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Enter the Business World: 7 Steps to Starting a Small Business Online

Enter the Business World: 7 Steps to Starting a Small Business Online

So you want to start a business online. Well, you have made a great decision. The growth of the internet has opened up a good platform for small businesses to take off and thrive. The good thing is that starting a business online is cheaper since some expenses such as those associated with running a brick and mortar store are eliminated. In addition, you can leverage the growing preference for online shopping among the modern consumer to grow your business. When done right, you have better chances of success compared to a conventional business. That being said, here are 7 steps that you can take to get your business up and running.

1.  Determine your niche

You probably have in mind what you want to sell. But, does it have the potential to sell? Before you settle on a product or service, it is important that you do your market research to identify what your target customers want. Look for a gap in the market that your products are going to fill and ensure that they are adding value to your customers. Most importantly, be sure that it is something people are willing to spend money on. Additionally, keep in mind that competition is tough out there. So, you want to go for a niche that you can be able to stand out and position yourself as an authority.

2.  Write your business plan

You might want to skip this step since you are starting a small business. However, drafting a business plan, whether starting big or small, can set your business up for success. A business plan lets you think beyond selling products and making money, to include specific details of how you are going to operate. This can include the list of products to offer, the funding required and how to source for it, competitive analysis, and a marketing plan among others. While you don’t have a comprehensive document, it is important that you put the basics into writing.

3.  Decide on the business name and domain name

You may be starting a small business, but it is only the beginning of a big brand in the future. Keep this in mind when selecting your business name. Decide on a name that can accommodate the potential growth down the road. In addition, make it unique and simple. 

Your domain name is equally important for your online business. Make sure that it aligns with the business name. If it is the same as the business name, the more easily customers are going to find your store on the web. Just like your business name, avoid complicated names that can end up confusing your potential customers.

4.  Register your business and obtain licences

In order to run your business legally, it is important to register your business and get the necessary licences and permits. Registering your business is also important for cementing your credibility in the field. Additionally, registering your business prevents any other person from registering a business in the same name.

While registering might seem like a daunting task, there are vast opportunities for registering your business online. Different countries such as Hong Kong have online platforms that you can use. Consider using a Hong Kong company formation services provider to register your business online easily and effectively.

5.  Register the domain name and web hosting

Just like your business name, it can be frustrating finding out that another business is using the domain name that you have settled for. For this reason, register your domain name and hosting with a reliable platform. Opt for a platform that guarantees great speed on your website and security for your website, domain name and data. You also need a provider who can provide support around the clock.

6.  Set up your Ecommerce store

With registration out of the way, it is time to work on your online store. Technically, your Ecommerce store is the platform where you are going to interact with your customers and sell your products. You, therefore, want it to be easy to use and navigate as well as create the right impression. You can opt for a DIY website builder depending on your knowhow, or hire a web designer to do the job for you. Once the website is ready, list your products, setup the checkout process, and get ready to start selling.

7.  Market your business

After setting up your online store, the next step is to put your business out there. That is the only way people are going to know that your business exists. There are several strategies that you can use to market your small online business. For starters, you can use email marketing to introduce your business to potential customers. You can start with small offers to get them interested. Social media marketing is also another cost-effective way to reach your target customers. Additionally, you can start a blog and post great content that adds value to your customers. Ensure that it is SEO optimized to increase your searchability.

Conclusion

Starting your business online is as easy as following the listed steps. Think of a niche that has potential to give you money, write up a business plan and select a name. Then register your business and domain name, get the right permits and set up your Ecommerce store. After setting up your store, start marketing your business through email, social media among other platforms.

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