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4 Tips for Starting an Online Business in 2024 Four key tips to help your online business thrive this year.

By Georgi Todorov Edited by Chelsea Brown

Key Takeaways

  • The importance of multi-channel marketing
  • The benefits of hiring freelancers
  • The significance of tax optimization
  • How to save money on helpful business tools and software

Opinions expressed by Entrepreneur contributors are their own.

Annually, more than 5 million businesses embark on their entrepreneurial journey. However, statistics indicate that about 30% of these ventures face the challenge of sustainability, leading to failure within their first two years.

To navigate these hurdles and set your business on a path to success in 2024, let's delve into four key tips that can help your online venture not just survive, but truly thrive.

Related: 6 Ways to Jump-Start Your Online Business

1. Don't focus only on Google as a traffic source

It's a startling fact that 93% of online experiences kick off with a search engine. However, the current trend shows a decrease in traffic directed to websites by these search engines. The shift calls for a strategic pivot for online businesses.

Embracing a multi-channel approach is not just recommended; it's essential. Almost 50% of all internet users will search for product-related videos before visiting a store, so think beyond Google's SERPs. Platforms like YouTube, Reddit and TikTok are goldmines for reaching diverse and engaged audiences.

The beauty of tapping into multiple traffic sources lies in the sustainability it brings to your business. When you spread your presence across various platforms, you're not just expanding your reach; you're also safeguarding your business against the unpredictability of online traffic trends.

This strategy leads to a more robust, resilient and sustainable business model. It empowers you to adapt quickly to market changes, seize emerging opportunities and maintain a steady flow of traffic and potential customers. In the fast-paced world of online business, this adaptability and resilience are key to long-term success.

2. Hire a remote team of freelancers

In the dynamic landscape of 2024's economy, the traditional notion of a full-time, in-office team is becoming less of a necessity and more of a choice. The shift towards hiring freelancers and building remote teams is not just a trend; it's a strategic move that aligns with the evolving nature of work and business needs.

Hiring freelancers can be significantly more cost-effective than employing full-time staff. Without the need for expenses like office space, equipment and full-time salaries with benefits, businesses can reduce overhead costs. Freelancers are paid for the work they deliver, which means you're investing directly in output, not just hours spent.

The beauty of a remote workforce is the limitless access to talent. You're no longer confined to the local job market. This global reach means you can find the perfect fit for specific tasks or projects, ensuring high-quality output from experts worldwide.

There are 73.3 million independent contractors in the United States as of 2023. Freelancing offers unparalleled flexibility. You can scale your workforce up or down based on current business needs without the complications of hiring and laying off full-time employees.

Freelancers are motivated to deliver quality work within deadlines, as their reputation and future job prospects depend on it. This drive often translates into higher productivity and innovation, as they bring fresh perspectives and specialized skills to each project.

In summary, incorporating freelancers into your business model offers flexibility, cost efficiency and access to specialized skills. It's a forward-thinking approach that aligns with the needs of a modern, agile business environment.

Related: 5 Data-Backed Benefits of Working With Freelancers to Grow Your Business

3. Optimizing your taxes

When venturing into the realm of online business in 2024, it's crucial to understand the significance of tax optimization. It's not about evading taxes but about making informed decisions on where to register your company for the most beneficial tax treatment. Every entrepreneur should pay their fair share, yet it's wise to explore legal avenues that can enhance your business's financial health.

Countries like Cyprus and Bulgaria are known for their favorable tax regimes. With low corporate and private entrepreneur income tax rates, they present attractive options for business registration. Such low-tax jurisdictions can significantly reduce your tax burden, freeing up more capital for business growth and development.

Estonia offers a unique approach to corporate earnings taxation. Here, generating profit doesn't automatically trigger an income tax liability. Tax is due only when profits are distributed to shareholders. This model provides flexibility and encourages reinvestment of profits back into the business.

Estonia's e-residency program is a game-changer, especially for digital entrepreneurs. With a population of just 1.3 million, Estonia boasts over 109,000 e-residents. This program allows entrepreneurs worldwide to easily set up and manage an Estonian company online. It's a testament to how digital innovation can facilitate global business operations.

4. Save from business tools and software

The right tools can be the backbone of your operation. However, the cost of subscriptions can quickly add up, creating a significant monthly expense. As an entrepreneur in 2024, it's crucial to navigate this landscape smartly to ensure you're not only equipped with the best tools but also managing your finances efficiently.

Many essential tools offer free versions that, while sometimes limited, can be incredibly useful for startups or small businesses. This approach allows you to access vital functionalities without the financial burden of a subscription.

Lifetime deals are a goldmine for cost-conscious entrepreneurs. Paying a one-time fee for perpetual access to a tool can save you a fortune in the long run. Keep an eye on platforms that specialize in such deals for startups and digital tools. It's an upfront investment that pays off by eliminating recurring payments.

If a tool is essential for a particular project or a short period, consider subscribing just for the duration needed. This approach is particularly useful for high-cost tools that you don't require year-round. Use the tool for a month or two, get the job done, and then cancel the subscription. This way, you only pay for what you truly need.

In conclusion, the mantra "A dollar saved is a dollar earned" resonates profoundly with the ethos of our 2024 online business strategies. These savings, much like earnings, are pivotal in strengthening the financial backbone of any online venture.

Related: 5 Steps to Creating and Monetizing a Million-Dollar Online Business

Georgi Todorov

Entrepreneur Leadership Network® Contributor

Founder of Create & Grow

Georgi Todorov is a self-taught entrepreneur and content creator with authorship in a broad range of publications. Featured in Entrepreneur, Forbes, BBC, Los Angeles Times, Fortune, VentureBeat, and Fast Company. He founded 'Create & Grow' to help people create and grow their online business.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

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