This article is meant for people who want to start an online business. Success in any business depends on proper planning. It involves the following key steps
- Find a product for which people can pay
- Build a business plan (to set your goal and target market)
- Marketing plan (for reaching out to the customers)
Online business needs a few extra steps like
- Purchasing the hardware and software to start a business
- Providing a secure environment for shopping and receiving payments online.
Legal requirements should also be taken care of to avoid problems at later stages.
1. Find a product for which people can pay
Consumers make purchases based on perceived value. Whether it’s clothing, books, household items, or any other product, the market is often saturated with various options. To establish a presence and stand out, providing something unique to customers is essential. Uniqueness can manifest in product quality, customer interactions, or delivery methods. Offering something extra is the key to attracting customers and encouraging them to choose your services over others.
2. Build a business plan
It is very easy to start if you know what you want to sell. If your product is useful, there will always be interested people. Depending on the potential there may be huge demand or very few targeted customers. A business plan is a dry run for your business. It will cover everything that you will do to succeed. The basic component of the business plan will be discussed in later posts.
3. Build your online business/services
A good website is required to start any online business. This involves – 1) searching for a good domain name, 2) finding a good web hosting service provider to host your website, and 3) buying a good high-speed computer (to save time) as you are going to maintain your services online. A software program is required to maintain your website. There are many free and open-source software like WordPress, Joomla, and Drupal for creating and maintaining websites. A graphic design software like Adobe packages may be required if graphics are required for the website. Software may also be required to maintain accounts and for security. You can also procure the service-related hardware and software. Many times a technical expert is required to improve your website.
Other than your website, the products/services can also be sold through various online marketplaces like Amazon and eBay. You should sell your products in many places. These marketplaces provide an easy platform for reaching customers. The more you spread your presence online, the more the chance of success. Such type of business (though online marketplaces) is possible even if you don’t own a website.
4. Marketing strategy
You’ve got a finished product ready to be delivered to customers. However, the significant question now is, how will customers become aware of your products? Numerous methods exist, such as
- Ask your friends and family members to advertise your products in their social circle.
- Build a team of individuals who will collectively do things for the success of the project.
- Various ways to increase the visibility of your website. Increased visibility means more business opportunities.
5. Secure environment for transaction
Hackers are always a problem for secure transactions. You should provide a secure environment to the customers for shopping and receiving payments online. PayPal is one of the most widely used secure ways of receiving payments. However, integrating your credit card payment system is also a streamlined method to facilitate the payment process.
6. Customer care
The success of any business depends on the customers. Comments (positive or negative) of customers should never be ignored. You should always reply positively to customers’ complaints. This will improve your business in the long run.
7. Improve the services
You should regularly update your website and its services to give your customers a better experience.