Tips on running an online business in 2020
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Two months ago, my company’s revenue was driven by people who traveled abroad to learn languages, to take their university courses, to take part in different certificate programs. In March, that revenue was zero. In April, we’re actually in negative because people are canceling the trips they’d booked before. At the same time, the online part of our business where we teach people languages, record courses, do live streams has been growing.
There are certain things we’ve done in the past few months in order to transform our business because we were expecting a crisis. In this video, I’m sharing with you tips you should follow in order to survive this difficult time and thrive in normal economic conditions.
(1) DON’T HIRE DEVELOPERS. Instead, use a tool to build a landing page. Your goal right now is to start selling as fast as you can. Don’t make your product perfect, it’s okay to make mistakes for the first couple of things, you’re going to improve them later. For you, the most important thing right now is to generate this cash flow to keep you and your business alive.
(2) OUTSOURCE. In these circumstances, if you have people on your team, you might need to get rid of them, if you don’t have enough money to pay for their work. If you don’t have anyone on your team yet, I wouldn’t hire anyone right now because you need to be sure you’re as flexible as possible. If you have small tasks, outsource them and pay people by hour.
(3) HIRE INTERNATIONAL CONTRACTORS. You hire a contractor and you don’t pay any taxes in the US, that person pays his own income taxes in his home country. In addition, the rates are lower.
(4) GO LIVE AND CREATE WEBINARS. Everyone is sitting at home, that’s the reason why live streams and webinars are in high demand nowadays. Do them for free but in the end, upsell your viewers with a course, for example.
(5) SWITCH TO TELEGRAM. If you’re still using Slack to communicate with your team and pay around $10 or $20 a month per one person, I would recommend you to switch to Telegram, which is free and has an app.
(6) EXPLORE STIMULUS PACKAGES. They look really generous. If you are in the US, I would totally explore what you can get from it.
This video is sponsored by GetResponse
Time codes:
0:17 What is going on with my business
2:21 The reason you shouldn’t hire developers
3:35 About GetResponse
5:02 The pros of outsourcing
5:55 International contractors vs. local contractors
7:03 Go live and create webinars
9:33 The best app to communicate with your team
10:31 Explore stimulus packages
11:01 Productivity tips
I post daily stories about my life and business routine on my Instagram – https://www.instagram.com/linguamarina/
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#Business #OnlineBusiness #OnlineBusiness2020
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