Starting a business can be financially taxing on you and your family. You will need to learn where and when to spend. It’s important not to waste money on what gives no returns, but it’s equally important to spend when necessary. Do you plan on starting an online business? Here’s a guide to what you must do.
1. GET A NAME: A unique name for your online business will help to set your company apart from others out there. The name is also the foundation of your brand, and makes it easier to market your business. Having a unique business name also helps to prevent infringement litigations.
2. REGISTER WITH THE LAW: In starting an online business, you need to register with the law. You must understand what regulations, licenses and taxes you will need to follow, and accordingly meet the statutory obligations. In doing this, you should preferably consult with a lawyer and accountant to confirm your understanding and to help structure your business to be in compliance with the stipulations of the law. It cannot be overemphasized that for legal safety and protection of your online business, you need to obtain all of the proper licenses required by law for your new business. Establishing a successful online business is hard enough, the last thing you need is disturbance from the law enforcement authorities.
4. BE FINANCIALLY STABLE: One of the challenges an entrepreneur faces when starting an online business is lack of finances. The question is “where do I get that money?” And the answer is usually from an entrepreneur’s savings or loans. To start an online business, an entrepreneur will need sufficient financial resources to offset capital and logistical needs of the online business. Moreover, in starting online business, unforeseen circumstances may arise, that may add to expenses. So all these need to be factored in the preparatory financial planning.
5. GET CUSTOMERS: No one knows about your new business. So you definitely need to build a customer base! Where will these new customers come from? You will need to let people know you are there, so before you ever open the doors to your new business, you need to have a great plan in place. Start by contacting everyone you know. You can also contact people from your website, Twitter, Facebook and other social media platforms. You can also physically advertise your online business through common media like posters, flyers etc or even through popular radio or television networks. In sum the whole idea is to find a creative way to create a favorable market impression and attract a customer base before floating your online business.
6. YOU HAVE TO BE PATIENT: Starting an online business takes time, it’s not something to attend to with impatience. You will need to learn patience and a positive mindset. Rome was not built in a day likewise your new online business can’t be built in a day. So creating that new enterprise takes faith and perseverance. Keep at it every day. Follow your plan. It almost always pays off, especially if you were ready, right from the start.
7. INSURE YOUR BUSINESS PROPERTIES: Your online business is still going to be run out of a structure of some sort. It can be a home, or a leased commercial space or even a public space. This property will likely need business coverage in addition to personal coverage. Your equipment, tools, and any inventory you carry will also need to be insured so you can protect your income. This insurance protects you from something that might happen to a visitor, to your physical location or to you. All your clients might be online, but you might run into trouble while going to deliver to a client. This insurance could give you a protection against risks such as these.
8. BE QUICK WITH EMAIL RESPONSES: Be prompt with inquiries. If someone sends you an online inquiry, reply as soon as you see it. This person needs your help, and may have likely sent the same inquiry to other providers. The provider who responds first, initiates a conversation and gets the business. Be that person. Replying the next day might be too late.
9. HAVE A MENTOR: You need someone who will guide you in the right direction. Someone who has already achieved what you’re trying to achieve now or who has some related experience in your line of business. In starting an online business, it is imperative to look for mentors – experienced entrepreneurs who will teach you what you need to learn in order to be successful with your online business. An example is the management of ZeeSaa online market, that can offer you advice and guidance. Mentors have already discovered the tools that you will need and can help you get moving in the right direction. They can show you the way so you can learn the new skills you need to have. Most importantly, they will be around to answer the questions that always come up when running an online business.
10. DON’T COMPARE YOURSELF WITH THOSE THAT STARTED BEFORE YOU: Comparison will rob you of focus, motivation and joy. Lastly, it’s hard to stop it once you start. They were once starters like you. A better alternative? Put your head down and get to work. Quit comparing. Starting an online business can be challenging and demanding but one rewarding thing is that you get to be your own boss. You can earn what you have always known you are worth.
I hope these tips will be useful to you, as you consider starting up the journey of your online business idea. Good luck!