More and more customers and business are resorting to the internet platform as the preferred means of buying or selling goods. This is mainly because of its convenience, reduced risks, less effort, and low operational costs. Some experts as a matter of fact predict that by the year 2020, up to 90% of all transactions will take place online.
Here are top 4 tips on starting an online business with the aim of helping budding entrepreneurs in getting started with their own business.
1. Identify your Niche and Target Market
The first and probably the most important step is to identify your niche. The niche is basically the business or activity which you are best suited for and which you would like to pursue as the means of making money online.
This should be followed by mapping out a target market i.e. the specific group of potential consumers which your products or services are targeted at.
In time you will need to develop a business plan which essentially details your business goals, the feasibility of your business, and the strategies and steps you intend to take to reach your goals.
2. Registering your Business
In many countries, it’s necessary to formally register a business, usually for taxation reasons. Depending on your product and size of your business you may decide to start as a self employed business or perhaps as a limited company. A good accountant will be able to offer you advice on which is the best option for you as you develop your business.
3. Get Online
The third step is to get your business online i.e. to make the business accessible to the whole world via the internet. This is can be done in three main ways.
Firstly, a website which has all the relevant pieces of information regarding the business, its products, services, contact details, and pricing is to be constructed.
Website design can seem quite technical for the novice or newbie, but there are many cheap and almost free resources that can be used to help you along the way. If you continue to visit my site and use the content therein, you will find useful articles and resources that help you on each step.
Secondly, you will need to have the site hosted using a reputable and reliable web hosting service/internet service provider so that your website (and hence your business) is available to a global audience via the internet almost 24 hours a day 7 days a week. Finally, the business’ domain name which should uniquely identify it on the internet needs to be purchased and registered, you should as close as possible reflect the business and be as short as is possible for marketing purposes.
4. Open an Online Payment Account
In order to sell your product you will need to be able to collect customers’ payments. There are a number of online payment portals and services these days, one of the most respected and efficient providers is paypal.
Paypal for example, will allow the business to receive and process payments online.
In this modern and fast pace world, technological advances have made starting a business online both quick and relatively cheap. That said, as in life in general, you get what you pay for. Surround yourself with competent experienced people and learn from respected resources.
It’s great that some people can move ahead at pace, but in many cases people with little time take longer to get going. What’s important is that you did at least something to move your business forward each and every day. May this a success habit that you cannot break.
And oh, don’t forget to leave your details to receive my newsletter and begin to learn more about how to make money online. Leave your details on this site and I’ll send you my free report; ‘Online Business Ideas’
Every success to you,