It’s a new year and you might have plans for a new business after all the internet is now a source of income for a large number of creative enthusiasts. With the invention of DIY websites and social media platforms though there is massive potential to make money selling online. But starting an online business is not a walk in the park.
There are a few things that you should consider if you plan to start an online business, it’s best to know exactly what you need to be aware of and what can go wrong so that you can be fully prepared.
#1 Carry Out Market Research
Proper planning from the very beginning is essential if you want your business to succeed. A solid business plan should include an understanding of the market with a focus on the customer. Research the demographics of your customer base and understand their buying habits. Check out your competitor’s websites and social media and have a look at how they interact with their customers.
#2 Perfect Your Product
When you first start an online business, you’ll probably have more time than money. So use this time to get well-acquainted with your customer base and perfect your product. During this time you will learn a lot about your business’ limits and may feel tested, but it’s very important that you ultimately have the right product and that you are using suppliers that fulfil your requirements for the best price.
#3 Optimise Your Website
If you are selling anything online then you need to ensure that your website is optimised for sales properly. This starts with a good hosting provider so that your website is fast and accessible. You should also consider investing in SEO, which will help with optimising your website for search and raise sales and enquiries.
A strong brand, which should have been identified in the market research phase of your online business journey, should also be prevalent across your online business website.
#4 Marketing, Advertising & Social Media
Once your product and your website are optimised you need to invest in a well-planned advertising strategy. This will develop your business and plays a key role in the overall growth.
All advertising and marketing strategies can be complemented by social media, there are many platforms that you can use to promote your business online and reach out to your target customers. Email lists should also be maintained.
#5 Make Sure You’re Protected
If you think you are too small to become a victim of fraud, think again. Your online business is vulnerable to fraudsters and worse still if you accept a fraudulent payment, or a cybercriminal starts making unauthorised purchases from your online business, then you could find yourself being the party financially responsible. Approximately one-third of businesses suffered a cyber-breach in 2019.
Business insurance is a smart investment for the protection of your online business. Unfortunately, it’s something that many people are quick to neglect. If you run an online business, call Ashburnham Insurance now and we can discuss your online business insurance requirements.