Starting an online business might be one of the most challenging decision-making situations to be in, especially if it is your first time.
In this article, I’m going to share seven steps to you guide you on how to start an online business;
1. Research and gather your resources
The first step to start an online business is to gather all the information you need about the type of business you want to do.
Do extensive research in the field you want to venture into. Not the type of program you want to say and your target audience.
Know every information about your competitors and how you can do better than them.
Some of the resources you will need to start a business include;
● Financial resources
All types of businesses need money. Identifying a financial companyyou can trust to fund your online business is the second step.
If you’re starting your business from your savings then that is well and good.
No matter how large or small your business is you will need assistance from other experts. In an online business, you need a website created, marketing and advertisement done, payment and shipment among other services.
· Telecom services
Since most things are done online, you will need to have a strong internet provider.
All your data services, video communications, security networks, and devices should be in check.
· Physical resources
In most cases, online business involving the sale of goods will require physical premises.
You would need to identify a location for your business, set up an office or a working space, if you are involved in shipping then you will need a car warehouse for a storage facility.
· Consultancy services
No business owner had everything figured out right from the start. You’ll make a lot of trials and errors.
However, to avoid little missteps that might end up costing you a lot, you should seek guidance from business consultancy services.
2. Scale down your ideas
By now you already have tons of business ideas and how you can bring them to life. Is time to scale down to one.
Assess how each business is likely to succeed. Which idea are you most drawn into?
Scaling down will mean you’ll put much focus into one particular idea increasing its chance of success.
3. Choose a platform
There are over 100 social media platforms on the internet today. However, not all of them have a huge conversion rate. Only less than 20 are known to bring significant sales traffic.
Whether it is up to you to choose the type of social platform you want to base your business on. This will depend on your customer base.
4. Build a website
There is no online business that does not have a website.
We don’t normally go buy products from people’s social media accounts but rather, from the seller’s website.
Your website should be just as attractive as the goods and services you’re trying to sell.
Get the perfect website domain and hosting. I recommend that you do not put external ads on your website, keep it simple and easy to navigate.
5. Seek the necessary permits
All types of businesses must be conducted legally. You must seek the necessary permits and licenses before proceeding to conduct a business.
The law is very strict on businesses operating without permits. There are very strict sanctions set for the illegal operation of a business.
Having the necessary permit helps enhance consumer protection and business owners’ liability over the types of goods or services they sell.
6. Register your business
The next step is to register your business. Business registration or depend on your local legislation and regulations.
You may have to register your business with the federal agencies or the state agency depending on the scale of your business.
Upon registering your business will help required to produce the necessary documentation describing your business and some registration fees.
This is just a rough outline and you may want to consult with a professional to guide you through proper registration based on your type of business and locality.
7. Advertise and market
The last and final step of an online business is marketing and advertisement.
There are so many ways to market your business. To mention a few;
- Email Marketing
- Video marketing
- LinkedIn networking
- Customer testimonials
- Google Analytics
- Search engine optimization
- Social media marketing
Marketing will help you build an audience which in turn will translate to a better conversion rate for every person viewing your product or service