Building a successful online business in the 2020s is not just about creating a product or service that people want;

 It’s a strategic and intentional process that involves careful planning, disciplined budgeting, and smart financial habits.

“Your brand is the single most important investment you can make in your business.” Steve Forbes, Editor in Chief of Forbes Magazine

Most of us would like to think that the process is always fast and easy. However, unfortunately, like many things in business and in life, that’s not always the case.

It costs more and takes longer than you think.

There are questionable practices that online startups, freelancers, and remote workers deploy that may not be beneficial for their long-term success, including:

• Ethical or legal
• Sustainable or scalable
• Customer-centric or value-driven
• And other questionable tactics.

If you thought the online business venture was rigged against you, here’s why you’re not wrong:

I conducted very comprehensive research and deployed the strategy to five online startups. The results amazed me. First, I realized that there are several reasons why many startups will find it challenging or daunting to build a successful online business in 2024:

• The online market is saturated and competitive.

With millions of websites and online businesses vying for customers’ attention and money, it can be hard to stand out and differentiate yourself from the crowd.

• The online environment is constantly changing and evolving.

Online businesses have to keep up with the latest trends, technologies, customer preferences, and regulations that affect their industry and niche.

I feel like the shift in technological use is too much. I just can’t keep up with it.

• Online business requires a lot of skills and knowledge.

Online entrepreneurs have to wear many hats and master various aspects of running a business, such as product development, marketing, sales, customer service, accounting, legal, and more.

“I think that to build succesful online business, you need to be all in one.  Be the CEO. Learn the CEO roles. You’re the marketer; understand how the marketing world works. Of course, you need to sell your product the right way. Know how to approach clients and pitch your product. It’s just a lot, man.”- Jeff

However, these challenges are not insurmountable, and they can also be seen as opportunities for growth and innovation. In fact, there are many advantages and benefits to starting an online business in 2024, such as:

• The online market is huge and diverse.

With billions of internet users and online shoppers worldwide, there is a huge potential for reaching and serving a global audience and customer base.

• The online environment is dynamic and exciting.

Online businesses have the opportunity to leverage the latest tools, platforms, and strategies to create and deliver value to their customers and stay ahead of the competition.

• The online business is flexible and adaptable.

Online entrepreneurs have the freedom and control to choose their own business model, niche, target market, pricing, branding, and more. They can also adjust and pivot their business according to changing market conditions and customer feedback.

As you can see, there are pros and cons to both sides of the online business venture, and it’s up to you to weigh them and decide what’s best for you and your goals. If you’re ready to take the plunge and start your own online business in 2024, here are some practical steps to follow:

• Choose your online business niche and understand your target market’s needs, problems, and preferences.
• Conduct market research and validate your business idea before launching it.
• Create a unique value proposition (UVP) that showcases your competitive advantage and how you solve your customers’ pain points.
• Consider the legal aspects of starting an online business, and cover your bases with the necessary permits, licenses, taxes, and contracts.
• Build your online business website and create compelling product listings, landing pages, and sales funnels.
• Set up your operational framework and choose the best sourcing, fulfillment, payment, and customer service methods for your online business.
• Prepare your digital marketing strategies and use search engines, social media, email, and content marketing to drive traffic, conversions, and sales.

Keep Learning and Improving Your Skills

In the dynamic landscape of online business, continuous learning and skill improvement are essential for staying ahead of the curve. One platform that excels at providing creative courses and resources for entrepreneurs is Skillshare.

Skillshare offers more than enough classes across various disciplines, including business,

marketing,

design,

technology,

and more.

Whether you want to refine your digital marketing skills, learn graphic design principles, or hop into the intricacies of financial management, Skillshare has something for everyone.

Join Skillshare now and get a one-month free trial! 

If you want to learn more, you can check out some of the resources I’ve linked below. I hope this helps!

Most in-demand Freelance Skills 2024 (and Where to Study Them)

New Remote Work-From-Home Ideas for Beginners [In 2024]

How to Land Your Dream Part-Time Digital Job with ChatGPT: Effortlessly and with Finesse!

10 Best Blogs for Beginner Freelancers: The 2024 Must-Read List