One major advantage of starting an online business is that you can start on a very tiny budget.
You can combine your online business with other things like schooling, working etc.
And you can also run your online business without having to pay for rent or buy furniture for an office space.
These and many more are part of the reasons more people embrace online businesses.
But, like any other business, starting an online business has it’s own challenges.
In this post I’ll be sharing with you 7 things to expect as a new online entrepreneur.
1. You’ll work hard to build your business.
Unless you’re a freelancer, the odds are you’re going to work pretty harder than you would in a paid job.
Especially if you’re going to be your first and only employee for a start.
You’re going to have to put in serious effort to build the business in advance.
If you’re into info marketing like writing ebooks for instance, this is when you’re going to put in effort in researching and writing your ebooks.
All effort you’re expending at this time is geared towards getting the business started off the ground.
With time, when your business starts generating a decent turnover, you’ll be able to afford employees, and a dedicated team to work with.
Note that this is usually the period a lot of entrepreneurs feel like quitting and leaving the business because it can be really demanding.
Instead of focusing on the challenges right now, focus on the possibilities.
2. You’ll save a lot.
When it comes to running a personal business, saving is inevitable.
Unlike a paid staff, as an entrepreneur, there’s no salary cheque for you at the end of the month. That’s the reality.
You’ll have to be the one paying yourself.
So considering that you can’t always predict when you’ll have more jobs and subsequently more money and when you’ll have less, you’ll have to work on saving for the rainy day.
You’ll save for both the seen and unseen situations and other happenstance that can stop your business from running.
This is why you’ll want to have a budget that covers your expenses and estimated income.
In any case, your expenses should not be more than your estimated income.
3. You’ll miss loved ones.
Running a business comes with a lot of responsibilities.
One of these includes finding time to build the business to the stage it can actually survive.
To do this successfully, you’ll need to put in extra time than you may have.
If you’re a content creator for instance, you’ll want to spend more time researching and creating content that will make your brand stand out.
You’ll be the same person working on creating content that will attract clients to do business with you.
At the same time, you’ll also find time to be creating exceptional content for your clients when ever you have them.
Combining these can be very demanding.
Unfortunately, these are things you’ll do for a start especially where you’re starting alone.
With all these activities, you’ll certainly have less time to spend with family and friends.
While this is understandable in most cases, everyone may not necessarily understand your situation.
So you may have a tough time choosing between spending time with your family or building your business.
Considering that both your business and your family and friends are very important, you’ll want to consider choosing your priorities right and making the most of whatever time you have.
4. Delayed gratification.
Delayed gratification means delaying the need for an immediate reward in order to get a later reward which will be better and more fulfilling.
There’s probably no where you need this more than in the online business world.
A lot of people believe the simplicity of starting a business online makes it one of the fastest ways to make money fast and cash out.
This is the mindset that will make people ask questions like; “how can i make money online, fast”.
Truth be told. There’s no hard and fast rule about when you should start making money with your online business.
There are online businesses you can start earning within the first few weeks you get started.
There are also others that will take years and effort before you earn from it.
Don’t get torn between the two, keep your focus on your goals.
If you’re running a business that has capacity to get you up to 5-10k dollars per job within one year, don’t leave it because your friend is balling, charging clients 50 dollars a job within the first few weeks.
5. You’ll run free or almost free gigs.
For a starter, one of the easiest ways to start out and gain publicity is with freebies.
As a Graphics Designer, a nice mention from an NGO you build their logo can get you a handful of new clients.
It could be part of the things you’ll want to use to tell your brand story.
Also, giving huge discounts to clients as a new comer can encourage them to patronize you.
But, you’ll want to be careful and strategic on how you go about it.
Be careful that you don’t run promos and discounts in such a way that clients get to lose the worth of the services you’re offering them.
Be firm when you have to be. Have a time tag for all your discounts and promos
Don’t get clients too comfortable charging you pea nuts because you’re a new business.
6. You’ll get rejections at some point.
This is not abnormal. Every new business gets rejections at one point or the other.
Most times it’s not because you lack the competence.
It could be that you have not demonstrated it enough in your branding or the particular client has trust issues.
Either ways, you can’t base the potentials of your startup on the rejection of a sceptic who doesn’t know you too well.
Or on a particular skill set or resource you lack that must have caused the rejection.
If you’re sure you’re inadequate in some skills, work on your skills.
Learn more. Get more certifications, tell your brand story about your achievements and work on getting some other bigger clients.
If you’re lacking major resources, work on collaborating with that got those resources. Get your cut.
7. You’ll learn new skills.
This is not specifically a challenge.
It’s possible you might not have been social media savvy, good at content marketing, or blogging.
But as someone with a new online business, you have to learn some of these skills. Your business depends on them.
If not you may have difficulties running your business.
You’ll also work on getting some industry related certifications as you build your business.
This all goes to boost your expertise while giving your brand a boost.
Besides the hard skills, you’ll also want to sharpen your soft skills.
Work on building better inter personal skills.
Learn to negotiate well and work on getting to network and collaborate with others.
These are very useful skills that will help your business.
8. Learn to take risk.
This is a bonus tip.
Like any other business, starting an online business can be unpredictable, tough and risky.
A lot could change in a short while that could affect you.
But do you want to hear the truth? The biggest risk is not taking a risk at all.
As someone who’s been running a modest online business for almost half a decade….
I can assure you, there’s no risk that can overcome your determined will to succeed.
Anyone can wish to run a successful online business. But, the question is, are you ready to start one?