7 Steps to Starting a Small Business Online
Starting a small business online can be a great way to earn a second income or even to build yourself the career of your dreams. Online businesses are built every day, and sure, that does make for more competition. But on the positive side, it also means you can validate your ideas faster and learn from other people’s experiences.
Let’s take a look at the seven steps you need to take to make your idea a reality.
1. Start with an Idea
All businesses start with a great idea. What are you trying to achieve? Which problem are you trying to solve, and how do you want to help your customers? These questions lie at the very core of what your business is ultimately going to be.
If you’re not sure in which direction you want to go, you can always first research lucrative online business ideas and see what sparks the most interest. Or, you can take a skill you already have (like woodworking) and turn it into an online store, blog, or service-based business.
2. Research Your Market
Once you have your idea in place, you’ll need to do some market research before you take any further steps towards realizing it.
This will mean getting to know the demand there is for the kind of product or service you’ll be selling. You’ll also need to get familiar with customer expectations. Consider these key questions:
How much are potential customers looking to pay for that product or service?
Where are they finding solutions at the moment?
How can you influence them to do business with you?
3. Research Your Competitors
You’ll also want to do some competitor research to determine what others are already doing well and where there might be room for improvement.
This step will also give you plenty of ideas in terms of pricing, the features and selling points of your product or service, as well as plenty of marketing ideas.
Make sure to check out the top names in your industry as well as the smaller brands you’ll be competing with when you initially launch.
4. Determine Your Goal
The road to success is paved with plenty of smaller goals and milestones that will help you keep track of progress and ensure you’re still on the right track. The better you set them early on, the simpler (not easier, mind) it will be to achieve them.
For example, if your ultimate goal is to create a business you’ll one day be able to sell, you’ll want to know how online businesses are valued. With that knowledge, you can then determine what you’ll need to do to make sure yours snags the price you’re looking for.
Or, if you’re looking to expand to a foreign country, you’ll need to know all the legalities and procedures surrounding that specific market.
5. Build It (and They Won’t Come)
After all of the above is in place and you’re satisfied with your plan and goals, you can start building your main platform.
Whether this is a social media profile, a website, or an online store, this is an important step, as it sets you up for future actions. The better you do now, the better you’ll be able to execute step six.
Make sure you tailor your online presence to your target audience – not to what you believe it should be like. After all, your interests might be nothing like theirs, in which case you will have completely missed the mark.
6. Market It (and They Will Come)
Once you have your corner of the internet set up, you should immediately (if not sooner) start promoting it. Just being present online doesn’t mean people will find you. Even if you have done the best possible on-page optimization, you won’t be showing up in search overnight.
The marketing channels you choose will depend on the product or service you’re selling. Consider carefully what is available to you and start investing in the one that’s expected to have the highest ROI.
7. Keep Learning
Finally, you need to remember that starting your online business doesn’t end when the business is live. You need to keep investing in both the business and your own knowledge to ensure it actually takes off and becomes what you always hoped it would be.
Keep doing your market and competitor research on a regular basis. Always look for new ways to improve your offer based on what you learn about your customers as you go.
Final Thoughts
Starting an online business can be the start of something truly amazing. Make sure you follow these seven steps and that you give your very best to each of them. You’ll start to see growth in no time. Good luck!