Step-By-Step How To Start A Business Online
Editors Note: The information provided here will save you time, money and energy. In this article we teach users about online business that usually takes years before they reach this learning curve; the process of doing something for a long period of time and learning information along the way.
Starting a business online has become increasingly popular and anyone can get started with little to no money required. Unlike traditional brick & mortar stores you don’t need to shove out thousands of dollars for a physical store location for your business. If you have a laptop or smart phone with internet connection you can start building your business today. However, in starting a business there is a learning curve that every entrepreneur goes through. This guide is a basic introduction that will focus on some of the important factors to think about for your business.
Important Business Decisions
Step 1. Business Type – One of the first things you should consider is what type of business you want to start? If you love writing about things that matter to you and don’t mind blogging, then maybe the content business is right for you. Do you love the idea of being famous? Then maybe you should consider being a full time YouTuber or Influencer and get paid for promotions. Dropshipping has become wildly popular in 2019 as a business young Millennials & Generation Zers are choosing. There are so many business ideas and business models out there that you can literally make anything into a business. The key is finding something that you love and are passionate about so you can give it all you’ve got. The amount of money you can make should not be your main focus because you are likely to quit before reaching profitability and that’s because the passion is simply not there.
Step 2. Industry Health – Once you have a business idea in mind it’s time to look at the overall health of your industry. The party industry for example took a hit recently due to the shortage of helium and many balloon products require helium. So if you were thinking of starting a party supply store that is important information you will want to know. Here are a list of other things you should look at as far as industry Health:
- a. How many competitors are there?
- b. Is this a seasonal business?
- c. Are the profit margins great?
- d. How many people are searching for this?
- e. Is there a problem you can solve?
- f. How will you be different from your competitors?
- g. Do you see yourself doing this business 10 years from now?
After you’ve analyzed the industry and are satisfied with your responses to the questions move on to step 3.
Step 3. Company/Domain Name – Once you’ve figured out what industry you are interested in starting a business in and you’ve analyzed competition it’s time to choose your company name. Some businesses prefer to go with an exact match domain name. For example ReloadPacks.com primarily focus on reload packs. Other businesses feel exact match company names are too direct and therefore they prefer brandable company names. There are pros and cons to both approach however, we will not go in-depth because this is just an introductory post. If you are going the Influencer or YouTuber route do not think you do not need a domain name because you are wrong. If you become a successful influencer or YouTuber someone will be looking to monetize off of your name/brand. You will also need a domain & website to collect emails and sell branded apparel and t shirts, books etc. Having your own domain name makes you look more professional and trustworthy instead of using third party websites to sell your stuff.
During the stage of coming up with your company name you want to make sure your domain name is available in the .com and the top 3 social media handles are available. It’s not necessarily a requirement but most businesses would prefer to have an exact match social media handles across all platforms.
Step 4. Business Plan – You do not have to type up a traditional business plan but you should have a business plan and strategy ready before actually building your website. What is your product? Is it a physical product or is it a service? How will you monetize the business? There are so many ways to monetize your business, but you should choose the best one for your business needs.
Step 5. Demographic, Psychographic & Mission – This goes hand-in-hand with Step 4 (actually before step 4). Figure out your audience first. Then figure out things their traits, personality and habits. All of this can be achieved by using Facebook’s “Audience Insight”. You will have to match make Step 4 & Step 5. What do I mean by that? I mean in Step 4 you know what your product is and how you will monetize your business. Step 5 you know your audience and their traits. You have to combine the two together to make it work. Use the language your target audience uses, to sell your product/service. You should be able to relate to them and provide a solution to any issues they have within your industry.
Step 6. Create The Website – This step is not as hard as it use to be. Platforms like WordPress, Weebly, Click Funnels, Wix & Shopify has made it incredibly easy to create a professional looking website in no time. Each platform has its own advantages and disadvantages and it is something you should consider for the success and longevity of your business.
- WordPress – This is one of the most popular platform to create websites. Close to 500 million websites are powered by WordPress. This platform is typically free in your Cpanel when you purchase a plan from a hosting company. WordPress also comes with over 50,000 plugins to help you customize your website to your liking and many of these are completely free to use.
- Weebly – The platform has an easy to use drag and drop interface that allow users to create websites rather seamlessly. Weebly charges a monthly fee but its primary advantage is its ease of use.
- Wix – Pretty similar to Weebly, Wix offer an easy to use interface to create amazing/professional websites. Wix does have better templates than Weebly and offers a tidbit more features however, Wix is more expensive than Weebly.
- Click Funnels – This platform is largely associated with users who have used Shopify, they have recommended using Click Funnels. Click Funnels offers a solution to all of your business needs (much like Shopify) however it is more costly. I have not actually had much experience with this platform, but I’ve heard nothing but great things from entrepreneurs that have.
- Shopify – Shopify is probably the 2nd most used website platform for entrepreneurs. It has an easy to use platform but not as easy as Wix & Weebly. However, Shopify is much more powerful than those two websites and has everything an online business owner needs to conduct business seamlessly. There are a few technical steps you must do first in order to connect the domain name to Shopify, but you can bypass that by simply purchasing your domain with Shopify. Shopify has incredible storage capabilities that allow a large online store to list and sell over a million products without slowing down the website.
WordPress may be the most affordable and useful platform to choose however, many users will eventually deal with technical issues down the road due to updates of plugin and WordPress updates sometimes break users websites. So it’s important to know where your database is, how to backup your website, locating your httaccess file, how to restore your saved backup and more. With the other 3 platforms this is not an issue because you are not managing your website, the company are.