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6 Foolproof Steps to Launching a Unique Online Business

6 Foolproof Steps to Launching a Unique Online Business

In a market that is saturated and filled with strong competitors, you need to come up with a practical but unique idea for a business. Trying to find a business model that fits your skills, doesn’t make you want to kill yourself at the end of the day, is profitable and has room for development isn’t an easy task.

However, there’s a pattern you may follow which can make things a whole lot easier for you. Starting your own business is a risky move and you’ll need to invest your time, money and yourself to ensure that it works out as planned. If you’re ready to go the distance, you should know it’s worth it.

1. Make Sure There Is Market Demand

Many brilliant minds of the past ages have been a center of mockery because the world wasn’t prepared for them. Let’s remember the most obvious example for this claim – people thought Earth was the center of the universe for very, very long time and to say otherwise was to be labeled as a heretic or madman.

My point is that even if you do have a revolutionary business model or an innovation of some kind in mind, you need to make sure that people are ready for it. Therefore, make sure that there’s a demand on the market that can enable you to develop your startup and work your way up from there.

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2. Budget Distribution

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    Even if you do have a great idea and you can wiggle into the world of business thanks to market demand, you can still end up bankrupt, if you don’t know how to handle your money. As a business leader, you need to be prepared for various outcomes and you need to think several steps ahead and count various different factors into your equation, so you’re practically able to predict the future of your business.

    Startups are all about prioritizing – there’s no room in the budget for nothing more than necessary. Other than covering paychecks, your budget also needs to be distributed to utilities, rent, inventory, and promotions.

    3. Get together a Professional Squad

    Team assembly might be the most troubling step here. If you’re starting out with an acquaintance or perhaps a friend, it might be easier for you because you’re already familiar with someone’s skills and abilities – you have more than just an unfamiliar resume and a stranger’s word backing it up.

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    The fact you’re only just beginning with your business implies that you don’t have enough money to pay for experts to work for you. The chances are you’ll employ young people who lack experience but compensate that by being eager to work and earn money.

    Your best chance is to build a small team as soon as possible and transfer your work ethics to them – values you share with them will be the glue that holds you together through both the good things and the bad. On the other hand, a lack of those values will create anarchy, lack of authority and team spirit, which is one certain path to imminent bankruptcy.

    4. Create a Unique Proposition

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      Experts claim how the most important thing to build your business around is differentiation. Let me draw you a little picture; when a person who is in need of a service they have never used before start browsing for a proposal, they won’t be able to tell you apart from your competitors. You need to give them a strong reason to remember you and find you unique.

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      First of all, you need to strive towards profiling your ideal customer. Once you figure out their characteristics, the next step is to fashion your business around them. Applying this strategy to your business will enable it to grow in the right direction from the very beginning, which is quite efficient. If you create a functional version of your business in the beginning, it won’t be necessary for you to make big changes later.

      5. Take Your Online Presence Seriously

      Even if you already own a brick-and-mortar business, launching your business online is paramount – if you’re not present on the internet, you don’t exist. Your website is your business card and everyone who gets there by browsing online will make judgments based on what they see.

      When making a website, you need to stick to the current trends, but don’t try to implement all of them because that can only create a mess. The selection of design options you decide to go with need to be in accordance with what you do and be capable of showcasing your offer in the finest light.

      However, it’s not just what’s on the surface but also what’s beneath it. When trying to decide about your tech support, you need to do thorough research in order to select a good hosting option based on reviews and make sure it fits your budget. Be very confident that your visitors won’t waste their time trying to load a single page of your website if it takes too long, and be sure that they will turn to your competitor in a matter of seconds.

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      6. Tweak according to Feedback

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        Social networks are your most trustworthy partner when it comes to business development. Managing your profiles on these platforms is something that needs to be handled carefully; these accounts will be a way for your audience to reach out to you, leave their comments and share you with the rest of the world.

        The feedback you receive through these mediums should be most precious to you, whether it be a praise, suggestion or a simple complaint – you should look at reviews as if they were pointers for further changes. Even the finest tweak you plan on making should be based on profiling your ideal customer and trying to meet their needs and possibly predict them.

        Following these steps will enable you to transfer from a startup to a full-fledged small business quicker – each of them is a growth hacking method based on sound business logic. One last piece of advice; you should take risks only when necessary, but don’t hesitate from being brave enough to follow your gut when you’re most certain that’s the right thing to do.

