How To Start an Online Business

Posted August 6, 2020 by in Career

Today, around 4.5 billion people worldwide have access to the internet. There are currently around 1.95 billion websites online, the biggest search engine averages 1.2 trillion searches annually, and 55% of people worldwide will search online before making a purchase.

These numbers show you the potential online businesses have to succeed in our digitized world. Too many business owners believe that running a profitable online business is too difficult due to the existing competition, but the truth is no business is too small to be online.

A lot goes into starting an online business, so let’s go over some essential aspects to consider while planning:

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The Market Before the Product

The mistake most businesses fall into is focusing on the product before knowing if it’s even needed. Any business is meant to solve a problem. You have to identify and understand the problem that your target audience is having and design your product or service to solve that problem and cater to their needs. 

For your business to fill that need, you have to talk to people, visit online forums and read their complaints, keep up with your competition, and analyze their strengths and weaknesses. When you have a clear idea of what people are searching for, you can come up with a product that is needed in the market.

Lean Business Plan

Every business needs a plan to guide it. A business plan helps you manage strategies, monitor your company’s performance, stick to your business goals, and keep track of your budget, among several other elements. A lean business plan isn’t the formal business plan, but it’s a great start. 

It’s short, streamlined, and detailed enough to steer your business the way you want it to go. It’s a plan that needs to be reviewed and revised and modified, according to your needs.

Make an Attractive Offer

Why should I buy from you? This is the golden question that you have to find convincing ways to answer. How are you going to make your product stand out from the rest? Usually, this starts with fresh and original content. Describe your product and how it solves a problem and begin to establish your edge when it comes to solving that problem. 

Your customers will believe in your business as much as you do, so give them strong guarantees, and clearly explain to them how easier their life can become when they use your product or service.

Make it Legal

Purchasing a website for an online business is not that complicated, but understanding the marketing strategies and techniques, legal aspects of owning a website, and online selling practices can be quite challenging. The team from explains that you need to seek legal advice about trademarks, intellectual property, copyrights, patents, and more. This will keep you and your business safe from any legal actions that can be taken against it.

It’s imperative for you to understand the regulations and laws surrounding any e-commerce business, which is why it’s better to enlist the help of people who understand what an online business legally entails.

Domain Name

The business domain name can either make it very difficult or very easy for people to find you online. From a marketing standpoint, a short and easy-to-remember name, preferably related to your business or product, is excellent. 

From a legal point of view, it can conflict with the millions of other names online. Imagine putting all your effort into a website, only to find that your customers are confusing your website with other sites because they have similar names. There are plenty of online resources that help you choose an original domain name. Once you buy a domain name, it’s time to create a site and start designing it.

Design Your Website

Business owners want to hit the ground running with their website. Your website is the first place people will visit to learn about your business. It has to be simple, clean, attractive, easy to navigate, and most importantly, easy to buy from. 

The website is about your product, but it’s just as much about your customer, so it must be user-friendly, as you only have a few seconds to make a customer interested in your site and your product. Before setting up a complete website, you can create a simple preview landing page with a brief overview of your company and product. Now many budding entrepreneurs worry about the cost of building a website, but business website building isn’t as expensive as you may think as there are many affordable options out there today like Wix and Shopify. There are many more website building websites out there beyond those two big names—you just need to do your research and weigh out the pros and cons of each.

Your business might start small, but you want to think about how it can grow and take that into consideration with every step you take. Business owners reap a lot of benefits from selling their products or services online, such as the ability to work from home and the freedom to call the shots. Those are wonderful advantages, but they will only manifest when you devise a good plan and understand the many legal, financial, and strategic aspects that are involved in running an online business.