Starting online business is not an easy feat. Many things need to be considered, from selecting a product to sell online to building your presence online. Here is a step by step guide to help you establish a business online easily.
• Find a Need and Fill It
This step needs to be approached systematically. To find a business idea, you must first identify the problem that needs to be solved and then think about solving that problem. On identifying the problem, figure out whether people even care for the solution to that problem.
On identifying the problem and ways to solve it, the next step should be to study how the competition solves that problem. This step involves studying the feasibility of your business idea, and the best way to do this is to answer the following questions:
- Size of Potential Opportunity- The best business opportunity comes from products that have repeat purchases. The market size might be small for some products, but the product’s price is high, and the repurchase rate is also high, then it will also be a lucrative opportunity despite the small market size.
- The Trajectory of the Market- If you want your business to grow and last forever, it is important to understand the market’s trajectory and not just the current state. Study the demand for the product and analyse whether the demand falls into a fad, trend or has a growing and stable market.
- Who is Your Competition- Study how many people already exist in your niche, how you will differ from your competition in solving the problem. If many businesses are competing in your niche, it implies huge demand exists for the niche, and you must have a competitive edge over your competitors to capture market share.
• Define Your Brand Identity
The next step is to choose a business name and a domain name. You get an added advantage if your business name and domain name are the same, as it is easy for your customers to remember only one name. Also, get a nicely designed logo for your company as it reflects your brand’s personality. Focus on the colour scheme, fonts, typography, and graphics to have a consistent brand personality across all online mediums like your website, social media accounts, and the offline world.
• Design and Build Your Website
Once you have nailed your product and designed your brand identity, the next step is to build a website for your business. A website acts as your 24/7 salesmen. Make sure it has a user-friendly interface and a clean design. It must be easy to navigate and has a consistent look and feel. You have a few seconds to grab the visitor’s attention; if they find the web design complicated or confusing, they will immediately abandon the site. Your website is your online store, so make it responsive and mobile-friendly.
• Using Search Engines to Drive Traffic
Organic and paid advertising are the two ways to drive traffic to your website. Organic methods include SEO and content creation, which are slow in generating traffic, but once your content starts ranking higher, you will get consistent traffic. Creating free high-quality content will help you establish yourself as a leader and get you more traffic. Pay-per-click or PPC advertising generates traffic immediately, but as soon as you stop advertising, the traffic also stops. You should use a mix of organic and paid methods to generate traffic on your website.
• Upselling and Back-end Sales
As per facts, people who have once purchased from you are more likely to repurchase from you if you follow up with them. Approach your existing customers with promotional offers, and they are more likely to make a purchase again.
These are the basic steps to start your online business, and following these steps will help you lay a strong foundation for your online business.