If you have been in the online service industry for any amount of time, you know these myths. If, however, you are new to the industry, you will want to read these 7 myths about growing an online service business – busted today.
The Online Service Industry
The online service industry has come a long way in the last 20 years. I’ve been a part of this industry for over 17 years and have seen my share of challenges, changes, and triumphs. I wanted to share these 7 myths about growing an online service business, busted, because I’ve seen many start their business but never succeed in it.
Myth 1: It Is Easy To Start An Online Service Business
In 2020, during the COVID-19 pandemic’s first horrifying year, tons of people jumped online and decided to try to start an online service business. Unfortunately, it is not that easy.
I saw tons of shout-outs on social media like, “Hey everyone, I’m starting my VA (virtual assistant) business, so if you need any work, please send it my way.” I cannot tell you how many of these I saw online.
Starting a business requires a lot of grit, perseverance, agility, a thorough understanding of how the online world works, as well as other skills, like being able to adapt to your customers’ needs, to create an online community, to find your own niche, and much more. In theory, anyone can be an online entrepreneur, not everyone can make it in the long term.
CYPHER LEARNING
As the immediate pandemic concerns died down, many of these individuals either went back to work or decided on another occupation. Becoming an online entrepreneur is not as easy as it sounds (or as many of us make it look).
Myth 1, busted, it is not easy to start an online service business.
There are many steps to starting an online service business that many of those I am speaking about missed and never made it through to succeed.
For additional help in starting your online service business, download my guide for Fearlessly Start Your Business today.
Myth 2: You Can Do It Without Experience
Many of those people who gave shout-outs online did not have the experience to start an online service business. They thought it was an easy way to make money. I’m here to tell you it is not easy, nor can you make money simply by shout-outs.
Several things go into setting up an online service business, one of which is experience or, at the very least, training in the type of service you are to provide to your clients. You cannot do it without experience or training, period.
Doing virtual assistant services does not simply mean completing administrative duties only. Often it includes helping clients with technology, automations, AI, not to mention emails, calendars, and events.
Some VAs specialize in different niche areas to help clients with specific needs, such as email marketing (email blasts), online event management (everything from emails to backstage help, setting up the tech, and more), social media management, or other multiple options.
Myth 2, busted. You cannot do it without experience and training.
Myth 3: You Can Attract Clients Using Social Media Only
Having seen many try and fail in the online service industry, another myth they held to was that they could attract clients using social media only.
Any business requires a multifaceted approach to selling to its audience. Simply shouting out that you are now doing VA work is not enough to sustain a good business model. Completing a business plan that includes multiple steps to achieving success is always a good approach to starting your online service business.
Myth 3, busted, you cannot use social media only to attract clients and have it sustain your revenue.
Myth 4: You Don’t Need A Website To Grow Your Online Service Business
Another myth I’ve run into when working with new online service businesses is that they think they don’t need a website. A website is a necessity to begin to build and grow your online presence.
I’m a big proponent of SEO Blogging. Most of my website traffic comes from doing this over many years. It helps me attract people to read articles. This, in turn, allows the visitor to browse my website. Even if they do not browse the entire website, they have visited it and know my name. They may even sign up for one of my free offers (like the one above).
A website with SEO blogging gives you more online authority and opportunities to reach your ideal audience.
A website also offers authentication and professionalism for your prospective clients. They want to see that you are professional, and by providing a website, you show them that you are real and are taking it seriously. It also shows potential clients that you are here to stay.
Your website is also a huge part of a good marketing plan.
Myth 4, busted. As an online service provider, you should have a website.
Myth 5: You Do Not Need Marketing To Grow Your Online Service Business
This is a huge myth when it comes to the online service industry. Myth number 5, thinking you do not need marketing, will kill your business before it starts.
Marketing your business every day is a necessity. There are many present in the online world, and if you do not make a solid marketing plan to be authentic, real, and have authority in your niche area, you will lose your audience.
Marketing is essential for growth in your online service business. I plan out six months in advance to keep my marketing wheel (as I call it) turning.
Myth 5, busted. You must do marketing and plan it out to grow your online business regularly.
Myth 6: You Can Keep Attracting New Business To Grow
This is an interesting myth. This is all about growing your business once you are established. How will you grow your online service business once you are a year or two into it?
Having a growth plan is another crucial factor to keep your business going. Many think you can just add more clients continually. This, however, is not possible. Each online service business, as a solopreneur, can only work approximately 25 to 30 billable hours. That means that you have a limit on how large you may be able to grow.
Your online service business revenue is not limitless. Therefore, you will come to the point, or better yet, plan when you get to this point, where your revenue will flatline. The reason is that you cannot bring on more clients once your billable hours are full.
Consider how many clients you can bring on to bill 25 – 30 hours/weekly? Will that be 5, 6, or 10? You should know this number so that as you begin to near it, you step into your growth plan.
Myth 6, busted. You cannot just continue to attract new business to grow.
Myth 7: There Is No Stopping Point
As you see, growing an online service business is not easy, takes effort, skill, training, and planning for your future. In a growth model, you can have a ‘no stopping point’, meaning you keep growing.
As a solopreneur, however, this is not possible. You saw above that I noted you can only accept enough clients to fill your 25-30 billable hours weekly. After this point, however, you should have a growth plan in place if you wish to grow beyond this stopping point.
By ‘stopping point’, I mean that most people think businesses do not have stopping points, a point where they stop growing.
In an online service business with a solopreneur, there is a way to grow beyond this point. You can begin to build your virtual team by adding subcontractors to help you work with clients.
By doing this, you also free up much of your time and can earn more revenue.
To learn more about how you can do this, join me on Thursday, June 5th at Noon EST. You can also sign up for the latest upcoming online events.
Myth 7, busted. There is a stopping point if you do not take action to intentionally grow your business.
7 Myths Busted To Grow Your Online Service Business
I think you see that we have busted these 7 Myths About Growing An Online Service Business. Growing your business is serious and needs to be planned out. The plan should include a website, marketing, and growth plans to make it past the revenue flatline.
Tammy empowers her clients to earn more and work less.
Tammy S. Durden is an award-winning business coach with an impeccable reputation.
She specializes in helping women online service providers grow a business to fit their lifestyle rather than squeeze a life around their business.
She is also a thought leader, course creator, and speaker in the online service industry.
Tammy has established herself as an authority figure over the last 17 years while creating and growing several online service businesses. She does this through helping them establish their business and then scale it by outsourcing to subcontractors.