        Featured photo credit: https://www.pexels.com/u/kaboompics/ via pexels.com

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        Ivan Dimitrijevic

        Ivan is the CEO and founder of a digital marketing company. He has years of experiences in team management, entrepreneurship and productivity.

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        Last Updated on September 29, 2020

        How to Start an Online Business That Will Grow and Succeed

        How to Start an Online Business That Will Grow and Succeed

        Unsurprisingly enough, all businesses are online today. Considering the advances in the smartphone industry as well as the increasingly accessible internet facility, it was only a matter of time before businesses took advantage of the online environment.

        This increasing popularity makes for a promising future for a lot of young entrepreneurs. And knowing how to start an online business will open up a world of possibilities for you that was not possible 10 years ago.

        So, keeping the potential for exponential growth in mind, let’s dive into the article below, and explore the steps of starting an online business that will bring you success.

        1. Becoming the Master of ‘ONE’ Trade

        Most successful online businesses are the master of one trade. And that’s why beginning with a niche is always a good idea.

        A niche market is a focused segment within a larger market. Imagine a men’s shoes market and then, imagine handcrafted brown Italian leather shoes for men. While the previous one is a bigger market, the latter one is simply a more focused segment within that market.

        Knowing the niche helps a lot to start an online business and if you are feeling a bit lost, here are some self-queries that will act as a perfect guide:

        What Speaks to Your Heart?

        This first way of discovering the niche is perfect for those who want to do what they love. Working in a market that you love will ensure that constant excitement and drive to do better, eventually leading to ultimate prosperity.

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        Decisions Based on Knowledge

        The second way is perfect for those who have a lot of untapped knowledge about a specific industry. Utilizing the insights on a specific industry is a great way to find a niche. This way, you’ll already know all the ins and outs of the industry and can easily get ahead of all the competitors.

        Undiscovered Potential

        Lastly, conducting research into various industries and finding an untapped segment is another amazing way of finding the right niche. This practice will require you to come up with a new and unique solution for uncatered audiences.

        2. When Is Your Idea Valid?

        All the great ideas for starting an online business needs to be valid. And once you have found the niche, this validation process is what comes next.

        Proving the soundness of the idea is not at all hard. A detailed industry examination is all you need initially to understand the value of the concept and recalibrate it to turn into a great online business.

        Market research is a systematic unraveling of the target market. This research will include all the information on the product/service you are about to sell, the target audience, and how the competitors are operating in this crowded market.

        This in-depth research will give you the initial idea of how the products can make an impact in the outside world. And once the small online business ideas are validated, it will be time to move on and craft a plan and start working on establishing the business.

        3. Crafting the Map to Success

        Having a proper plan for an online business is like having a map when you travel to an unknown city. This is a document that includes all the factual information on the business and crucial business data.

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        To help you out, here’s a list of all the information online business plans must include:

        • An idea of objective – The best online business plans always have a clear outline of the business goals and intentions. Having this clear outline will increase the efficiency of business functions later on. The target demographic, business model—all kinds of information needs to be a part of this document.
        • Taking stock of available resources – A startup needs to utilize all the resources it has, and that’s why the plan needs to have an in-depth outline of the financial resources in use as well as the employees and their expertise. With a better idea of all the resources in hand, starting an online business will be an easier process.

        4. The Virtual Storefront: A Process of Development

        The steps of how to start an online business are incomplete without the website creation process. With the right website approach, you can easily succeed in increasing business revenue.

        What does that perfect business website look like? Let’s follow these steps to create an effective business website.

        Choose Your Approach

        There are numerous ways of making a website and for a positive outcome, you need to choose the perfect approach. Depending on the business model, initial finances, and end goals, there are two kinds of approaches for the online storefront:

        • Third-party approach – Third-party platforms will connect you with the customers out there. For small online business ideas, Creating an account or site with these platforms will be beneficial because these platforms come with a large array of services as well as a big enough existing consumer base ready to utilize.
        • Creating a new website –  A business-specific website will help you eliminate the third party go-between and connect directly with the buyers. With this approach, you get more control over the business and how it is presented to the consumers out there and the revenue you make. Any of the above-mentioned approaches can be beneficial for easy online business startups. However, to achieve some specific business goals, having a customized website will be more beneficial for you.

        Design Can Bring You Maximum Success!

        For those who have decided to create their own site, the design is of paramount importance. With a great design, you will be able to engage and interact with the visitors better and encourage them to make a purchase.

