At present, almost everyone has internet access. Not to mention even kids these days have smartphones and have access to the internet. If we talk about accurate demographics-
The world’s total population is around 7.98 billion, as of 2022, by Worldometer. And almost 5.07 billion people have access to the internet, which is approximately 71.43% of the world’s population.Worldometers.info & Datareportal.com
With this many people online, you need to know that your competitor has already taken the lead in growing their business online. And they already have their fair share of the market share.
Now there are many such things that you need to know before you start your online business. You need to know these things to set up a true reality of what your startup’s future is going to be like. So in this article, we will focus on things that you must know before starting an online business. I am excited to discuss these things with you. Are you also excited to know these important things? Well, read the article till the end.
Table of Contents
- 1- Decide the product or Service you want to sell
- 2- Do market research
- 3- Create a business plan
- 4- Create a website
- 5- Create a marketing plan
1- Decide the product or Service you want to sell
Is this point important? We already know what we are going to sell. Otherwise, we wouldn’t be reading this article. Well, some of you might have it, but others might not.
If You already have a product or service in mind that you plan to sell, you can skip to the second point, but if you don’t have one, continue reading this point. I will tell you what things you should focus on to get your product or service that you could sell.
So, now I will ask you some questions, and based on the answers, you might get your product or service. So answer the questions honestly.
– What are you interested in/passionate about?
Me, I was interested in social media. I like to share content, I like to communicate, and I like to scroll. Also, I like photography, and also I like a bit of coding. In my free time, I used to create a dummy website.
– Is there any market need for your passion or the thing you are interested in?
Well, for me, it’s a yes. Businesses need their social media to be managed by professionals who know how to do their thing. If we talk about photography, then it is also a big yes. Brands need a pro photographer for their product shoot. If I talk about coding, it’s a yes cause business need websites. So for me, all three of them are viable.
– Is it profitable or scalable?
Social media management is a freelancing thing, and I could earn huge profits doing it, but if we talk about profitability. It is not so profitable, and the same goes for photography. But I had a keen interest in coding, and that option is both scalable and profitable.
So I got my answer for what business I am going to start. Guess what it could be? Well, you could comment if your guess was right. I started a web agency. Hope you also figured out what business you will work on after answering these questions.
2- Do market research
Well, after you have figured out what your business will be. It would help if you did thorough research on it. To make any business successful, it is most important to do the research correctly. So what should you research, you ask? I will tell you the things you must research, and there could be many other things that I might miss, but hey, if you are planning to start a business, you are a genius. You could figure that out without my help; I know it.
Now the first thing you must research is your audience. Research your customer’s demographics as well as their buying habits. Find who your target audience is going to be, and also find your target audience’s geographic location. Knowing all this will help you cater to your customers more efficiently and effectively.
After your audience research, you need to do your competitor analysis. First, Find who your competitors are in your business field. After finding them, research their products and compare them with yours. Are your products better or theirs? If their one is better, what is lacking in your product? Do SWOT analysis and PESTLE analysis, and there are many different models you could research that will make your results perfect.
If you want a detailed article on this topic, let me know in the comment section, and I will write a dedicated article explaining this topic.
3- Create a business plan
After doing all the required research, you need to prepare a business plan. A business plan is also a crucial part not only for online businesses but also for local businesses. Before diving into the deep pool of business ventures, this could clarify the things you need. All investors must check a business plan before investing in any business. That means there will be no funding if there is no business plan.
So you must again be wondering how to create a business plan. Well, it is a task that is time taking, but it is worth every second you invest in making it. You need to know what will be your business type, who will handle which part of the business, and many more things. Suppose you want to learn how to create a business plan. You could search on YouTube and go to a specific video uploaded by Gillian Perkins and get a clear idea of how to create a business plan. You could get a ready-made template that can make your work easier.
4- Create a website
This step was one of the easiest ones for me. But for you, this might be a nightmare. I know, but I will make this way easier. I suggest you go for a pro who could do this or a third party who provides the product you need. If you want to sell something online, go for Shopify or woo commerce. This could reduce your initial investment.
But if you still want to create a custom solution for your business. You could hire a freelancer from Fiverr or any other freelancer marketplace. And you could give you a good website for a reasonable price.
5- Create a marketing plan
You could create or plan all you want, but you need to get in front of your customers so that everything and every effort are well-spent. So how could you get in front of your customers? That’s what exactly a marketing plan includes. What marketing plan best suits your business and will give you the best ROI?
There are two main types of marketing- Local marketing and Digital Marketing.
– Local Marketing is the type of marketing in which consumers/customers around a certain radius of the store are targeted.
Ex- Brochure Distribution, Bill Board Advertising, Local Event Sponsoring, and more
– Digital Marketing is the type of marketing in which you can market your product to your consumer/customer on the opposite end of the world. That means you could advertise your product worldwide.
Ex- Facebook Ads, Google Ads, Influencer Marketing, and more.
If you need a detailed article about this topic, let me know in the comment section. And I will upload a new article explaining this topic.
Every Startup owner should clearly know what they must do before starting an online business. And the most crucial thing that a startup owner should do before starting an online business is deciding their product or service should be profitable and scalable. Doing thorough market research that will heavily reduce the chances of failure. Creating a business plan will help them raise funding from an investor. Setting up a website where all their operations will be handled. And creating a marketing plan that will help sell their products. Doing all this before starting an online business heavily increases your chances of success.
This article was helpful for you. If you need me to discuss any other topic, please write it in the comment. And If you enjoyed the article, please give us a like. Thank you.