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 needed for generating income for your online business.
But it doesn’t end; there are four skills that you absolutely must have as a small business owner.
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 a find thing that needs 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.
You can't do everything all the time, although you are very likely to try in the early days of your business. #inspiretothrive
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First Aid
If you run a business and your office is filled with people, you have to help if something should go wrong. This kind of training should be offered to everyone in your office, but you should lead the example here.
As well as first-aid training, you cannot check out specialized CPR training; learn more to find out just how worthwhile this skill can be.
Furthermore, with ER’s being short-staffed today, this skill is really becoming more important than ever!
Furthermore, with ER's being short-staffed today, this skill is really becoming more important than ever! #learnfirstaid
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Showing up
There will be times where 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 as 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
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 your 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 for 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 the pandemic situation that is causing many businesses to struggle, but there could also be other problems that affect your finances.
As an online business owner, your key concern is generating income for your online business. #onlinebusinessowner
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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!
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. #onlinebiz
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#2: Cut Costs Where You Can
When you’re going through financial crises, 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 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.
Check out these other cost-cutting tips, and consider what else you might do to make savings in your business.
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.
When you're going through financial crises, all unnecessary spending needs to be put on hold.
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#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.
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.
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!
