If you are an entrepreneur in the 21st century, closing your eyes on doubling your brick and mortar venture with an online presence would be the best recipe to fail. Online business is not a new thing. But for clarification, it involves creating an online store where clients can buy from your business regardless of their location across the world. As such, you do not need to meet with them to do business.

However, a significant percentage of people are still in the dark wondering on how to start an online business.

Starting an online business

Like any other venture, in starting your online business, there is a sequence of steps to follow. The initial phase is not different from the brick and mortar type of business. As business consultants will always advise you, any business starts with identifying a need or call it a gap in the market, and the kicking off on a journey to meet/fill it.  In particular, you need to determine the market to serve, age difference, and preferences of your esteemed customers and develop a product or a service to offer them.

  • Conduct a feasibility study

Next, you have to conduct a feasibility study about the niche you want to serve. Online business profitability lies on the ability to know the internet visibility dynamics. You need to carry out a research on the keywords used in that niche, competitors’ approaches so as to develop your competitive advantage tricks, as well as supply and demand of the products and services you are seeking to offer.

  • Build and design a web page

Further, since your business runs on an online store, you need to build and design a web page. The site should be simple and easy to navigate.  Importantly, it should be interactive and helpful to the visitors. For this reason, you need to upload useful content that is informative. Also, remember that the visitor/prospective customers have a limited time to spend on your site. Hence, the content uploaded should possess the power to convert them into leads immediately.

Marketing your online business

Now, all that is remaining is marketing your online business and making it an established and trusted brand name. You can achieve this through advertising on social media, using pay per click approach, seeking referrals from peers, and affiliate marketing. This way, you can drive massive traffics to your site which can become long term clients.

Benefits of online business

Now, the business is up and running. But the question is what the benefits of online venturing are? Some of the main advantages of online business are:

  1. a) Saving on costs – With an online store, you save costs. These costs include the advertising costs, overheads, and startup costs. In fact, starting an online business is cheaper than setting up a mortar and brick venture. For you to start an online venture, you only need a website and a supplier. With the two you can sell products to customers even without having any physical store. This approach saves on your storage costs.
  2. b) Around the clock sales and wide market reachability – Did you know you can generate revenue even while asleep? When operating an online business, customers can visit you site at any time of the day and make a purchase. As such, unlike the brick and mortar business where you have to be on location every time, online venture does not require you to be so to generate revenue. Importantly, you can sell to clients across the world through the internet. As such, you gain from a large market and continued flow of income.

By | 2017-07-05T13:09:20+00:00 June 30th, 2017|News|