It has never been easier to give up your day job and go it alone. Without the need to rent a bricks-and-mortar store and invest large sums, it is quite possible to start up a new online business on an extremely limited budget.
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Once you have access to the funding you need, what are the other things you should consider before setting up an online business?
Research the market
Although the internet gives you easy access to a national – or even international – market, the main drawback is that it will also mean that you face stiffer competition.
To find that niche market, you need to think about two things. The first is to honestly examine your areas of expertise and talents while the second is to research emerging trends in products, services and lifestyle changes. The ideal would be to combine one of your passions with a new fashion.
If your research finds that the market is too crowded to allow you to stand out, you should brainstorm to think of a way to put a new twist on an old idea.
Setting up your website
You don’t need to hire a professional firm to set up your website since all the tools are available online free of charge. However, don’t be hasty but plan beforehand what you think your site should include.
Did you realise that in 2018, 58% of visits to websites in the US were made from mobile devices? For this reason, it is crucial that your site is mobile-optimised.
Make sure that your site is suitably protected especially as you are legally obliged to protect your customers’ financial data as well as protecting your brand itself. Bad publicity can do untold damage if people feel they have been ripped off. A brief look at FCA security shows how many fraudsters there are on the internet and how many people are ripped off every year.
Advertising & marketing your products/services
The key to the successful launch of a new business idea is to use all the online tools to make sure that your firm becomes well-known.
There are many ways that this can be done relatively inexpensively. However, some of the most popular include making the most of SEO, email campaigns and networking through your social media accounts.
When using a social media platform, always ensure that you truly engage with your clientele. Take an interest in any points that they may raise or queries they have and show a human face by replying to them.
Although it may seem old-fashioned, promotional offers and discounts never go out of fashion. Whether you’re offering introductory offers to new customers or discounts for repeat orders, it can be an incentive for clients to return.