The most recommended steps to start your business are:
- Choose a product or service
The first step in starting an online business is to decide the kind of products or services you can offer. The following questions can guide your search:
• What kind of problem do people usually ask you for help with?
• What kind of brands do you follow, and why do you like them?
• What existing product do you like, but would like to improve?
The idea is to offer a product or service that you can produce without having to learn it from scratch.
If you want to sell a product, study the equipment and components needed to be made, or check if you have access to the companies that supply it.
If it’s a service, make sure you have enough skills and knowledge to make other people want to hire you. - Carry out a market study
Researching the market you are interested in will allow you to know if the products or services are in demand. There are several ways to do it:
• Review trends. There are web pages that show what is popular.
• Visit eCommerce platforms. Your best-seller lists can indicate what consumers are buying online.
• Use competitive intelligence software. Some platforms can offer data on existing brands that sell similar products or services.
• Explore job portals for freelancers. These sites often highlight which professional services are popular.
If the market is competitive, analyze the gaps in the sector. Find out what these businesses fail to offer, and how you can fill that space to set yourself apart from other professionals or brands. - Create a business plan
There are several elements to pay attention to in an online business plan:
• The identity of the business. This includes the name and logo. They represent the values of your company or profession and are sufficiently distinguished from other brands.
• Marketing strategy. This section covers the target market, competitor analysis, pricing models, sales channels, and promotion methods.
• Operations plan. It consists of information about inventory management, facilities, and legal requirements. If you sell products, explain how you will produce and deliver the items.
• Financial plan. This segment deals with the business budget, expenses, projections, and objectives to be achieved. - Legally register your business
Before officially starting a business, it’s good to ensure you meet the legal requirements within your industry and region. - Hire a web host
Choose a web hosting plan that suits your operational needs.
On the other hand, an online store often requires a solution with more capacity to handle tens to hundreds of product pages and other eCommerce content. - Register a domain name
When choosing the right domain, it is best to keep it short and easy to remember. Look for alternatives. - Set up your website or online store
In this step, we’ll choose a platform to build your site on.
There are less complicated options you can use, due to their ease of use and ability to expand, which makes it perfect for any purpose. However, some basic programming knowledge may be required to take advantage of its capabilities.
8. Publish and promote your business online
Finally, let’s make your business known online. Keep in mind the following tips to spread the information:
• Apply the best SEO practices.
• Leverage the right social media channels.
• Send personalized emails.
