17 Tips To Help You Get Started As An Internet Entrepreneur
Estimated reading time: 11 Min
So, you want to quit your day job and become an Internet entrepreneur. Here are 17 great tips to help you get started.
Do you want to be an internet entrepreneur but don’t know where to start?
Maybe you even have a brilliant idea for an online business that requires minimal start-up capital, won’t take up all your free time, and will make you rich in no time.
Sounds great, right?
But realise that becoming an internet entrepreneur isn’t as easy as some make it out to be.
Sure, there are plenty of examples of people who launched successful online businesses.
But there are also plenty of people who failed miserably in their attempts.
In fact, the majority of Internet entrepreneurs struggle to launch and maintain profitable ventures.
Why?
There are many reasons why so few succeed at this and so many fail.
These tips can help you avoid making the same mistakes they did.
1. Ask For Advice
That might seem obvious—many simply don’t take action, often because they don’t know where to start. If you don’t know where to start, ask for advice.
Ideally, learn from others who are already doing what you want to do.
Online, you can look for a proven teaching platform and support.
There are a few.
Here is one of the best.
2. When is the best time to get started?
Well, I’ll bet you’ve already started!
Certainly, if you’re thinking about starting a business, then you’ve taken the first step!
Nothing goes anywhere without some upfront thinking!
If you’re planning to start a business, starting as early as possible makes a lot of sense.
There are several reasons for this:
First, it gives you time to gather resources, such as money for equipment and supplies.
This can be a challenge, especially if you are planning to launch a new product or service without any financial backing.
Second, it gives you time to develop a plan.
Without a plan, there’s little chance of success.
And third, it gives you time to build customer relationships and create buzz around your new venture.
These are all important steps in the process of launching a successful business venture.
Unfortunately, the world is full of ideas that people didn’t get around to starting.
3. A mindset for setting goals
Set goals for yourself that are achievable, measurable, and realistic.
If you write them down, they’ll serve to help you stay motivated and on track.
A common mistake is setting the goal too high.
When your end goal seems unreachable, you may give up before you even start.
Instead, set smaller, attainable goals (that you can celebrate along the way) that move you towards achieving an outcome that’s a stretch, but not elastic-breaking!
Don’t try to achieve everything all at once; it’s better to break larger goals down and creep up on them one step at a time.
Finally, be careful about other people’s influence on your aspirations and goals.
They may try to convince you that certain outcomes are impossible or unsuitable for you.
If this happens, and you think your goal is a reasonable stretch, find someone else who shares your vision for the future and trust their judgement.
Looking around the internet, I found at least 44 different types of goals described!
For me, there are just 3 essential types of goals for practical purposes:
- Life or other missions (big business goals or projects, etc);
- Each step in a project is an activity goal.
- Statistical goals or Key Performance Indicators (KPIs).
Setting deliberate goals will help you recognise when you make it and become a successful internet entrepreneur.
4. A mindset for learning: learn as you build
The best way to learn is by doing.
If you want to learn how to become an internet entrepreneur, this is probably the most productive way.
You can learn some principles and develop ideas through education, but whether you’re learning a new skill or just improving the quality of your existing abilities, the best way to learn is through experience.
First and foremost, the more you practice something, the better you will get at it.
The problem is that most people don’t practice enough.
You can only get better at something by doing it.
A true entrepreneur never stops learning!
5. Don’t leave your full-time job yet
It’s possible to leave your full-time job and work on your own business.
However, you should be prepared for a lot of hard work and long hours until you start earning a living wage.
If you’re comfortable with that, then it’s a good option for you, although it can also be stressful at times.
The rewards can be great, though.
If you want to start a business, especially if it’s the first time, then start small.
Start by working out of your home or renting office space until you’re ready to take the next step.
Don’t leave your full-time job yet!
You have options when it comes to financing your business.
There are many different loans and grants available to help you get started.
See if your local Small Business Administration office has any resources available to help you out.
But, most importantly, don’t take on too much debt or put yourself in a financial bind just because you want to start a business.
6. Commitment and focus
Before you begin, assess your own level of commitment and focus on building an online business.
What do you want to achieve?
Above all, why do you want it?
Are you starting with a business area that you enjoy?
How will you know when you become a successful internet entrepreneur?
This might not be where you end up, but it can help you get started so long as you want to add value to potential customers in that area.
Will you do what it takes to continue when the going gets tough (it certainly will at times)?
7. Manage your energy
In the beginning, you will find you need to focus on what to do and perhaps do everything yourself.
As your business develops, you’ll possibly become overwhelmed at times.
You’ll learn where your skills lie and where you need extra help.
Giving up some things for others to handle will become an essential skill.
Remember to have some fun!
8. Avoid a perfectionist mindset
Whatever you’re creating, start small and (perhaps) incomplete.
Get it out there and improve as you go.
Here, the Pareto Principle’s 80/20 rule applies.
If you reckon you’ve completed perhaps 80% of something, that’s probably good enough to get you started.
Of course, what you deliver needs to be good enough.
But avoid the trap of it never being good enough.
9. Avoid borrowing if you can!
Of course, it’s up to you, but I’d recommend that you don’t start your business with money borrowed from someone else unless it’s absolutely necessary.
