ll sell, how you’ll sell it, and who you’ll sell it to.

Keep reading to find out exactly how to develop a profitable online business.

Your Guide To Setting Up a Profitable Online Business

THE DREAM WORK

We all know that every successful business starts with a dream, but no one talks about the dream work. Before you can begin putting anything else in motion, you need to answer the big questions first…

    1. Why do you want to create your business?

Are you currently working a 9-5 job that you are no longer fulfilled by? Do you have a passion or gift that you’ve been wanting to share with the world? Answering questions like these will be essential to your development.

Write a statement about your transformation story and why you have decided to create your own business. Here’s an example:

I am creating an online Health Coaching business that allows me to share my knowledge, continue to learn and aligns with the lifestyle I want, as well as the freedom to work where and when I want.

    1. WHO is your target audience?

Defining your target audience is one of the most important steps you will take in opening a successful, profitable business. Knowing who you’re marketing to is vital!

Think of an individual who represents your ideal client, and craft a persona for them. Once you are clear on who you want to serve, niche down and try it out for 6 months to 1 year. You can always adjust your audience as you see what’s working and what’s not.

An example of this:

My ideal client will be middle-aged business women and mothers in need of expert guidance about nutrition, meal-planning, and stress relief.

    1. What problem(s) are you solving for your target audience?

Don’t let this question trip you up. The “problem” doesn’t always have to be something difficult or scary; it could also be defined as a desire.

Maybe you serve women who desire to be more healthy and flexible by teaching them how to meditate and stretch. Or maybe you’re providing them with a brief escape through a 40-min yoga class to fill their desire for a more grounded lifestyle.

Once you feel confident in the problem or desire you’re solving for your audience, write a statement about what your solution is using the below example as a guide.

Through 60-minute guided strength workouts, I am helping middle-aged adults feel more confident in their ability to remain fit and improve their mobility.

    1. HOW do you know if there is a market for your product or service?

Begin with some market research on whether or not your product or service is already being offered online. Do your homework and take notes on your competitors—their pricing, business model, the platforms they are on, etc.

If you see your competitors are doing well, don’t get discouraged; that’s a good sign! It means that there’s a demand out there for your product or service. And you don’t have to reinvent the wheel and offer something completely from scratch. See your competition as inspiration!

You may find it helpful to write down a few of your competitors and note what their primary messaging is, so that when you’re ready for the branding component of starting your business, you’ll be able to refer back to what they stand for and differentiate yourself by using a different approach than what’s already being done.

Need help with the dreamwork? Let’s chat over a cup of matcha on a business discovery call!

THE BUSINESS BASICS

Defining the more concrete details of your business to help it begin to take shape is the next step in your process. Let’s go over some of these business basics…

    1. What is the name of your business?

This is what you’ll be known for, how people will refer to you, and one of the most important elements of your business.

If you’re unsure of what you want your business’s name to be in the beginning, I recommend making a list of the top contenders and the vibe / feel you want each name to emit. Then, check your desired domains for each of them to make sure they’re available, and revisit the list when you have more clarity.

If you need assistance thinking of a brand name, poll your friends and ask them their thoughts! You can also hire a professional copywriter or branding strategist to come up with a business name for you.

    1. What is your tagline?

Your tagline is a short-and-sweet statement that quickly encompasses what you stand for. This can be as simple as a few words (like Nike’s “Just Do It”) or a longer sentence. Imagine your tagline at the top of your website, something that instantly catches your target audience’s attention.

    1. Describe your mission statement

Your mission statement should be a 2-3 sentence explanation of what you do. Make sure your mission statement is clear and relatable, and keep your ideal audience in mind when you’re crafting it. If it helps, imagine this paragraph as the copy that will go on your homepage to let people know what you offer.

    1. Write a short description of your business

What does your ideal client need to know about you in order to decide if you are a good fit? Think about all of the most important details you’d want someone to know about your business if they were to find it online with no other context.

    1. What are your services/offerings and what makes them unique to you?

This is the part where you play up how you’ll stand out. What makes you different from your competitors? Explain what makes you the obvious right choice for your ideal audience, and let your brand’s personality shine through.

What will you offer to your audience at the beginning and what would you like to offer down the road?

While defining your core offerings is key, it’s always a good idea to have a plan (and goals!) in place for the future. What else would you like to offer eventually? What can you do today to help you get there?

Here are a few expansion ideas:

  • Online classes
  • Courses
  • Memberships
  • Products (e-shop)
  • 1-to-1 Coaching
READY FOR THE NEXT STEPS? Download your Business Launch Plan, your comprehensive guide for planning an epic launch for your wellness business.

 

About the Author

ANGELA SEALY
As a fellow wellness professional for over seven years, Angela founded Good Karma Works on the belief that by supporting a network of other wellness warriors she is supersizing the global healing process.

Learn more about Angela's story >>>

 

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