Building, launching, and growing multiple online businesses is a thrilling yet challenging journey. I’m in the beginning stages of walking this path with Student Like A Boss and Homeroom Swag. Think of my documentation of these businesses as an incubator project. Learn from my failures…and wins! I want to do my part in helping eavch of us navigate the ups and downs of this incredible adventure.
A Bit About My Businesses
Student Like A Boss is a platform dedicated to empowering families to build and grow their online digital art businesses. It offers comprehensive video tutorials on digital art, branding, and marketing strategies. The goal is to instill a spirit of entrepreneurship and creativity in middle and high school students, alongside their parents, fostering a strong sense of independence and financial growth.
Homeroom Swag focuses on creating fun, educational, and entertaining bulletin board letters and numbers sets for teachers, librarians, and homeschool parents. Our aim is to enhance learning environments and make education a more engaging experience for students.
8 Hidden Struggles Of Building An Online Business No One Warns You About
Here are 8 hidden struggles (ok…maybe not too hidden) that I’ve encountered while attempting to build online businesses that no one warned me about (ok…they probably warned me and I didn’t listen) and strategies I’ve used to overcome them.
- Balancing Time and Resources
• Struggle: The excitement of launching an online business can quickly turn into a juggling act. Balancing time between product creation, marketing, customer service, and personal life can be overwhelming.
• Solution: Create a structured schedule and prioritize tasks. Use tools like Trello or Asana to manage your projects and break tasks into manageable chunks. Delegate tasks when possible and set aside dedicated time for family and personal life to maintain a healthy balance.
- Facing Technical Challenges
• Struggle: Setting up an online store involves navigating through technical aspects like website design, payment gateways, and SEO. It’s common to encounter glitches and issues that require problem-solving skills and sometimes professional help.
• Solution: Invest time in learning the basics of web development and SEO. Utilize platforms like Shopify or WordPress, which offer user-friendly interfaces. Don’t hesitate to hire a freelancer for more complex issues. Join online forums and communities for support and advice.
- Building an Audience from Scratch
• Struggle: One of the toughest challenges is attracting an audience. It requires consistent effort in content creation, social media engagement, and marketing strategies to build a loyal customer base.
• Solution: Start by identifying your target audience and their needs. Create valuable content that resonates with them. Use social media platforms to engage with potential customers and build a community. Leverage email marketing to keep your audience informed and connected.
- Managing Financial Risks
• Struggle: Starting an online business involves financial investment. From purchasing domains and hosting services to marketing costs, the financial risk can be daunting.
• Solution: Develop a detailed business plan and budget. Track your expenses meticulously and seek ways to minimize costs. Consider starting small and scaling up gradually. Look for free or affordable tools and resources that can help you manage your business effectively.
- Dealing with Competition
• Struggle: The online marketplace is saturated with competitors. Standing out requires unique value propositions, quality products, and excellent customer service.
• Solution: Focus on your unique strengths and what sets you apart from competitors. Continuously improve your products based on customer feedback. Provide exceptional customer service to build loyalty. Stay updated on industry trends and adapt your strategies accordingly.
- Maintaining Product Quality and Consistency
• Struggle: Ensuring your products meet high standards consistently can be challenging, especially as your business grows.
• Solution: Implement strict quality control measures. Regularly review and refine your production processes. Invest in high-quality materials and reliable suppliers. Don’t compromise on quality, as it is key to maintaining customer trust and satisfaction.
- Handling Customer Expectations and Feedback
• Struggle: Customer feedback can be both positive and negative. Learning to handle criticism constructively and improving your products based on feedback is essential for growth.
• Solution: View feedback as an opportunity to improve. Respond to customer concerns promptly and professionally. Use negative feedback to identify areas for improvement and make necessary changes. Celebrate positive feedback and use it to motivate yourself and your team.
- Staying Motivated During Slow Periods
• Struggle: There will be times when sales are slow, and motivation wanes.
• Solution: Set short-term and long-term goals to keep yourself focused. Celebrate small wins and progress. Connect with other entrepreneurs for support and inspiration. Remind yourself of your ‘why’—the reason you started your business—and keep pushing forward with faith and determination.
Bottom Line Y’all…
Remember, every challenge is an opportunity to learn and grow. Stay committed, seek support when needed, and keep moving forward with your vision. Your dedication and hard work will pay off in the end. Keep striving for excellence and never lose sight of your goals. Your journey as an entrepreneur is not just about building a business; it’s about building yourself and making a positive impact on the world around you.
So let’s not get tired of doing what is good. At just the right time we will reap a harvest of blessing if we don’t give up.
~ Galatians 6:9
Mitch Fairchild 
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