How To Start An Online Business

This post is all about how to start an online business in the most simplified manner possible!

So you want to learn how to start an online business, and you’re not sure where to start.

Well, this is for you- what you should know prior to actually taking the entrepreneurial plunge!

First of all, congratulations 😀 The fact that you’re here with me right now, reading this, trying to understand the steps of starting an online business shows that you got drive. Too often we fail to acknowledge that within ourselves, so take a minute and just appreciate yourself! Because honey, let me tell you, you are going to do A-MAZINGG things ahead. I promise!

Thanks for coming to my TED Talk, I’ll continue with the steps of how to start an online business now.

1. Passion or Passion?

Now here’s the big question. Do you have to be passionate about the business venture that you wish to start? Is it really a ‘must have’ prior to starting a business?

This question can be very subjective, but in my humble opinion- and theoretically -it’s not a major requirement. However, being passionate about the venture that you plunge yourself into can be a major internal asset as well as a motivator.

At the end of the day, you need to ask yourself if you’ll be happy doing this business in the long run. Treat your business like a baby, your very own child, someone you want to invest in.

2. Demand

When we talk about demand, we need to think about the particular market in which you wish to fall into. You need to ensure that there is a market for your business.

Market demand by definition; is the total quantity demanded in a market by consumers for a given good or service.

In simpler terms, it is the demand for a product/ service and who wants (and is able) to purchase it.

With demand for your business product/ service being high, there will be a higher chance of success as compared to low demand.

Overall and to sum up this point, before you jump in and start your business, ensure that there is a market for your product or service.

3. Niche or Mass Market?

Before you take the plunge into entrepreneurship, you have to determine your market type based on your product or service. Does the product/ service in which you created appeal to all types of consumers? Or, is it geared towards only a small segment of a large market?

An example of a Niche Product: Vegan Skincare Products for Middle-aged Women.

Here we can see that the mass market product would be skincare products, however, a niche as we defined above is a smaller segment of a larger market. With that being said, the niche here would be that it is identified as not just skincare products, but vegan skincare products for middle-aged women.

To identify if your product/service falls under the niche category there are a number of factors to take into consideration such as your consumers’ lifestyles, habits, culture, etc. (I’d highly suggest doing further research in this area).

4. Research

Conducting research prior to starting your business is so very important and should never be underestimated.

For your business’s longevity, conducting primary and secondary research to determine factors such as target audience, competitors, capital and investment funds, trends, etc. is extremely vital.

Don’t be afraid of coming across criticism, whether good or bad. Market research isn’t your enemy, make it your best friend! It should never be overlooked! For the matter, it’s only there to help you.

5. Test The Waters

Learning how to start an online business might be a little overwhelming but it’s totally possible.

Testing the waters of your product or service means not only conducting and analyzing your previous research but investing cautiously.

For example, if you’re like to start a retail business of designer shoes and your budget for your yearly investment is $500 (I know this isn’t a realistic price, I’m just using smaller numbers to make it simple 😀 ) then instead of using all $500, use a smaller ratio such as $200. Take into consideration the trends and styles at that particular time of the year as well.

Invest intelligently.

6. Look At Your Analytics

So you understood the market demand, did your proper research, tested the waters, so what now?

Now, you need to look at your analytics. See who are the persons buying your product/ service, their demographics, gender, age-range, etc. Try to understand what is working and what is not. For the areas which aren’t working, try to come up with strategies to improve. In the areas that are working very well for you, keep doing what you’re doing!

If your analytics are looking attractive, don’t be afraid to fully dive in! 100%

Most importantly, have faith, be positive, find your motivation, and stay consistent!

I hope these tips were helpful! Feel free to leave a comment, and follow me on my social channels for more tips & tricks!

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