With businesses permanently closing their doors due to the pandemic, the majority of Americans find themselves working from home or searching for opportunities to work remotely. Financial stability has shifted significantly this year, and instead of waiting for things to go back to normal, millions of Americans are learning the importance (and benefits) of launching online businesses. Long gone are the days where Millennials and Gen-Zs are the only groups using the internet to produce a substantial income. COVID-19 has given us a 2020 ultimatum: adapt or get left behind.
I knew in my early 20s that corporate America was not the place for me. Working a 9 to 5 put a cap on the amount of money I could make in a year and completely exhausted my energy. Steve felt the same way about working at his family’s successful court reporting business; and although we weren’t financially ready, we were both mentally equipped and determined to pursue entrepreneurship. Leaving our jobs allowed us to create our own terms for success and live by our own rules. I went from sleeping on the floor of my best friend’s apartment at 23, to partnering with my husband and building a home-based business together that has generated us over $10 million dollars in income.
The forced shutdown earlier this year gave my husband Steve and me the space to brainstorm potential business ideas. In addition to our online eCommerce businesses, we created VIP Global Magazine–a digital magazine to provide business owners and entrepreneurs with the platform to learn, network, and shop in one place no matter where they are in the world. VIP Global Magazine is an online support system like no other because it shares top-notch secrets from professionals who are giants in their industries. This magazine provides applicable and highly sought-after information for every aspect of a business.
We aspire to help entrepreneurs all over the world elevate their brands and expand their companies in what could be considered the worst economic year of our lifetime. With close to 30 million Americans out-of-work and looking to reestablish consistent income, Steve and I are sharing our top 5 tips to start a successful online business in the pandemic.
Embrace failure
One of the most common problems in launching a business is self-doubt. Most people let the fear of failure, disappointment, and humiliation crush their potential for success. In entrepreneurship (and life), failure is just an opportunity to learn and do better. Read the biographies of thriving entrepreneurs and discover how their work ethic and determination helped them overcome adversity.
Entrepreneurship provides freedom of location and unlimited income, but going against the grain draws plenty of unsolicited opinions. Steve and I decided never to listen to someone (friends, partners, family, co-workers) who wasn’t where we wanted to be about the direction we should go. We set monthly goals for each of our companies, and if we didn’t meet those goals, we adjusted our tactics and tried again. Don’t let setbacks stunt your potential for growth…keep learning, keep trying.
Start before you’re “ready”
COVID-19 is forcing companies to rely on digital operations, but the business world has been trending towards remote work, online sales, and digital marketing for well over a decade. Steve and I understood the power of buying and selling products online in the early 2000s, and we’ve established businesses to meet the needs of eCommerce ever since. With the internet as prevalent and influential as it is, we believe everyone should be able to “click” their way to a million dollars in business.
Establishing an online company provides opportunities like no other. Don’t wait until you’re comfortable; just do it. Define and utilize your interests to make passive income. Start experimenting and figure out what works best for you.
Learn how to pivot
If your initial idea for a business doesn’t produce sales, it’s okay to move on. Continuous evolution will create more ideas, more improvements, and more successes. Despite the glamorous entrepreneurs you see on tv, building an online business takes time. Thousands of hours are logged beforehand, and even after launching, your business idea may not meet expectations. There are so many ways to produce income with the internet, your ability to rethink and relaunch will be your saving grace.
Support your business partner
Like many entrepreneurs in the initial stages, neither Steve nor I received genuine support, so we had to lean on each other during difficult times. We defined our grounds for happiness, discussing goals, expectations, strengths, and weaknesses. Similar to identifying your love language, it’s important to know and use your business language to refine work relationships. Instead of forcing your partner to conform to what you want, celebrate your differences.
Steve and I are true business partners who work together every day to make our dreams a reality. I am confident in his ability to make sound business decisions and trust him completely. He does the same for me, and that’s why we work well together. Many of our companies have been successful, which is how they’ve produced over $10 million in income, but we’ve also had businesses flop. Regardless of the outcome, we continue to support and encourage one another unconditionally.
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Use your resources
Successful businessmen and women read, attend conferences, network, and are always ready to collaborate with the right people. Think and Grow Rich: A Black Choice and The Wealth Choice: Success Secrets of Black Millionaires by Dr. Dennis P. Kimbro, and Rich Dad Poor Dad by Robert Kiyosaki, are great reads that address wealth, entrepreneurship, and ownership in relatable ways. Use virtual conferences, podcasts, and other forms of digital media to your advantage. There is no better mentor than someone who has experienced the ups and downs of business ownership firsthand. COVID-19 has provided the chance for aspiring business owners to learn from entrepreneurial giants and put their dreams into action. This “downtime” is a blessing in disguise; use it to your advantage.
The pandemic has challenged us all, but Steve and I remain optimistic because our online businesses empower us to continue elevating our brand and 10X-ing our revenue. In life and in business, Steve and I have conditioned ourselves to continue brainstorming and seeking opportunities. Our society already socializes through digital means; therefore, transitioning a traditional business to an online platform should be viewed as a natural extension. Business-minded men and women asking, “How do I get my brand seen by millions? How do I launch a profitable product? How do I market a seminar and turn my knowledge into a course?” will find answers to these questions and more at vipglobalmagazine.com.
For more information on how to launch an online business, visit vipglobalmagazine.com and subscribe!
Be the first to learn helpful business tips when you follow @vipglobalmagazine. Pasha and Steve Carter can be contacted at pashacarter@mac.com. You can follow Pasha on Instagram and Twitter @pashacarter and on Facebook @PashaCarterOfficial.
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