The Good, The Better, and The Best of Starting an Online Business
Updated on June 17, 2021
Have you been wondering what goes into the making of an online business? As you may have heard from other entrepreneurs, starting an online business is not the easiest task.
Performing market research to decide which product to sell, creating your brand name, deciding which ecommerce platform would best fit your needs, and designing your marketing plan and fulfillment strategy will definitely take an extraordinary amount of self-motivation and perseverance to take you to where you want to go.
If you’re already feeling overwhelmed with all the specifics of it, let us encourage you by walking you through the amazing benefits of taking up the ecommerce quest.
Why starting an online business could be your best bet?
Many entrepreneurs go for the online option because of the freedom it provides. Thanks to modern technology, we don’t have many of the limitations other business owners used to face in the past. We’re all now interconnected!
Top-rated ecommerce platforms, such as Amazon, Shopify, and eBay, allow millions of entrepreneurs to reach a sea of e-shoppers from every corner of the world.
Not to mention, there are various financial freedoms that come with having your own business. However, be careful not to mistake these freedoms for a chance to slack off; owning a business is hard work, but it comes with great rewards.
Having an online business also gives you a greater opportunity for scalability. No business is going to magically grow overnight. However, being online does give you some advantages when it comes to reaching wider audiences.
For example, you have access to bigger markets, you’re not restricted by your location, and although many business owners are not used to working from home, renting an office is not really required. On top of that, you can have a remote team and work on direct deals with suppliers so you don’t have the need for a warehouse or logistics equipment.
There are many benefits to this business model, but how do you go about achieving it?
Here are a couple of tips that may help you on your journey:
Find your market
It may seem more intuitive to come up with a product first, but your chances of success may increase if you focus on finding a market. A good idea is to find a niche of people who are looking for a solution to their specific problem. This way, you can develop a solution that you already know will be bought if you sell it.
Researching for this can be easy if you use the internet to look into forums or do some keyword searches to find these unsolved problems.
Have a great website
Believe it or not, this is something that gets overlooked a lot of the time. Especially with the rise of social media, many businesses have taken to building up their social media presence, but they often forget to even build a website.
Your website will be a point of contact for your potential clients to learn more about your products or services. If you’re running an online shop, it will be especially crucial to have a professionally designed website with a well-developed purchase process that can create a sales funnel.
A lot of sales get lost during the purchase process, so this is something you won’t want to overlook for any reason. Think of your webpage as your storefront. Not only does it have to look good, but it should make it easy for people to understand who you are, what you do, and what you’re all about. Never underestimate the value of a website.
Strive to become an authority in your field
If you eventually wish to grow within your market and niche, charge more money and get better clients. You’ll need to create a reputation as an expert; the best of the best! It’s easier to do this if you’re using content creation as a part of your strategy.
Make articles and videos where you talk about your expertise and provide them for free on your website or on platforms like YouTube.
This will help potential customers find and hire you because of the solutions you can provide, rather than just your skillset.
Use search engines and email marketing
Something that can boost your online business is positioning yourself through search engines. Pay-per-click (PPC) may be your best bet since it is a great way to drive traffic into new websites and it’s a lot faster than driving organic traffic.
(Also, it doesn’t have to be overly expensive, as you get to dictate your budget for each campaign.)
Email marketing, on the other hand, is an amazing lead generator. It will help you remain in the minds of your clients, even after they’ve visited your webpage or did their last transaction with you.
Word of mouth will always be important
After you’ve done work for a client, don’t be shy. Ask them to give you a review on social media or any other platform you use. New potential clients will be on the lookout for what people have said about you.
Amazon, for instance, allows its sellers to send shoppers emails requesting a product review after a purchase. Take a look at this Amazon feedback request email template!
Social Media Marketing
Social media has become a pillar in the way we do business in today’s world. So, if you have a talent for likes, shares, and metrics, this might be the perfect option for you.
Remember, the marketing strategies you use to showcase your product will definitely have an impact on the reach your brand will get.
You can always get extra help from influencers. If you already have a strong social media presence, then it’s worth taking a look at the Amazon Influencer Program.
Selling your expertise
So, what happens if you don’t have a product to sell? Well, you most likely have a couple of talents. Many companies need you, don’t be afraid to put yourself out there!
Software and app development
It’s no surprise to find this profession on this list since it is overall the most valued profession of our time. Whether online or not, in the era of automation and digital-based solutions, software engineers are indispensable.
They’re the ones who build and maintain what is basically the main infrastructure for our modern world. If you have any development skills, this can become a thriving business in the online market.
Coaching
Rome wasn’t built in a day, and it was also not built by just one person. As entrepreneurs, we need help and guidance, someone to put things in perspective to help us see new horizons. This is why life and business coaches have become so popular.
There are even freelance coaches who provide guidance and experience to freelance entrepreneurs.
Therefore, if you have a passion for helping others find their potential, you can definitely build a business around it.
Content creation
Perhaps one of the most well-known online professions is content creator.
This profession entails Youtubers and Instagram influencers to in-house content creators or freelancers who work with companies.
Any version of this profession can become a very viable business opportunity, as many platforms will pay you to create rich content for them.
YouTube being the most common example, but not the only one, there are platforms like Facebook, Twitch, and Tik Tok, who will pay good money to the people making content good enough to reach a wide audience.
Ecommerce
Last but not least, is the amazing world of ecommerce. Living in the digital era means shopping can now be done online; over time, having an ecommerce store has become easier and easier.
So, if you have a product to sell, going online may be one of the best decisions you can make for your business.
Our final thoughts
Having an online business is tough, and it may not be for everyone, but if you are a disciplined individual with a burning passion, you might want to give it a shot.
If anything, THIS is the perfect time to start. According to Sellics, about 60% of e-sellers say that people in quarantine will be spending more time shopping online in order to conform to social distancing. Overall, online business owners get to experience a freedom that not many people get to know in their lifetime. The benefits definitely outweigh the risks, and the long hours and hard work will be worth it in the long run.
So, gather your resources and buckle up for the experience of a lifetime by building your very own digital empire!
