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Today, I want to share with you some basic steps I took to start my very own Online Business in 2022-2023!
When it comes to starting an Online Business, you first have to realize that for the most part, there isn’t very much overhead to consider.
Like if you were to open a franchise like a 7-11 or McDonald’s, you’re paying onwards and upwards of at least $1 million to acquire one.
1) $$$
So, I’m going to divvy this up into 4 categories:
a. Bank Loan: Pretty self explanatory. Almost everyone tries to get some type of bank or personal loan to fund their business. Based on my experience, this isn’t the best, because banks normally don’t lend to new businesses and there are just so many hoops you have to jump through.
b. Family/Friends: We’ve heard tons of stories of aspiring entrepreneurs borrowing money from family to start their businesses. We have Donald Trump, Jeff Bezos and… Just remember, if you do this, do the right thing - make sure you aways pay them back 😊
c. Credit Cards: Personal/Business cards. Plenty of opportunities out there especially if you have great credit - (pitch business credit line option)
d. Self Fund: This is $$ you have saved up from your 9-5 job or other side hustles you’ve done. I typically lean more towards this because you’re betting on yourself.
I own my very own Creative Agency - the Hudson Media Group. And when it came to starting it, I used my own $.
To be transparent with you, I gave my business $1500 as “start-up” capital. Obviously, you can use even less or more than $1500, but that was the barometer I gave myself to start HMG.
Prepping your business for Cashflow is extremely important. So taking the early steps in separating your PERSONAL FINANCES from BUSINESS FINANCES will really help in the long run as you increase your revenue.
You simply do this by opening a business bank account.
There are many options out there like your local bank or some of the more reputable banks, but for me, I like having Online Optimization as much as possible, and I really found that Novo, which is an Online Banking Platform.
It’s super easy to use and it’s created specifically for the Small Business Owner. The imperative thing is to always separate your personal funds from your business funds, because when tax season comes around, your CPA will love you.
It’s also very important to have a Mentor or a Community of liked-minded individuals to hold you accountable, answer any questions you have as well as support you on your journey. And that was something that really helped me in starting my Online Business.
Iman Gadzhi, who is basically the Godfather of the Boutique Marketing Agency space really inspired me to start my Creative Agency.
Getting involved with his advice/tips as well as the community he has created, really enabled to cut time in half as far as growth for my business goes, because with a Mentor, they generally share not only their successes, but their failures as well.
Iman's wisdom has really started me on a great path with my business and I’ve already surpassed in revenue what I was making with my 9-5 job before.
The next step for starting an Online Business is having the equipment to operate. Generally, all you really need are:
a. Laptop
b. Phone
c. Internet
d. Email-Account/Website
All of these things are pretty self-explanatory on its importance, but again, you can find a lot of deals on all of these things online. You don’t have to spend a fortune on these things also.
BONUS STEP: Mindset (Split into two categories: SELF & COMMUNITY)
SELF:
- What is Your Mission with the business?
o Financial Freedom
o Become rich?
o Take care of your family?
o Leave your 9-5? (which was one of my missions)
o Create a legacy
o Change the world
COMMUNITY:
- Who are you specifically trying to serve?
- Niche/Service?
If you don’t know any of these answers yet, that’s totally fine, but it’s definitely something you should think about and discover while you’re starting up your Online Business.
Want to work with my Digital Marketing Agency?
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