How do I start an online business?
Here is what you need to do…
- Find a space that is growing. If you know the space very well, that’s a big bonus.
- Think of an idea in that fast-growing space. Don’t think too hard, and definitely, don’t let procrastination slow you down because your idea won’t work anyway.
- Get access to at least US$20k. This should give you enough to build a basic product to test your idea. Get a job and save up, convince your parents, get friendly with your rich uncle. Whatever.
- Find some co-founders. This is hard as humans, by nature, are chickens, so if you fail here, get some staff instead and co-founders may come later.
- Launch a basic version of your app/website. Note it will be 2-3 times over-budget and way behind schedule.
- Learn what your customers want, and make adjustments. Keep doing this for months, after which your business model will have changed significantly from where it was at 2.
- Get some traction, hopefully before you run out of your US$20k.
- Raise more money on the back of your traction.
- Work your balls off for 5–10 years.
- Don’t forget to thank me!
The biggest mistake people make is they think they need some great idea at the outset, and that stops them from starting.
The great idea comes at stage 6 (keep adjusting by learning from customers), not stage 2 (think of an idea).