The phrase “online” can be a bit misleading. Just because a process/work has virtual or online in it doesn’t mean it is any simpler. The only difference between a traditional and an online business is the work environment. It all boils down to having an exclusive office building or just a strong internet connection and a computer system.
But the amount of planning, organization, hard work that goes into building either of them is the same.
In this article we will see a brief overview of what all constitutes to get your business
Up and running and ready to raid the internet world.
So, are you all geared up to start your own business?
1.Find a Niche: There are so many opportunities out there that you can grab on to. Each consumer need can be turned into a thriving business of its own. So, all you need to do is find what is that the consumer needs and what can you provide or do differently to resolve or fulfill their needs. What you need to keep in mind is – the market demand of your business idea. Analyze the market and then make an informed decision about your niche.
Here are a few business ideas that you can plan on setting your foot in.
- Drop shipping Business: To begin with, you can start with a drop shipping business. This business is all about providing buyers the products they have ordered for. You are like the book keeper who takes the order and manages the order and shipping virtually. This does not require you to invest in any storage facility or shipping. All you need is a robust online business platform.
- E-commerce Business: The most thriving of all multi-vendor marketplace businesses. You can be the next Amazon or Alibaba. These are nothing but virtual platforms where buyers and sellers purchase and sell goods at the convenience of their own environment. You can choose to cater to one or many types of products.
- Online Rental Business: One of the best online marketplace businesses to be in, this rental option is the new black. With the world being conscious about the climate changes and the automobile industry playing a major role in it, it is the right time to start your own vehicle rental business. There are so many categories you can concentrate on under this niche – furniture rentals, car rentals, bike rentals, etc.
- In addition to this you can also start a holiday rental business too.
- There is never a boring time to go on vacations. With the increased sense of stress and tension due to the work life, taking breaks have become mandatory in one’s life in order to unplug, recharge and rejuvenate. This is where an application like Airbnb comes into play. Why not start your own vacation rentals?
- Online Tutoring Business: At present online tutoring business is gaining tremendous popularity. Especially during the pandemic times and the education industry being one among the worst hit you can choose to develop your very own virtual tutorials. The growing student base and the demand that it requires can be tapped into and a successful coaching class can be started.
- Online Food Delivery and Grocery Store: In this highly competitive world everyone is concentrating on their careers and hence find no time to cook a healthy meal. However this application will ease out that burden a bit. Just by a click you can avail which ever provision or cooked meal you want from whichever store u like. However, you need to be careful while planning which geographical area you want to target and what kind of cuisine you want to serve.
and many more.
Though there might be many business ideas, the foundation of implementing them is almost similar to one another except for the nuanced details depending on what you choose as your niche. In the following pointers, we will provide you with information on how to develop and manage these businesses in general.
2. Know your Target Consumer base and Competitors: Once your niche is set, you will have to study your target audience and the current market trends. You can learn a lot by observing your competitors as well. How they go about their operations, maintenance, the technologies they use, etc. Experience is the best teacher there is. You can also try and launch your business through one of the already established marketplace platforms and observe their business and then imply the same once you are ready to go on your own.
Given consumers are the focal point in this business you need to prioritize their views. Research on what the customers are looking out for. This will be your foundation for all your forthcoming steps.
3. Draft a Business and Revenue Plan: Let us now get to the planning phase. This is the most critical phase without which running a business will be challenging.
Your business plan should include-
- Summary of your business plan
- Market overview
- Sales & Marketing plans
- Operational strategies
- Value proposition of your services
- Organization & Management team framework
- Financial and Legal aspects
Choosing the right revenue model is equally important. Given all are concentrating on going online, you need to consider the market competition and plan your revenue accordingly. Here are a few revenue models you can try that might suit your business.
- Commission model
- Subscription/Membership model
- Listing fee model
- Lead fees model
4. Launch your Business Online: Having technological knowledge only adds to your expertise and does not necessarily mean that you need to be technically sound in order to run an online business. Based on your financial investment and time and the technical knowledge you have to launch your website you can choose how you want to develop your website. Here are a few methods you can adopt.
- Developing from scratch (on our own or by hiring a tech team)
- Using SaaS platform
- Using turnkey solutions
Our recommendation to you would be to use a turnkey solution as you will be able to launch your business the second you purchase the readymade software. You also have options to customize it according to your needs. Costs comparatively less compared to the other options. And you get the source code of your platform as well.
5. Promote and Market your Business: Directing the right traffic to your website plays a pivotal role in achieving the precise SERPs ranking required to gain attention of the right audience. Here are a few marketing ideas which will help you promote your business globally and gain a huge customer base and hence a successful online business.
- Social Media Marketing
- Influencer Marketing
- Share customer testimonies, reviews and ratings
- Content marketing – newsletters, blogging, personalized emails etc
- Multimedia marketing etc
As you can see starting a business is not a cake walk. You need to put in that much dedication and hard work as you would for another. It is a continuous process to maintain and be at par with the ever changing and evolving technology. If you need assistance with any aspect of your business, do give us a shout out.
Related content from StrategyDriven