        The design, however, is not just a matter of aesthetics. A website’s design encompasses all aspects of it, from the visual effects to the content that’s used on the site.

        To create a truly amazing design that reflects new online business concepts here are a few matters to consider:

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        • Keep it responsive – Many markets are simply skipping over the desktop phase and launching the business for mobile users around the world.[1] Considering this popularity of the mobile internet market, the business website has to be responsive. This approach will help you to reach a bigger audience and conduct business on a larger scale.
        • Users want a fast experience – Using high-quality images on the site does improve the visuals, but make sure all those images are compressed. Having a faster website will enhance the user experience on the site. Besides compressing all the media content on the site, you can also utilize an asynchronous loading technique that loads all the contents simultaneously, reducing friction. With a faster site, it will become easier to implement the online business startup ideas into reality.
        • Define the brand – The design stage determines a lot of things for the business website and one of those things is the business image. To make an impact on the world with the business, you have to create a perfect image and for that, a brand guide is necessary. The brand guide is a document that includes all the information and guidelines on various visual elements on the site that makes up the business personality. Based on the kind of image you want to create, all the elements will be outlined in this documentation.

        Where the Website Becomes Reality

        Since we know how website design helps to launch a successful online business, it is time to move onto development. Online business development is where the idea becomes a reality. And to make this reality perfect, you need to make sure that the development and deployment process goes well.

        A high performing site always includes all the right features that enhance the user experience as well as helps you to convert more traffic. And for the best results, ensure the use of only the latest tech stack during development.

        Here are some development issues you have to pay attention to while building the business website:

        • The right partner makes all the difference – For small startups who are wondering how to start an online business, finding the right development partner is going to make all the difference. However, before making a decision, there are a few things you should contemplate. The team that you are about to hire should have experience in catering to your industry, as well as an extensive portfolio and good reviews. Additionally, it will be perfect if the agency or freelancer also provides a 360-degree service, from development to maintenance.
        • How to assure the quality of the site? – Testing the site is an integral part of the answer to the question of “how to start an online business?”. An experienced partner will be able to help you the most with this. From security testing to split testing, this stage in development will help in understanding how well the site functions and what needs to change. And once the changes are made and the test results come clean, it will be time to launch the website.

        5. Some Tricks to Increase Online Sales

        Selling online is not easy, but not hard either. In a physical store, you can use campaigns, go door to door with pamphlets, and such. However, successful online businesses have their own style of campaigns that helps them to sell more without any problems.

        So, what are these tricks?

        Utilize the Magic of SEO

        With an increase in quality traffic, the sales ratio will go up too. And to drive quality traffic on the website, you need to utilize the SEO tricks, and probably hire an SEO expert.

        When starting an online business site, ensure all the content on the site is optimized to rank for the right queries by target consumers. With a higher rank on the SERP, the traffic will increase on the site.

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        With the increase in quality traffic, it will become easier for you to convert visitors. The visitor data will help you to adjust the site performance. In brief, utilizing SEO will open the doors to a lot of possibilities for your small online business ideas.[2]

        Entice With Free Value

        Consumers today have lots of options to choose from. And keeping all that in mind, it will be wise to create a business plan for an online startup that provides free value to the users before asking them to buy something.

        Consumers want to buy from someone who knows what they are doing, especially in the case of a curated service or goods provider. And that’s why to turn the profitable online business ideas even more effective, you need to start offering free value on the site, with free products and content.

        Having a blog is also another way of displaying your expertise. With specialized content on the industry, you can easily grab the attention of the audience. And once assured of your knowledge on the matter, consumers will feel a lot safer about making a purchase.

        A Killer Customer Service Is Everything

        Your small online business idea needs a better service option. Using AI-based interactive features to implement better support for the global consumer base will prove to be extremely beneficial. With a 24/7 automated support channel, customers will be satisfied with your business and come back more often.

        It’s an Easy Process: All You Have to Do Is to Start

        And there it is, the simple five-step process of starting an online business that is bound to succeed. If you look closely, you’ll notice that there are not a lot of differences between creating a physical business and an online one. The main differences are only in the consumer and competitive landscape.

        While a physical store faces and caters to local competitors and consumers, the online business has to deal with the same on a global basis. So, focusing well on the global market landscape while crafting the plan will help you succeed.

        More Tips on How to Start an Online Business

        Featured photo credit: Austin Distel via unsplash.com

        Reference

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