Before the digital age, the ability to start and run a business was reserved for the privileged. Today, more and more people are learning the advantages owning an online business can bring. However, you might wonder where to begin if you’re getting started.
The first step in starting a business is finding the right product or service. Seeing a need and filling it is essential for any successful online business. Follow this step with proper market research and brand building. Then prepare your website and other factors for launch.
In the rest of this article, I will explore how to find what you’re selling effectively, properly plan a brand, and other strategies you must complete before your grand opening.
1. Find and Evaluate Your Market
Every successful business comes down to the potential of your product/service. No matter your work level or marketing quality, the product will always influence your business’s scope. Nothing is more powerful than selling something many people feel they need. Understanding your market and target audience is your first essential step.
Conducting efficient research is the only way to find growing markets with room for your product or unique skill set. Luckily, you can complete most of this research online. Start with keyword research. You can find what problems, questions, and products millions of people search for daily using google’s algorithm.
You can use online forums to find groups of people in your potential market for even more details on current issues and wants they might have. With a product in mind, you can find your perfect target audience. A target audience is a person or group you intend to sell your product to. Each consumer has different physical factors to consider, like age, gender, location, and income.
Mental factors (psychographics) like values, interests, and beliefs can influence a person’s spending habits.
The final piece of understanding your market is looking at whos already successful in the space. Evaluating your competitors helps determine what works and where particular needs are being unmet. Visit their websites, see how the checkout process works, visit social media pages, etc. This will give you a solid idea of how to establish yourself in the market.
It’s vital to correctly write down your findings so that you can evaluate the information as you continue to build your business. Even helpful tools like SWOT analysis make conducting this research more efficient.
2. Make a Plan
With a market and target audience in place, you can move on to creating a functional business plan. A business plan acts as a roadmap allowing you to gather your ideas and goals in one place. A strong strategy is also essential to secure any outside funding for your business.
Different business plans (traditional, lean, and non-profit) have different focuses and formatting.
However, the intention of any strategy is to clarify objectives, better identify your market, understand your marketing options, and establish metrics for success and failure. This is also where you develop a mission statement or the company’s core values.
An effective mission statement gives your company a clear purpose while carving out a space for your company in your chosen industry. Your mission statement also makes it easy to clarify further your target audience and how your company differs from your competitors.
3. Build a Brand
After completing your initial research, the next step is building your brand. Here you will need to determine the name of your business and create a logo and colors to match. These elements are typically the first thing potential customers see before getting to your products. This is why they should be consistent with the story and values you see for your brand.
Finding a name available across all the platforms you need is also essential. Check local business registries, domains, and preferred social media sites. Having different names for your brand in various locations can not only add confusion for consumers but also hinder your SEO in the long run.
Some resources allow you to check your name’s availability quickly and should be used when finalizing your decision. If your exact name isn’t available, try different permutations and other domain extensions (org, net. etc.).
A strong logo should align with the company’s ideal brand image and colors while providing a peek into the brand’s story. The main objective is to create something consistent with the overall theme of the brand. Plenty of free tools and software allow you to create a unique logo easily without hiring outside help.
4. Create a Website
With all your foundation laid, you can finally create your website or the home for your shop. Every online business lives and dies on the success of its website. Plenty of template-based website creators allow you to build an effective site quickly. However, if you’re looking for something more personal and unique, you may require professional help.
There are numerous elements to consider when building your website. Start with the visuals and keep things simple. You want to ensure your site is easy to navigate, your leading product/service is clear, and you have some method of customer retention.
The longer it takes potential customers to use your site or find and purchase your products, the less likely they are to buy anything. Getting a customer to complete each buying process step can be challenging, which is why customer retention is essential. Offering discounts or simply asking for subscribers can go a long way.
Finally, it’s essential to use proper SEO when building your site. SEO or search engine optimization refers to improving your brand’s visibility on search engine platforms like google and bing. No matter what you’re selling, your website needs text, this allows you to implement effective SEO tactics to boost the right traffic.
5. Get a Proper Launch
With your website finished, you can officially start your business journey. Coming out the gate strong is essential for overwhelming success. This is accomplished through various marketing strategies, including social media/influencer marketing, online and local advertisements, and generating SEO-rich content.
Social media allows you to find spaces that favor your product and let you interact directly with potential customers. Advertising (both online and traditional) gives more opportunities for people to see your product, and SEO-rich content attracts online traffic directly to your site.
In today’s digital world, all these things can be accomplished independently. If you want a higher level of success, consider seeking professional help. Websites like Fiver and Upwork have a variety of professionals looking for work in these fields, all at various price points.
If you want SEO content like articles or web copy, you can contact our copy professionals “here.”
6. Make It Official
The last (and perhaps the most important step) is ensuring your business has a solid legal foundation. While in reality, you will only have to worry about this once you start seeing a profit. The sooner you cover yourself, the better. Each state has different laws concerning large and small business requirements and should be researched accordingly.
Generally speaking, you want the proper licenses, certifications, and permits to operate your business. You will also need to know any federal and state tax regulations you need to follow. To properly understand what rules you must follow, consult a business-focused attorney to ensure you stay on track.