We all have thought about it. Starting an Online Business might sound easy, but it isn’t. It might get really overwhelming when you begin. In this article, you will be reading information about how you can set up your online business from home.
Table Of Contents
- Think of a business idea
- Find your tribe
- Find a solution
- Identify your strategy
- Identify your rivals
- Fortify online payment methods
- Know your legal liabilities
- Source your products
- Market your business
- Take your business online
Steps To Set Up An Online Business
Setting up an online business can be really tempting. Make sure you follow all the steps mentioned below for seamless results.
1. Think Of A Business Idea
Every great thing begins as a small idea and setting up an online business is no exception. As tempting as it sounds, you have to stay patient.
The best ideas come from you yourself. Think about what you are naturally good at. Analyse yourself. Do a SWOT analysis of yourself.
Tip: Be curious about what you are good at.
2. Find Your Tribe
This part is crucial for your business to grow.
Identify who you’re going to sell your products to. For example, if you have been into discounts and getting coupons your whole life, you would be of great help to people who are on the lookout for discounts.
I’d like to quote Philip Kotler here “It is to carefully define the target market and direct a superior offering to that target market.”
Tip: The easiest way to identify your crowd is to be a part of it.
3. Find A Solution
The one thing that all businesses have in common is that they all serve a solution. They have a purpose.
For example, Hospitals provide solutions for people’s healthcare needs, Filmmakers take of people’s need for entertainment, Cosmetic Industries take care of people’s need to look presentable.
You will be able to make a lot more money when you solve a big problem than when you solve a small problem. Your solution has to satisfy a lot of people and put them out of their misery.
Tip: The bigger the solution, the more the money.
4. Identify Your Strategy
There are various methods to choose from. Identifying which one suits you is crucial for the growth of your business. When choosing a strategy ask yourself these questions
- Can I promote other people’s business? If yes, then you can do affiliate marketing.
- Do I have skills that can be of help to others? If yes, then become a freelancer.
- Am I an expert in something? If yes, the become a coach.
- Can I build an app and charge x amount for it? If yes, then sell software.
- Can I use an app MVyapaari to sell a physical product?
Tip: Ask questions from various angles to identify your strengths.
5. Identify Your Rivals
The best way to learn industry trends is to watch your competitors. Learn from their every move. If you want a successful online business, you need to know everything about your competitors.
But how do you do that? Here’s how:
- Easiest way is to buy their product and understand their whole sales strategy. From check-in to the moment your checkout of the cart.
- Subscribe to the weekly email blogs.
- Stalk them on their socials.
Tip: Do a SWOT analysis of your rivals.
6. Fortify Online Payment Methods
You’ve got everything else down to the T. You’re almost there. The next step is to use a secure online payment option. The most famous UPI services in India are Gpay, PhonePe and Amazonpay.
However, irrespective of your payment method, your customer should be able to check out seamlessly. You just have to make sure you receive the payment.
Tip: Make sure your clients peacefully check out. Secure the bag.
7. Know Your Legal Liabilities
When starting an online business, you wouldn’t want to have trouble with the government. Read as much as you can about existing law regarding setting up an online business.
A license maybe necessary based on the type of business you are going to start. Understanding state and central laws governing your business is important.
Take the help of an auditor to pay your taxes. Watch out for trademarked names, patent rights and copy rights.
Tip: Do extensive research about the laws concerning your business.
8. Source Your Products
If you are selling a physical product you need to know where to get them from. These sources that you buy your raw material from have to be safe and trustworthy.
You can check your local market for wholesalers or use websites to find manufacturers online or you can even use drop shipping as option.
Tip: “If someone says no, then you’re asking the wrong person”
9. Market Your Business
Work harder than the devil so that your product is well known. Make use of social media and SEO marketing. Create awareness about what you have to offer.
Unless and until your potential customers are aware of your services, they will not be able to avail it. Do a little demonstration of how your product/service works.
Tip: Make full use of social media.
10. Take Your Business Online
After you have followed the 9 steps mentioned above, you should be ready to take your business online. Once your online, you would start receiving orders. An order placed, goes through 3 stages. First, you have note the order, second, follow your customers and inform them about arrival and delivery of the product/service, third, build loyalty with them.
Tip: Follow up on your customers.
Final Thoughts
Online business is significant in the present environment and cannot be disregarded. It’s the same as saying “no” to your company’s expansion if you disregard the advantages of operating an internet business. So, stop wasting time and take advantage of what the internet has to give your company!
There may be several advantages to operating an online company, however, one point is for certain: you must put in the same amount of effort as you would for an offline operation.
