7 min read
Opinions expressed by Entrepreneur contributors are their own.
I recently met with a leading global strategist, Ingrid Arna, to discuss the current economic climate and how she built an online business empire from home. Ingrid shared with me her top strategies with me, which I found
insightful and valuable. The following are Ingrid’s words about building an online business:
Get your online business started now
Grinding through an MBA program and gathering thousands of dollars in venture capital aren’t the only ways to launch a multimillion-dollar online brand.
In fact, I did neither.
I started my online business and scaled rapidly with zero capital investment. Within 18 months, I’d made my first million online. And only three years into my business, I’d built a multimillion-dollar international company. I then went on to achieve 60% growth in the midst of a global pandemic.
Related: 7 Online Business Ideas That Could Make You Rich
While other businesses were closing down or just scraping through, I was having my highest revenue month to date. The fact is that the online space is still thriving for those who know how to leverage opportunity. We’re in the midst of a social boom where people are crying out for help to expand their businesses, improve their health and relationships, and transform their dreams into reality.
If you can solve people’s problems, you’re bound for growth—in any economic climate. Despite the harshness of the pandemic, anyone with a computer and internet access is fortunate to have the world at their fingertips… literally!
It’s not doom and gloom, it’s sell, serve, and boom in a new economy.
In this new economy, new markets are being created. But they’re not emerging on their own: we’re forging a new paradigm in business. New niche industries and service delivery models are unlocking fortunes for anyone willing to be agile, learn, pivot, knuckle down, and lead.
A revolution in online marketing and monetization has begun.
New educators will create massive global change
The rise of this new economy, called Conscious Capitalism, is about creating enterprise that contributes to society by fusing online education with deep service to create great impact while escalating growth.
Related: 3 Drop Shipping Secrets Beginners Need to Know
We live in an online world. If you haven’t already claimed your online real estate, you need to get clear on how to claim it and innovate now.
The online education, coaching, and consulting industry is worth $325 billion, and that’s not all…
● There are 2.9 billion active users on Facebook alone.
● YouTube viewership is up 160%.
● Internet usage overall is up 50%.
● Ad costs are down by 30% to 40%
This all combines to create the perfect conditions for a windfall in your business.
Even though the market is VAST for coaching, consulting, and online learning, it’s true that less than 1% of online coaches and consultants make seven figures a year.
That’s because 99% of people are building businesses without a clear vision, strategy, and roadmap to sustainable success. They don’t understand what it means to adapt, so inevitably their businesses perish. I built my business with
my back against the wall, so adaptation was the only option. Economic pressure can create the perfect storm for success.
If you can solve people’s problems with speed and excellence, you’ll always get paid. The fastest and easiest way to do this is by following these three principles:
Principle 1: Productization
It’s simple: at the heart of all highly successful online brands is a great product that serves its market. The online education niche allows you to take your life’s calling and years of experience and turn them into a successful
online course, program, or membership that deeply serves your ideal client.
The secret to always being wildly successful online is to discover what people want and give it to them. The cashflow sweet spot is lining up what people want with something you’re deeply passionate about. If you’re not obsessed with your topic, your course will be about as exciting as a dinner date with a cardboard cut out.
Don’t worry about having to teach at the university level either. People want simplicity, accessibility, and practical solutions. Think about all your skills, talents, and life experiences that you’ve been through. From business, branding, financial planning, leadership coaching, personal development, wellness, weight loss, marriage counseling, spiritual development, and even overcoming the death of a loved one… the list of possible course topics is endless.
Often we teach what we most need to learn in life. Take your life’s pain, turn it into a product that serves your customer, and you’ll be set for rapid success.
Principle 2: Make your mark
One of the key mistakes I see over and over again is entrepreneurs completely confusing their customers about how they can help them. Their message isn’t clear or powerful enough to generate influence, reach, and conversion, which makes it impossible to connect with their buyers.
Related: 4 Tips for Launching a Business While Working From Home
Within seconds of encountering your brand, a potential customer decides if you’re worth their time or not. The message about the service you provide needs to immediately captivate and connect with them. Connection sits at the heart of all conversion and activates one of the most important principles in the sales process… trust. When a buyer finds a brand they trust, they will inevitably buy.
The key is being able to quickly explain their problem better than they can and then showing them you’re the one with the solution. When your customers feel seen and understood, they know that you care.
This level of deep emotional rapport is how we’ve created a massive audience of loyal customers and expanded in a ‘downturn’. The offline market might be in free fall, but our industry is booming.
Principle 3: Automation for growth
If you want a business that makes a global impact, you need a global following. Without an automated lead acquisition model, you’ll never gain the audience you need. With the right strategy, you can attract thousands of new leads and customers every single month.
But no one wants to feel lost in a sea of leads—each person needs to be touched in a powerful, engaging, and meaningful way. Here’s the thing: there’s no way I would have been able to serve the thousands of students in
my online courses and programs by nurturing and selling to them one-by-one.
You want a BIG business without being a slave to sales? Then what you really want is beautiful, personal, and automated touchpoints.
Once you’ve made a sale, delivery is no different. People want intimate attention and an experience to remember. This does not require your time.
The key to a multimillion-dollar business is not working harder but implementing systems, strategies, and a scalable course that delivers an outstanding service to customers.
It’s time to lead and leverage your skills with a business that makes your soul sing and your cash register ring as you create a legacy brand and a life of influence, wellbeing, and true freedom.