A Concise Guide to Launching an Online Business
Whether you have been working for a large business, in the same role, for many years and have become dissatisfied or disillusioned with that industry, or else have been out of work by choice or by default and are looking for a new role, an online business may well be the answer you have been searching for.
So, in an effort to help you embark upon the next phase of your professional life, here is a concise guide to launching a brand-new online business.
Where Do You Begin?
First and foremost, you need to have a strong working knowledge of the industry in which you intend your new business to be placed and moreover, a detailed knowledge and firsthand experience in the products and services you plan to provide.
Make sure you engage in comprehensive and thorough market research, both in your local area and farther afield and that you assess whether there is actually a niche or gap in the current market that your business will fill.
Which Online Business Model Should You Use?
As online companies are so popular, both with entrepreneurs, international companies and personal consumers alike, it stands to reason that there is more than one basic business model you could choose to best fit your new company.
There are, essentially, four different online business models:
- Freemium: This is where the basic package you offer is free, yet it costs the customer money to upgrade to the premium options and services.
- E-Commerce: Whereby you only sell products or services which can be delivered through online means.
- Subscription: Monthly or weekly deliveries, such as magazine or food and drink subscriptions.
- Advertising: This is when you choose to allow adverts from suitable companies on your website for a nominal fee.
What Technology Do You Need?
Even though you may well be in possession of the latest smartphone or tablet, the truth is that the best way to ensure you are entirely in control of every single element of your new online business is to invest in a high-spec laptop computer, with plenty of storage space and memory.
In addition, it is also strongly advisable to also look into fiber optic internet, which is not only more reliable and faster than cable internet services but is also significantly more affordable than you may first think.
How Do You Build Your Brand?
Once you have actually launched your online company and have ‘gone live’ to the world, you need to have in mind a firm backstory, tag line and general ethos of your new business.
Your brand standing will be significantly more respected and indeed, popular, if you both know yourself and convey to the general public why it is you created the business in the first place, your USP (Unique Selling Point) and visual identity.
Pay close attention to everything you attach to your new online company, from the logo and website, to associated social media platforms and the color scheme you choose.