5 Myths About Running An Online Business
We all know the potential to grow, create, and draw in multiple streams of income from an online business is unparalleled. No one has to tell us of the awesome opportunities here. As an Online Business Manager, I don't just empower women, I share actionable line items for your success. Discover the 5 Myths that most mompreneurs fall victim to and see if you're one of them.
Here’s the craziest thing that is missing in today’s fast-paced online business world.
Traditional business thinking.
I’m old school. I'll admit it.
Traditional business thinking is what missing from today’s fast-paced, everyone-everything digital world.
Traditionally, in business, you did something to make money. Hobbies and habits came later. Passion was reserved when you were out of work.
Forget finding your passion. Put passion into your work and knock your work out of the park.
Remember the traditional business practice: Cash is king.
If the revenues aren’t where you want them to be. Expand. Change. Alter.
Sure, you have your business and it’s generating revenue but you are still often thinking - what the heck?! - how are the others kicking butt as they do??
Your end goal is to use your business to start generating multiple streams of income. (yes multiple)
Do not let any of these myths block you from finding success:
Myth #1: Page views and followers = cold, hard cash
I know how it feels to look at a social media account and see that “k” next to a number. It’s even more impressive when that “k” becomes an “m”… as in 1.4m followers, or 286k followers. While that looks nice and is an ego boost, that is actually sort of low on the priority list. How many views your page receives and the number of followers you have are vanity statistics. Websites don’t send you a check based on your popularity.
What actually matters is your engagement, meaning the percentage of people who are actually commenting, sharing, liking, and buying your product. BUYING YOUR PRODUCT. It’s better to have a less ‘impressive’ follower count and to be making sales and connections than to have a million people who scroll past you.
If your sales are in the red, this does nothing for you. Sure it’s an ego boost but aside from that, it does nothing. You need to transfer your following (no matter how large or small) in to revenue-generating.
Remember cash is king.
Myth #2: Being featured on another website or podcast will immediately bring in sales
Wouldn’t that be nice if all connections lead to sales??
It’s funny because I have a podcast and a blog. I am on other podcasts and blogs too. Generating these new sets of eyes, yes!, is a great way to expand your network. It’s a great way to meet new people, make friends and work towards future collaborations.
What’s missing in these conversations all. the. time?
What is the purpose of you being on a podcast?
What’s the purpose for you being on this podcast?
Even when you are “just” sharing your story - you have to have an end goal in mind. You have to have your end goal in mind.
I don’t mean to sound heartless and too much like a hustler but the truth remains, just putting yourself out there is not good enough anymore.
You have to have a reason and a purpose behind it. Drive people to you. To working with you.
Myth #3: You have to do one thing
It’s unbelievable to me how many missed opportunities is happening everyday. It’s one thing to focus on your core business. I get that. You need to have a base and your house needs to be in order.
I get that. You have to have some foundational pieces in place.
And then guess what. You need to just start.
Does Starbucks only sell coffee? No. They sell you coffee, CDs, pastries, ornaments galore!
Nordstroms was a shoe store. Amazon sold books. Apple had a computer.
Everyday they are improving their business.
Everyday you can too. Expand.
Where oh where can you expand?
Partnerships, affiliates, events - oh my!
Products, courses, clients - hooray!
Don’t let your one thing limit you from exploring other opportunities.
You’re a multi-faceted, complicated woman with more than one interest and talent. Let these fuel you into other opportunities and pump up your income.
Myth #4: You have to do only online work
If you think that online businesses are only for work that can be done through ethernet cords, you’re limiting yourself again!
Think of your website as your storefront. It should be an inviting place for people to stop in, peruse, book, and buy.
What they’re buying, however, doesn’t have to be something made and transferred on the computer.
I have a friend who is a carpenter– perhaps the most hands-on, least online type of work around. He started an online business that offers both traditional carpentry services and made-to-order craftsman woodwork. Customers browse his handmade pieces, put in requests, and book his time for things like cabinet consultations.
Online businesses aren’t just about blogs and tech work.
What revenue streams can you create if you included a local opportunity? What and how would it look like if you had a partner-in-crime to work with on a special project? There are all sorts of ways to generate multiple streams of income. How could you partner with your beloved lunch spot for a cool local event?
Myth #5: You have all the time in the world to start
The landscape of online businesses is always evolving. Two years ago would you have ever guessed where you are today? Could you have planned that out? Guessed that this was how things would unfold for you??
But how did you get here, where you are today?
What did you do then?
You started. You went for it.
Now is the time to go for it again.
Build. Grow. Add.
Remember your traditional business senses. Cash is king.
That shouldn’t scare you or deter you from pushing your business further. Rather it should propel you and energize you into new thoughts, new fields and of course, new revenue streams!
Focus on generating revenue and making your business (product + service quality) top notch, because the rest is all vanity. And vanity doesn’t pay for vacations, rent, or even the babysitter.