Tips for the Newbie Entrepreneurs and Startups on how to Start an Online Business
Technology is ingrained in our day-to-day life, that we cannot imagine life without internet or electricity. Everything is going on online, from learning new things, trying make-ups, to buying properties and selling used items.
Micro enterprises account for 95% of total SMBs, small & medium put together hold the remaining 5% share and 55% of SMBs are located out of urban cities whereas 45% are situated in rural areas.
Technavio has released a new market research report on the global SMB and SME NAS market, which is expected to generate revenues of $18 billion between 2016 and 2020. The report also read that global SMB and SME NAS market is set to grow at a CAGR of 33% by 2020.
If you have a business plan and you are skeptical of trying it online or bricks-and-mortar, then let me clarify you, that there is no difference between online business and bricks-and-mortar business except for the space.
The basics of business such as making the business plan, deciding the product and market analysis are same for both the businesses; one only needs to figure out, if he/she is ready to invest in real space or virtual space.
If you want to start an online business, here are a few things to keep in mind:
1. Choose the domain name:
After the business plans is ready, product is decided, market analysis is done, in short, the basics are sorted, one can sit down to decide the domain name.
This involves a lot of technicalities, thus it is advisable to take help from a technically sound person and purchase a suitable domain.
The domain name is going to be the name or word, which will help people find your product and will get you business.
There are plenty of websites, which offer help in building a domain name and website for your business.
2. Creating the site:
Once the domain name is set, the next thing is to fill the website with important things. This is purely technical job, thus your technical staff can take care of this thing.
One only has to direct them, what and all one requires to show on their website page.
Website page should not be a sloppy page with everything written all over, it might turn the customer off. It should be crisp and to the point, for easy understanding of the customer.
3. Make it legal:
This is another important thing to be taken care of as it involves your contacts, your customers’ personal details and privacy.
Buy the necessary legal bonds to keep your business from hacked or online forgery.
Learn the tax obligation norms for running an online business. There are some taxes applicable or tax relaxation based on factors such as product, work station, profit margin and staff working under you.
4. Start merchant account:
Add some reliable merchants to your business, which will take care of the money involved.
Link your domain with reliable merchants, where the purchasing of products or refunds will take place.
In frequent intervals keep throwing discounts or offers to the customers to keep them in your business.
Help the merchant in making profit and it will help in earning you money.
The last but not the least important part of your business is letting the world know of its existence.
Buy ad spaces in newspapers, television, and radio and promote it. Sponsor the ads on social media such as facebook, twitter, and wherever possible.
Make people aware of the existence of your products or services. Also let your customers know about the offers, discounts, sales you offer through the ads.