Taking care of business is just one of the skills needed for an online business owner. Most successful online business owners have to wear many different hats.
They learn how to do accounts, e-commerce, social media skills, marketing, pitching, and plenty of other skills. These skills are important for generating income for your online business.
But it doesn’t end; there are five skills that you absolutely must have as a small business owner.
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Online Business Owners Delegation
You can’t do everything all the time, although you are very likely to try in the early days of your business. A little bit of anxiety comes up with handing over different tasks to your team members—or hiring a virtual assistant to take over something that you do.
When it comes to generating income for your online business, delegation is going to be an integral part of it.
But you need to know what to delegate and when which is why this is a skill.
The fastest way to learn to be delicate is to find things that need to happen within your company that you do not need to be the authority for—stuff like admin, chasing emails, and even your marketing and social media management. Maybe hiring a virtual assistant is just what you need.
Learn AI: Don’t Ignore It
As an online business owner, learning AI is a must. AI tools can help automate tasks, boost customer engagement, and improve decision-making.
They can analyze data faster than any human, giving you insights to stay ahead of the competition. AI can also personalize customer experiences, making your interactions more effective.
By understanding AI, you can save time and money while scaling your business.
So, don’t get left behind—embrace AI to grow smarter and faster.
Showing up
There will be times when an idea doesn’t work out, and there will be times when they do. You mustn’t be seen as a person who only shows up when everything has gone well. Instead, you should be known for showing up at all times.
You are following through on ideas and intelligence to bring projects to fruition.
One of the most important things you can do is make sure that your team knows that you stand by them regardless of the outcome.
Prioritization For Online Business Owner
Creating a to-do list is a huge skill. You need to prioritize everything that you have to do each day, and that doesn’t come easy.
Creating a to-do list with the most urgent items at the top gives them focus and dedication to complete should it be part and parcel of their everyday habits.
And most businesses will have urgent matters arise, and you will need to decide if that urgent matter needs to go to the top of your to-do list, underneath your other critical items, or can be left until later in the day.
When you prioritize successfully at the end of every day, you will have a huge sense of accomplishment and effectiveness because you have completed everything you needed to do.
If in doubt, always work with eating the frog – which simply means doing the worst has first.
Are you looking for some tips on the best way to boost your business? Read this post: It’s Time to Make Your Business Great and Here’s How.
Generating Income for Successful Online Business Owners
As an online business owner, your key concern is generating income for your online business. When money comes in, you have more to save for a rainy day.
You also need more to spend on growing your business, and more money to pay off any debts you may have incurred.
But what happens when you don’t have the cash flow needed to keep your business going? What happens when disaster strikes?
At this present time, this obviously includes inflation that is causing many businesses to struggle, but there could also be other problems that affect your finances.
There are a few things you can do to save your business and ways of generating income for your online business. These tips include the following.
#1: Speed up Your Receivables
Your receivables are the payments that are owed to your business, so you should do what you can to make sure you get them quickly. This might involve asking for payments upfront when you offer a service to a client or invoicing them promptly when your work has been completed.
If the client is late with the payment, you should be persistent. While they may have forgotten to pay you on time, it might be that there are other reasons why they aren’t paying you.
You need to find out, either alone, or by using the services of a collections company who will collect the debt for you. Some services will also check bankruptcy records because if the customer has become insolvent, this is one factor why they aren’t paying on time.
Hopefully, you will get back your money owed, and this will alleviate some of your financial worries. If not, be sure to claim it on your taxes as a loss!
#2: Cut Costs Where You Can
When you’re going through a financial crisis, all unnecessary spending needs to be put on hold. This means no more fancy office lunches, no more subscriptions to services you don’t need, and no more equipment purchases that aren’t compulsory for your business.
You should also consider switching utility companies as you might find a cheaper deal elsewhere. Change your insurance company too if your annual renewal is close.
Then, look for a cheaper supplier, or ask for discounts from the firm you currently use.
However, do be sure not to cut back too far like employees or freelancers that keep your company going. Really look over each and every expense before cutting any away.
#3: Generating Income for Your Online Business
The obvious thing to do when you’re financially struggling is to borrow money from somewhere. This could be from a bank, a loan company, or a credit card company. However, you do need to be careful.
