You are here because you have made up your mind to start an online business and have also selected a niche. This article discusses components that play a big role in launching an online business but that we sometimes neglect. Let’s take a look on all one by one,
Planning – Planning is like drawing a path to reach your target. Planning includes thinking and writing about all resources, timelines for achieving small targets and ultimate goals and potential problems that may arise and solutions to overcome them.
When we consider starting a business, it’s normal to only think about its positive points — it happens to me everytime. We don’t think much about hurdles and barriers, or we take them lightly. I don’t know what happens, but there is this sudden energy that tells us to just start it right away. But if we start on it without thinking about the negative points or potential problems, path to achieve, there is a good chance for failure, which means a waste of money and time along with frustration. Planning comes into play before starting any business, whether it’s online or offline. So Create a plan and spend time on it until you are satisfied with it. That will work as a strong pillar of your business.
Your Budget – Online businesses need money to start. The minimum requirements are buying a domain ($12/month) and hosting(basic and reliable hosting starts at $10/month). There are many other areas of your business that will require money, such as hiring a web designer, a marketing professional, a social media advertiser, a writer, and an SEO expert. And, don’t forget about taxes or fees that will be deducted from your profits.
For example, if you receive a payment via PayPal for your service or products, PayPal will cut approximately 3.5% of each transaction. Therefore, including almost all expenditure in your plan will give you an idea of the amount of money you need to get started.
Time Investment– As we discussed above, a successful online business needs multi-layered work. If you have the money, you can hire experts to take care of certain things.If you don’t have much money to invest, that’s not that big of a deal because you can do everything yourself to make your website a success.
We always hear that “time is money”. In this case, if you don’t have much money, then invest your time and do things yourself, such as writing the content, spending more time online And researching online marketing, SEO, and social marketing for your website. On the other hand, there are some things for which you may need a technical expert, such as developing or designing a website.
There is, however, a solution for this. Use a free CMS (Content Management System) to have your initial website ready in minutes without spending a cent. There are many free powerful CMS for example WordPress, which offers a complete website script with millions of add-ons and free designs(Themes). As We always say, “where there’s a will, there’s a way.”By doing this, you can generate money online by investing time instead of money.
So It is important to know how much time your business will require in its startup phase and on a regular basis.
Nature of Goal – Being simply money-oriented will not necessarily make you successful. Give priority to providing a better service or solution through your website. After years of experience, I found that developing a website that focuses on users and their needs tends to be more competitive and increase chance of success. So do proper research and find those points, which peoples searching and then provide solutions in your website.
Regularity is Important Online – Remember that “slow and steady wins the race”. This also applies for online businesses.
- Steady updates or addition of quality content in a website attracts search engines and improves the chances of increasing the search engine page rank, which means more traffic.
- You will get many regular users. Instead of using Google, they will come to your site directly to check the updates or new products. They will become like your permanent customers.
- Irregularity decreases your interest in business while regularity increases your interest and knowledge. This makes you more likely and capable to better serve through your website.
So, dedicate some time everyday to your website updates and marketing.
Expect a Unexpected Problem – We can’t know all problems that will arise in our online business. however, simply understand that you can come across a problem at anytime. By expecting it, you are already prepared to solve it because there is always a solution or a plan B. This will just make you tough enough to win.
There is a big difference between a business idea and execution. All the crucial points mentioned above will help you turn your idea into a reality. Although there are many other points to consider, I find these to be the most important. If I missed any critical components, please include your suggestions in the comments.