So you’re interested in starting an online business…
With the growing popularity of the internet and more and more people buying things online – it’s a smart choice.
I know this idea might have been going through your mind for a while and you probably saw people online or even your friends creating successful businesses while you still work away at a regular 9 to 5 job.
I mean look, even if you fail at it, you’re going to get a whole heap of experience that you never had before. And you’re not going to think “what if I have done that?”.
This is the time that you actually did something about that. So here are the core things you need to start an online business.
Come up with a Good Business Idea
Before you can start an online business, you need a good idea. duh…
Most people who fail at starting a business is because they just see a good product in the market and try to just replicate it.
What you have to do is, find something missing in the market that people are wanting to purchase. It’s simple supply and demand.
So what not to do?
If you’re wanting to build a website based on selling phone cases, make sure the phone cases you’re going to be promoting are actually unique and not something already in the market that’s easily accessible to the buyers.
So you have a great idea that’s unique and will do great. Now what?
Now it’s time to see how you are going to get the product to the buyer. Are you going to source from a company already making it? or are you going to create the product yourself?
The last option requires more work. You will need to design the product, get a company to make it for you, and test it. All of it will require a budget.
Lastly, if it’s a product created by you, decide on if you are going to carry inventory and ship it yourself or you are going to use a third-party fulfillment service.
So to sum it up all up a great business idea will be:
A need that hasn’t been fully tapped into yet
Coming up with a plan to fill that need
Do the Market Research
Market research is the most important part of starting any business. Although it’s possible to build a business without much market research – it will cost you money. Without market research, you are learning while the business is running – and that will burn through your funds.
So what do you need to do?
Talk to the people who will be buying your product
The people who will be buying your product are the best people to get the information from. See if you have any friends or relatives that your product might suit and ask them for their opinion.
Check what the Competition is Offering
Do a Google search and see what is everyone selling and at what price point. See how they are marketing their products and see where you can improve them.
Use a Brandable Business Name and Register a Domain
Once you know the niche you are going to be building your online business on, and you have done your market research, now’s the time to come up with a brandable business name.
All the companies that came to my mind above are easy to pronounce, write, and memorize.
Once you have your business name, now it’s time to register a domain name for the business. I personally use NameCheap to register all my domains because they are easy to use and best of all cheap.
If you wanna know some tips for registering a good domain name, I have written a blog post on it that you can check out below.
Advertise Your Business/Products
OK, so now it’s time for the next big step. That is to get your website and products in front of people.
You can start this by telling your friends and family and using your social media accounts to get the initial word out. Then you have two options. Paid advertising and free organic traffic via SEO. Let’s look at both of them.
If you have used a search engine and social media in the last two decades, you know all about paid advertising. Those are the ad’s on display on search engine results, websites, social media, and YouTube videos. Paid advertising is the fastest way to get traffic to your site.
But, it also requires a budget and the knowhow to do it right. If you have the money for it then that part is sorted. Then you can learn how to create the ads and run them properly if you have the time. But, when you are learning you will make mistakes and will cost you money. Or you can hire a company to do it for you as wel, which too is expensive. Especially when you’re trying to get you’re newly built businesses off the ground.
That’s where organic traffic comes in.
Organic traffic is free traffic that you get from search engines and social media by ranking for keywords. This is done through content marketing.
A lot of other content marketers use a mixture of content marketing ways like blog writing, making videos, and posting on social media to get a lot of traffic.
Organic traffic takes time to develop, but, once you know how to get it and you are willing to give it a bit of time to work its magic then it’s totally worth it. You could write an article on a product/topic that ranks high on Google that makes you passive money for years to come.
If you want to learn how to do this in more detail, I have a community-based course that you can be part of, where you can ask questions from fellow online entrepreneurs and build an online business. I’m a paying member there too – for the last 10+ years. The good news is that you can join for free. I have reviewed this course in more detail where you can see what it’s like.
Once your business is bringing in the money you can make things a little easy for yourself by outsourcing tasks that don’t need your full attention but still needs to be completed.
You can also decide to keep it running as one man/woman show and still be perfectly fine – if you can handle it. But, sometimes hiring someone like a virtual assistant or a customer service agent to deal with emails and support will free up more time for you to work on things that matter and take your business forward.
There you have it these are some of the major things you need to start an online business. Coming up with a good idea that fills a need and doing the proper market research and advertising properly are the core aspects of running a business.
Of course, I can’t summarize the A to Z of running an online business in this post. That’s what Wealthy Affiliate for. It will teach you A to Z of everything you need to know and provide you all the tools you need to succeed. Why not start by joining them for free.