Grow your online business in 2024

So you want to grow your online business in 2024 but still don't know where to start

Bad news - January is almost over. Only 11 more months remaining this year! 🫣

I often get asked, "What does my perfect online business look like?". In my opinion, I will describe the main requirements that should be in place for that.

It's not a definitive list, as follows -

Requirement: At least 70% of revenue should be recurring.

The core product or services should be recurring.
Part of the revenue should not be recurring (one-time sales convert better as front-end offers).
Should solve an ongoing problem (when the business stops delivering, the problem should “resurface”).

Requirement: Business should be a painkiller, not a vitamin.

When it’s an “....-er” product, it’s often a vitamin (e.g., better, faster, etc).
Customers should actively be searching for a solution.

Requirement: Has to surf a wave or trend.

The market should be expanding over time, not contracting.
Being first to market isn’t a must, but helps a ton.

Requirement: ACV should become $10k+ over time.

ACV = average customer value, meaning that customers should ultimately (when the business is developed) be worth $10k+. This is the difference between a 7-figure and 8 or 9-figure business.
This says something about the target audience (B2B), the problem (painkiller) and pricing (ideally value-based pricing to get net negative churn).

Requirement: > 60% margin

At its core, the business should be able to operate at a 60% margin. At times of growth, the margin can be lower (because more is invested into growth).

Requirement: No inventory (fully digital)

Nuff said.

Requirement: High barrier to entry

It should not be easy to enter the market.
A higher barrier to entry = less competition and less likely to be disrupted.

Requirement: Built with the end in mind

Although the goal isn’t to sell, it should be built with an exit in mind.
Shouldn’t be reliant on just my face, for example.
Should have strong foundations in place, use multiple acquisition channels, etc.

Requirement: I would recommend it to my friends (where relevant)

For me to be excited to work on it for the next 5-10 years, I have to unconditionally stand behind the product/service.
If I wouldn’t recommend it to my best friends (assuming they have the problem it’s solving), it’s a no-go.

Requirement: I can talk about the topic/problem “forever”

Although the business shouldn’t be relying on my face, I’ll likely use my face to help in marketing. This means I need to be excited to talk about this topic for a long, long time.

Find out how we can help grow your business

Please enter your details below for a Complimentary Consultation (valued at $1,500).