Starting up a business online is similar to starting up any traditional business.
You'll need to know some basic things in order to get started – what
you’ll be selling, as well as your market. If you intend to do business
online, it’s also a good idea for you to get familiar with some IT and
web skills. Read on to find out more about starting a business.
Know your product or service
What type of business will you start? What will you produce or sell?
This knowledge is essential to any business, online or otherwise.
Without a good idea of what product or service you will offer, it can be
very hard to move forward with planning and marketing your business.
Your product or service will influence your business structure, too.
Depending on what you market or sell, will you only do business online,
or will you also have an office space or store to run as well? This can
have an impact on your business in terms of staffing, storage space, and
rent outlays.
Know your customers
Knowing some information about who you will be selling to can help
you define your business. Do some research into your potential (or
existing) customers or clients, and their habits - this means checking
out who will be buying or using your goods and services, and how they
normally do this.
Understanding your customer base, and how to direct them to your
online business, is important. Investigate what kind of customers
usually buy online, what they are buying, and how they find their goods
and services.
Know your plan
Why write a business or marketing plan?
It may be tempting to get on the internet right away and start
experimenting with setting up your business. However, a little planning
can go a long way in ensuring your online business is a success.
Creating business and marketing plans for your online business can help
you identify goals and develop strategies for achieving them.
If you’re an established business moving online, you might already
have a business or marketing plan – but it could be a good idea to
review them to make sure they’re comprehensive.
How do I create a business or marketing plan?
Your basic business plan should be drafted before you go into
business, but, once started, you should always be thinking about what
you can add to it. It should contain some core information, such as why
you want to go into business, and what your goals for the business are.
It doesn’t need to be long or complicated – it should be clear and
to-the-point.
Your marketing plan’s aim is to help you reach your target market and
boost your customer base and bottom line. Drafting your plans can
involve thinking about:
- what your business name will be
- how you are going to manage your business
- looking after finances
- developing products and services that meet the needs of your market.
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