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.

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About this blog

This blog is all about delivering business excellence. We cover the following key categories -

- AI Automation Strategies

- Corporate Governance

- Business Planning

- New Customer Lead Strategies

- Business Resources



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