Tools & Training to Start a Digital Business
... the Nuts and Bolts of Launching Your Online Business
So you're well along the journey to learning how to start your digital business online in 2024 or beyond.
You've learned about how the best digital businesses begin with entrepreneurs taking time to ponder their personal philosophy and purpose - to align them with what they'll do in the business.
You've seen the value of having a business model - and know of the different types of digital online businesses that you can build.
You've even heard of the 4 key principles to find ideal niche markets - and learned 3 approaches to help identify the perfect niche for your digital business.
Now it's time to discuss the kind of tools and training necessary to start a digital business in 2024 and beyond.
HOW TO START A DIGITAL BUSINESS : TABLE OF CONTENTS
This report is part of a collection that covers all aspects of how to start a digital business online. To see others in the series, explore the links below:
So, how to get started with building your digital business online?
What tools will you need?
And what training is helpful?
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We could go about this in two ways:
1. Get comprehensive - and list ALL the dozens of things you might use to start a digital business online. This would be helpful, but also overwhelming.
2. Get selective - and make a shorter list of the most ESSENTIAL ones that any digital business cannot manage without. This is simplistic, but will help you get going sooner - and at less expense.
It would personally benefit me to take the first route... because it's an opportunity to present you with a ton of links (from which I could profit as an affiliate, if you choose to buy or sign up)!
But that isn't the spirit in which I'm creating this short introduction on how to build a digital business.
This outline is meant to give you a framework or outline which will help get you started.
Then, as you find your feet and understand the process better, you can pick and choose more features to add... more tools to deploy... more training to receive... more resources to tap... in order to grow bigger and scale up faster.
So let's begin with the basic tools and training you'll need to get your digital business off the ground.
Bonus Cheatsheet: Click Here to Download "Tools & Training to Start a Digital Business Online" (PDF Version)
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1. Domain Name
This will be your 'address' on the World Wide Web. A place where prospective clients will come to check out your digital business online.
Ideally, your domain name should be a .COM since it's the most popular and default extension for a website.
In unique cases, it might be an advantage to have another - like, for example, a .CO.UK extension for a business based in the United Kingdom and that serves clients primarily in that country.
Your domain name should also ideally:
represent your digital business in some way
be short, so it's easy to type into a browser
be catchy, so that it's easy to remember
be unique, so you'll differentiate from others
sound good, when you tell people about it
SEO-friendly, so you'll gain an edge on Google's ranking
You can register a domain with one of many domain registrars for an annual fee. In the beginning, even the price of a domain name might sound too high. But it's the cost of doing business online.
In a pinch, you could get started without one. But it's ideal to - or at least grab one at the earliest chance you can afford it.
Understand that your domain name becomes an integral part of your online brand and presence. As far as possible, give it adequate thought before you get one - and then, stick with it... forever!
2. Website Host
Once you have a domain name, you'll have to point it at a website.
This website is essentially a collection of files and folders that reside on a Web server.
A website host will rent you space on a Web server, where you can host your site. Then, whenever someone types in your domain name into a Web browser, they will be shown the hosted files they have requested.
Very few things are as confusing to a beginner as the choice of an ideal Web hosting service!
Most of the recommendations are biased. Either the person praising one is an affiliate - who earns a referral fee for everyone who buys on his/her recommendation.
Or the Website hosting service is one they use for their own website - and are naturally biased towards their own choice.
A few review sites compare Web hosting services, but you'll likely get confused trying to make sense of all the technical factors involved in making your choice.
And yet, your website host is of critical importance to your digital business.
Because any trouble with your hosting service can set you back by reducing traffic, interrupting online purchases and transactions, and sabotaging your sales process - which is always tricky, because shoppers are so fickle and distracted!
My only suggestion is to look for the best Web hosting service within your budget.
That's because 'cheap is often costly'.
When you skimp and save pennies on your hosting service, the actual cost in terms of lost sales and damaged brand reputation runs to hundreds, even thousands of dollars!
By and large, price mirrors value. (Though even this isn't always true!)
Ideally, you would look for 'dedicated' Web hosting - where your website is hosted by itself on a section of the server, without being clustered along with several dozen other sites, all of them sharing bandwidth.
Dedicated web hosting is more expensive, and may require some technical help to manage - or added costs to hire it out to a specialist.
Shared or Group hosting is where multiple users rent space on the same server. This means your cost is less. But it also means you'll face constraints due to several sites/users competing for the same limited resources.
You can get recommendations for good Web hosting services from other business owners. Or do your own research. Or take a chance with one - and see how it goes.
In any case, you'll want to track your website's performance closely.
And if your web hosting service seems to be responsible for any limitations, be swift to upgrade to a better/higher plan - or move to another hosting service.
With most Web hosts, you can get discounts when you commit to a longer plan. But this also locks you in to the service - so when you're forced to move, you'll lose money.
Keep these issues in mind while picking your Web hosting service.
3. Blog
Setting up a blog to publish content has become a near-essential component of any digital business today.
Of course, if you pursue a content publishing model then a blog - or other content management system (CMS) - is integral to your business itself.
But even with other business models, it is extremely helpful to publish content regularly on your business blog.
Not only will it help you attract traffic from search engines like Google, your useful and informative content will also help establish a bond with your audience - one that translates into other long-term advantages.
When you share useful information in the form of free website content on your blog, it helps create trust and credibility in your prospects' mind. So later on, they'll be more willing to buy your products or services when you offer them - in the direct selling business model.
Or they'll willingly share more personal details with you about their problems, because they trust your business to help them find a solution - which benefits a lead generation model.
Installing a blog has become quick and easy, thanks to technological innovations. Wordpress is a popular blog software, though there are several others as well.