The last thing you want is to end up in a lot of debt, so if you do go down this route, look for the lowest interest rates, and factor your payments into your current budget.
Of course, another way is to find other ways of generating income for your online business. Think outside of the old proverbial box!
Who knew when I started Inspire To Thrive that I’d be offering courses on social media? Conditions change and your business must be ready to pivot as well.
Look for some more passive income channels for your online biz.
#4: Advertise For Your Online Business
I used to sell advertising for a newspaper for 25 years. Clients would cut their budget when sales were down. That was the wrong thing to do. That’s when you need to advertise your business online or offline.
When you don’t advertise your business, you miss out on reaching new customers. You’re left relying only on word-of-mouth and existing clients, which slows growth.
Competitors who do advertise will attract more attention, leaving you behind. Without advertising, your brand remains unknown to many potential customers.
This can lead to stagnant sales and missed opportunities. In the long run, not advertising can hinder your business’s success and limit its potential.
Don’t let your business become the best-kept secret.
Other Tips for Successful Online Business Owners
There are other things you can do that won’t get you into debt, of course. You should make a concerted effort to increase your marketing, using low-cost ways to market your business to help you save money and bring in more customers.
As an online business owner, you could also sell some of your non-essential assets. This is an effective way to raise some extra money while you’re strapped for cash.
These are just some of the things you can do to survive a financial crisis. For more advice, speak to an accountant, and research other avenues you can take by committing to a Google search online.
Conclusion: Online Business Owner Is Not So Easy
It’s not easy as some think to be an online business owner today. You always have to be learning new thing as things change rapidly in the online world. Recently, AI has entered into the realm of online businesses.
How are you generating income for your online business? I’d love to know more in the comments below from other successful online business owners!
FAQ: Skills and Strategies You Need to Grow as an Online Business Owner
What skills are essential for an online business owner?
You need digital marketing, customer service, and basic accounting skills. A solid understanding of social media and content creation is also crucial.
How can I improve my digital marketing skills?
Take online courses, read industry blogs, and experiment with different strategies. Analyze your results to see what works best.
Why is customer service important for online businesses?
Good customer service builds trust and loyalty. Happy customers are more likely to return and recommend your business to others.
How can I manage my time effectively?
Use tools like calendars and task management apps. Prioritize tasks and set deadlines to stay organized.
How can I build a strong brand online?
Be consistent with your messaging and visuals. Interact with your audience and provide value through content.
What are the best ways to drive traffic to my online store?
Use a mix of SEO, social media marketing, and email campaigns to drive traffic to your online store. Paid ads can also be effective if done right.
How do I handle negative reviews?
Respond politely and address the issue on the review. Use feedback to improve your products or services.
Should I invest in paid advertising?
Yes, but start small and measure results. Paid ads can boost visibility and attract new customers when done correctly.
Can I grow my online business without a website?
It’s possible but not ideal. A website builds credibility and offers a central place for customers to learn about your business.
What’s the best way to handle competition?
Focus on what makes you unique. Offer superior customer service and continuously improve your products or services.
Online Business Owner: Skills and Strategies You Need to Grow Share on X
She has 30+ years of experience in marketing/advertising with 12 years of experience in content marketing, social media, blogging, and SEO.
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Hi Lisa,
This is an amazing resource! I am a business owner as well, and I really liked all the skills you highlighted in this article. Normally people suggest different things than you, but after reading your article, I can see how all the skills you suggested will be helpful in managing a business. I really liked the first aid skill, people often forget about this and underestimate the importance of this skill. I will be sharing this article with everyone in my network to share these strategies with everyone else.
Hi John, thank you. Well, that’s true today with fewer EMTs and ER’s being short-staffed, first aid is something to really think about. What other skills did you think were important there John? I appreciate your coming by and make it a great day!
Awesome post. I want to add outsourcing to the list as well, for example, bookkeeping. Many small businesses have outsourced their bookkeeping to our online bookkeeping service in Canada (Paperless Books) and that really helped free a lot of of their time. Bookkeeping can be time-consuming if the business does it on its own.
Hello and welcome to Inspire To Thrive. Bookkeeping can take up a lot of time, especially here in the US as tax season approaches. Not my favorite task to do for sure! Thanks for coming by and have a great day.