If you’re starting online, the costs can be very low to get started.
If you do need to borrow to get started, be realistic about when your business can pay back the loan, and make sure your lender is happy to wait.
Some online sites do make money fast, but rarely at the first attempt.
As with any business, whether online or not, it can be many months or even several years before a business can pay its own way.
When you have a little success leading to a clear direction and strategy, that might be the time to consider borrowing, but in most situations, by then, it’s not necessary.
With a little patience, you can learn and develop your business at the same time.
Start small and allow time for growth.
10. $50/month is enough to get started in 2024…
Don’t start out if you can only find $20 per month.
Starting online is much more cost-effective than offline, but in 2024, you probably need about $50 to $60 per month to get started, and over the first year, perhaps $600 to $700 in total.
Being in a position to cover this would mean that even if your site doesn’t make any revenue during the first year, your start-up can survive.
11. Don’t waste time and money on things you don’t need.
Don’t waste your time on low-value tasks or money on things you don’t really need.
There are a few things that I can say about this, but I will try to keep this short:
In the beginning, the use of your own time for learning and building a functional website will be your biggest commitment.
I know people who have started with just 10 available hours per week—not ideal, but it is possible.
Obviously, the more time you can spare, the better.
Figure out what activities will most likely lead to your business attracting paying customers.
If you have little experience, don’t be afraid to ask for advice.
It’s a reasonable policy to invest 80–90% of your work time doing those things.
Learn how to prioritise the things you need to do and develop the habit of dealing with those priorities before anything else.
You won’t need the latest, fastest computer and internet service to get going.
Obviously, the more up-to-date your computer is, the better, but a second-hand laptop is good enough to get started!
Nowadays, the internet is still not everywhere, but many have literally started at a table in their local coffee shop.
12. Start an online business with a website!
You can start a business online without a website; however, without your own website, you own nothing.
Start your business with a website.
You are on the internet after all, and internet “real estate” is an important asset to develop.
If you think building a website is not important, then you won’t have an online business for very long, if at all!
However, be aware that many first websites turn out to be great learning ventures, and many entrepreneurs move on to another site as they learn more.
If you decide to stop using your first website, then go ahead and build another one!
This is just one of the things that I went through on my learning curve!
That said, I do now have my own site and will continue doing so until my website gets very big!
So don’t get discouraged if you decide to stop using your first website.
That’s ok!
13. Start a blog.
A blogging website is just as important as anything else you do with your time.
Blogs are very cost-effective to set up (sometimes free), and they are the fastest way to learn how to set up a website.
You’ll also learn t how to optimise your site for being found by searchers.
To decide what to write about, discover what searchers are actually looking for via search engines such as Google.
14. Use social media and blog posts as a marketing tool
Social media (Facebook, Twitter, etc.) are great ways to get your message out there and expand your brand or online presence.
You can use them as a way to build relationships with people who may be interested in what you’re doing, and in what you have to offer, on their way to becoming customers.
The best thing about using social media is that it’s free unless you choose to pay for ads!
You can use Facebook or Twitter to post anything of interest to your readers that reflects the content of your site.
A good way to start using social media is to learn to post regular updates (such as new blog posts added to your site or new products being added) on Facebook or Twitter.
This way, people see the posts regularly and will check them out!
15. What will your business be worth in the future?
A true entrepreneur is always open to ideas, such as the potential for selling their business.
It’s not easy to estimate the future value of your business because there are many variables that go into it, such as how long it takes for your business to grow in the first place and the business area in which it operates.
If you start a website in a business area with a large potential customer base (remember, the internet is worldwide), especially if they’ll pay for your products or services on a regular basis, your site can become very valuable, and there may come a time when you feel ready to sell it.
16. Find a mentor
If you’re just starting out, ideally you’re going to find someone who’s already started something to help guide you in the right direction.
So look for someone who is already doing it and can guide you on a path towards learning how to do it in your own way.
Try to find someone who knows what they are doing with their own business.
Working with the right mentor will be well worth your time!
A good mentor knows when you need to be told what to do and when you need them to coach you.
A good coach won’t just “teach you how to fish”, they’ll “teach you how to learn how to fish”!
17. Reinvest your business profits
Most entrepreneurs reinvest their profits back into their businesses as they grow.
It’s a great way to boost your cash flow and keep your business growing.
You can also use the income to pay down debt, invest in new equipment, or provide employee training.
When you reinvest, it’s important to make sure that you’re not just spending more than you’re taking in.
If your revenue is growing slower than your expenses, that could mean you’re running an unsustainable business model.
If this is the case, you need to take steps to reduce expenses, such as cutting back on employee hours.
Or take steps to increase revenue by optimising marketing and sales or raising prices.
So, you should keep an eye on your overall profit margins.
If they are shrinking, it may be time to rethink the way you’re operating your business to continue growing and staying profitable.
Summary
It’s not easy as an entrepreneur sometimes; there are always new challenges and new ideas, but by following these 17 simple guidelines, you’ll be able to build your own successful business!
If you have anything to add or any questions, get in touch via a comment or the contact form.
🙂
Richard