And if you prefer to not bother with the technical aspects of how to install, manage and safeguard a website or blog, you can sign up with one of the hybrid services that will let you:
design a business website
host the site with them
publish a blog on the website, and
even integrate shopping cart systems
So for a modest monthly fee, you can have your entire digital business website run off a hosted service that takes care of everything.
All you have to do is hook up your payment processor to the system, and everything will run seamlessly!
You won't have to
touch a line of code, or
learn how to design websites, or
create eye-catching graphics, or
install web forms to collect email addresses from clients and prospects
All of it is included in a comprehensive all-in-one package.
You can just focus on the task of running your digital business!
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4. Payment Processor
Another issue that's as versatile and challenging as your choice of web hosting service is to pick your payment processor.
No matter which business model you embrace, and whether you sell a product or service, you still need to be paid.
With a digital business, it is quick and convenient to have these transactions happen right on your website - through a payment processor.
There are several such payment processing services.
Each has unique features, and advantages. One (or more) may ideally suit your requirements.
What do these services do for your digital business?
A payment processor will let you accept payments from clients in several forms - like:
credit and debit cards
Gpay and other mobile wallets
PayPal (send cash by email!)
direct bank transfers
digital checks
cryptocurrencies
Some will directly credit payments to your bank account.
Others will hold the funds for varying periods before releasing them to you.
A few will manage your affiliate partners - even compute their revenue share and pay them on your behalf - before sending you the rest of your earnings.
You may prefer to use your own merchant account to process payments. Or you can use one your payment processor will set up - for a fee which is typically deducted per transaction.
Of course, every digital business owner will have to do extensive due diligence on a service before using it, since the very foundational basis of a business is a reliable, trustworthy way to execute transactions.
If a payment system fails or goes awry, your cost could be high - and the damage to your reputation and brand can be long-lasting.
The good news is that you now have a choice of different options and can select the one that's ideal for you. Competition has also brought down costs.
My first venture into online selling relied upon a payment processing service that charged me a small flat fee as well as 13.5% of the transaction cost as their charges! That meant I only received around 85% of the sale price.
Today that would be considered an extortionate rate!
5. Email List Management Services
Some might argue with the inclusion of an email management service on this shortlist of essential tools for a digital business.
However, almost everyone agrees that one of the most precious assets of a digital business is its database of prospects and buyers.
You should start building your database as early as possible.
Also, one of the best ways to consolidate a bond with your audience, gradually develop trust and establish your credentials as an expert, and eventually sell them products or services... is to use email marketing intelligently.
For this, you should
collect email addresses, along with other contact details
store the information in a CRM (client relationship management) tool
communicate on a regular schedule with your target audience
offer them information about your business
advice them about problems you can help them solve
remind them of your products and services, and
invite them to buy from you
It all begins by collecting contact details from your target prospects and cash-paying clients.
An email list service is invaluable in this process.
It can help you:
collect email and other personal data like name, age, address and more
store it in an online database that you can search and sort
pre-schedule email messages to go out to your subscribers at intervals of your choice (email auto-responders)
personalize your emails by inserting information unique to a particular subscriber
set triggers that can automatically send a specific sequence of follow up emails to a sub-set of subscribers based on their behavior or preferences
... and a lot more.
As you can imagine, this gives you incredible leverage as a digital business owner and online marketer.
You can craft email messages and load them into your email management service once... and have these emails go out on the schedule that you determine - to every new subscriber who joins your list!
These so-called 'smart autoresponders' have completely transformed the way digital business owners engage and interact with their prospects and buyers.
By tapping into the extreme versatility and power of modern email management services, you can literally multiply the responsiveness of any database of targeted prospects or one-time buyers - and skyrocket your profits, hands-free!
Just as with web hosting and payment processors, there are many different choices of email service providers.
Some will charge you a modest monthly fee. Others are more expensive, and charge more for larger databases with thousands of subscribers.
And amazingly enough, there are still a few that are free - at least upto a limited number of opt-in subscribers and email messages you send. It's a useful way to test the waters - so you can get going with a database of prospects, never mind how much you can afford!
I have used a service called Aweber for the past 20 years or so. It serves my needs well, and I have published an elaborate Aweber review to explain all its features and benefits.
Many other services also offer comparable alternatives. Check them out and decide which is ideal for your digital business.
So there you have it.
The essential tools you'll need to get your digital business up and running online.
You will need:
a domain name, which is the Web address of your digital business
a web host, where your website's files and folders reside
a blog, where you'll publish content and make sales pitches
a payment processor, to let you execute transactions and get paid
an email list service, to build your database of prospects and clients
Download a PDF Version of all our articles on: "How To Build Your Digital Business - In 2024 & Beyond!
There are dozens of other tools you can use to enhance and extend your digital business.
We will discuss them in other sections of this guide as we go along.
Some entrepreneur coaches will argue that it's vital to acquire and install them right at the start. I am not saying that's wrong. Just that it could end up being beyond a newbie's budget - and comfort level.
By limiting your upfront investment, you'll save on expenses.
At the same time, you should accept that some things will be sub-optimal.
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Other things may take more time and effort to complete.
A tool or script or plug-in might streamline these activities and make them easier and quicker... but at a financial cost.
In the resources directory section, I will put up a much more extensive collection of such tools and training to start a digital business online.
You can go through it and decide if you'd like to use any of them... and if it fits within your budget, go right ahead.
The key is to avoid wasting limited money and resources on non-essential (or completely unnecessary) stuff.
But at the same time, you also want to avoid frustration and stress - by automating or outsourcing tasks that are easy to optimize with technology, or manage with expert personal assistance.