The recent advancements in technology have made it easier than ever before to become a serial entrepreneur. Using your computer, you can set up, run and manage several businesses from the comfort of your home. If you are successful, then you will enjoy a steady stream of income without being required to work at a normal job, but you will also have a level of freedom about which most people only dream.
Getting started is not as difficult as you might think, but you will need a plan. You are likely to encounter many roadblocks along your journey, but remaining persistent will help you reach your goal. If you can handle the challenge and want to improve your life, then the following information will point you in the right direction.
One Step at a Time
Although your mission is to run several businesses in different markets, don’t make the mistake of trying to do too much at one time. Many people make the mistake of moving on to their next idea before their other business starts generating revenue.
Spreading your resources too thin will decrease your odds of success, so you need to focus on one idea at a time, seeing it through to completion. After your current project is bringing in a steady profit, you can move on to your next idea. The first business that you start should not require a significant investment because you want to have enough resources for future projects.
Validate Your Idea
The biggest reason that people fail at starting a business is that they don’t put in the effort to validate their idea before investing time and money into it. If you use that approach, then you are gambling with your financial future. You can validate your idea by conducting market research to determine if your potential product or service has enough demand to consider moving forward; this process will save you a lot of time and money.
You can use keyword research to discover how many people are searching for terms that are related to your idea. When you are just getting started, try to find keywords that get a reasonable number of searches each month and that have low competition.
Build a List
When you invest time and money to get people to visit your website or sales page, you want to get the highest return from each potential customer. Because people won’t always buy from you the first time that they visit your website, you need to build an email list. Offering a free report, product or discount is a great way to achieve this. Once people sign up for your email list, you can market to them anytime you want without being required to pay extra fees. That will grant you they ability to build trust and respect over time, and you will increase the lifetime value of each customer.
Create a Backend Product
Most people believe that front end products are the main source of income for businesses, which is true in some cases. But most of the time, the backend is generating the most revenue. A backend is something that enhances your original product, and you usually want to price it higher than your front end products.
The idea is that people who buy from you once are likely to do so again, but you need to ensure that you always provide quality solutions if you want this method to work. If you keep your customers happy, then you should not have any problems earning repeat business.
Getting Started with Search Engine Optimization
Getting traffic to your website and converting prospects into paying customers is a lot of work, but it’s also an expensive process. Offsetting your advertising expenses is possible by using an effective search engine optimization strategy. You can write content that targets the keywords for which your customers are searching, and if your articles are informative and engaging, people will start linking to your website or blog.
When that happens, your search engine rank will start to improve, and Google will send organic visitors to your content. Keyword research will play a vital role in your ability to rank, and targeting keywords that indicate an individual’s intent to buy a product will work wonders for your business.
Using Social Media to Expand Your Reach
Social media platforms are growing in popularity each day, and you need to go where your target customers are if you want to grow your business. You can use Facebook, Twitter and Instagram to connect with your potential clients and to encourage them to visit your website. Remember that people go on social sites to find entertainment and to talk with their friends; they don’t do it to buy products.
Try to avoid being overly promotional in your posts if you don’t want to lose followers. If you would like to use the best approach, publish short articles that inspire curiosity, and people will want to share them with their friends. As long as you don’t take it too far, you can offer limited discounts and special offers on social media.
Rinse and Repeat
Once your first business is set up, you need to start testing different prices, sales pages and advertising platforms so that you can find the right combination. When you are happy with your results, you can move on, repeating the same process with your next business idea. Your businesses don’t need to be in the same market, but you must learn enough about each industry to offer valuable solutions in a way that is unique.
Time, effort and dedication are required if you want to become a serial entrepreneur. Many people are intimidated by the challenges that they might face, but each obstacle will help you become a better person. No matter how much planning you do, not all of your business ideas will work out the way that you had hoped. You will learn to accept the possibility of failure without the need to fear it. In fact, finding lasting success means that you must learn to embrace failure, understanding that it’s only a part of the process.
David Milberg is a leading financial analyst and entrepreneur from New York City.