It is not easy for small internet retailers to compete with giant internet retailers. Despite the stiff competition, there are many petite online establishments. They are regularly run by their owners from their homes and are prosperous. Clearly, it is possible for entrepreneurs to make a million dollar turnover online – even for those with little start-up capital.
An average website business with steady or rising revenue will trade for about three times’ net profit. Robust branding is one of the things that can make a small internet store reputable. A business can achieve this milestone of making a million dollars online in one year. Here are the tips to make them achieve this.
Look for a growing market
One of the simplest ways to establish a million dollar company is to look for a rising trend. Then advance it to the top. For instance, Fiksu, a mobile app developer company grew from below $1 million to $100 million in a span of three years. It had only a capital base of $17.6 million.
Part of this company’s success came from the timing. The mobile app development has grown to become a $77 billion industry as at 2017. It also experiences a growth of 60% annually. If an entrepreneur can manage to get a growing market like this, then he or she would inevitably experience tremendous revenue growths in the not too distant future.
For instance, a cosmetic surgery website launched by digital marketing entrepreneurs is a promising online business with huge potentials. It has positioned itself as specialists in cosmetic enhancement. Clearly, this is a huge market, and with the promise of investing heavily in SEO, this is unquestionably a company to watch.
Monetize from the beginning
It might seem obvious to many entrepreneurs; nonetheless, some start-ups begin without a monetization strategy. Twitter is an excellent example of such. However, numerous businesses establish their free user bases. They are hopeful that inspiration can strike along the way.
The profitable companies have a defined plan for monetization from the beginning. Entrepreneurs should know from the start how to make money. It prevents waste of time hoping that profits will come along.
Employ an all-star team
It is not an easy task to make a million dollar. Entrepreneurs can’t achieve this aim with a team of underperformers. Hiring such staff is cheap and easy. But this can adversely affect your end of year sales.
An entrepreneur should employ an all-star team. The quick way to attain this is to ask for recommendations. Appropriate attention should be placed on the hiring process since your employees can make a significant difference in the performance of your company. Bring on board high motivated and dedicated performers and inspire them to do their best.
Strive to be the best
There are many entrepreneurs with many products, but their businesses are not making a lot. If you want to reap big profits, you have to be the best and make a difference in the marketplace. If you don’t get rave reviews online, then you should know customers are not elated by your products.
An entrepreneur should be in touch with the customers. Ask them what you can do to improve your product. Then implement their recommendations. They will consequently appreciate the effort and proceed to refer more sales in the future.
Entrepreneurs who are ready to invest online can make millions of dollars. It is important to carry out research to see the viable options to invest in. Review every platform to find out what other Investors are saying before committing your cash. All the best!
Freelance Blogger | Content Marketer