Business
10 Golden Rules to Making Money Online Without Risking Everything By Deanna Ritchie
WHETHER YOU WANT to profit off a passion, a side hustle to pay down debt, or make a living without leaving home, there are hundreds of legit ways to make money online. The key, however, is that you need to follow these 10 golden rules to make money online. If you don’t follow a few basic online business rules — you might just risk everything that you’ve built.
1. Online businesses are first and foremost businesses. Many moons ago, I decided to sell some of my personal possessions. I was planning to move and didn’t want to lug around things I no longer needed. So, I listed them on sites like eBay to offload them. And it also didn’t hurt that I was making some extra cash on the side. I didn’t realize the amount of work I had to put into this side hustle. I had to take pictures, write clear descriptions, and interact with prospective customers. And, once I made a sale, I had to box the items up properly and then go to the post office or schedule a pickup. I eventually dedicated a spare room to this endeavor. The listed items were all in this dedicated room, and it was also where I packed these items for shipping. I’m in no way complaining. But, it taught me the first rule of making money online; it’s a business. Simply put, having a business — even a “quickselling-items” business must be treated as any other business. If a business is going to be profitable, it cannot be a casual venture. Ultimately, websites don’t bring in any revenue. Rather, businesses make the revenue.
2. Know thy customers. A surefire way not to make money online? Failing to create customers and failing to give customer service. 14
July-August 2022
After all, according to Peter Drucker, “the purpose of business is to create a customer.” Businesses exist only if they have customers. The chances of making a living online are slimto-none if you don’t have a business. Accordingly, if you aren’t sure about whom you will serve, you might attract customers who aren’t really interested in your business. So, how can you determine your ideal customer? Well, here are some tips that can accomplish just that; • Put yourself in the customer’s shoes when you define your product or service. For example, how will your product or service improve your customers’ lives? • Define the ideal customer for what you sell. For example, do they have a particular age, education, profession, or business? What is their income or financial status? Do they live or work in a specific location? • Find out what specific benefits your customer wants from your product. What is the most important benefit that your ideal customer values most out of all the products or services you offer? What are their goals or fears? • Know where they hang out. Which social channels do they use? What online DAWN
www.africabusinessassociation.org
