Nowadays, almost anyone who has access to internet can start a business online. Very often, starting a business online has a much lower risk. However, almost 95% of those people failed. Just like starting a business offline, the same concept applies to start a business online. You need strategic plans in order to succeed online.
Starting a business offline, most of time, you will only need to compete with local competitors. However, by starting an online business, you will be able to reach a wide range of audience, but at the same time, you will face many fierce competitors.
In this article, I am going to share with you some steps that you can take in order to start a business online, and then grow into a successful business.
7 Steps to Build a Successful Business Online
How to Start a Business Online:
Before deciding to start a business, you need to do some researches to decide if such product/service is needed. In other words, is there a good amount of demands for that, so that your future business can profit from.
For any product or service, there is always competition. You need to start thinking what make your product/service differentiate from everyone else’s. In other words, can potential prospects find values in your product or service that are superior than your competitors?
2. Register Your Business
Different state has different rules. Most of states will require you to apply for DBA (Doing Business As). It is basically an assume name that you wish to do business under. It really depends on what type of business you are going to register. For sole proprietorships and general partnerships, they are going to be easy; there is not a lot of papers involved. Most of time, you just need to file DBA to your local County Clerk’s Office, that is about it.
On the other hand, if your business is corporation, limited partnership and limited liability company, then you will need to file with the state. The fees are usually more expensive than you file as sole proprietorship and general partnership. In addition, there are other few documents you will need to file as well: consult with your local law enforcement.
After you have filed, it might take up to a month or two for them to approve.
3. Setup a Website
Now, in order to operate a business online, you need to have a website. Otherwise, it will not be called as an online business.
First step is to choose a web hosting company to host your website. BlueHost is the highly recommended one, and it offers a free domain.
If you know how to build a website, you can go ahead and start building it. However, if you don’t know anything about it. You can hire us to build one for you. You can learn more here: Web Design Queens.
4. Be Part of Social Media
Social Media has been and will continue to be a huge part of internet marketing. A business will not go far without the online social presence.
It is easy to setup social media accounts. The difficult part is managing them. There is no doubt that social media management is time consuming. Also, each social media has its own best practices, and mastering them can take a long time and difficult.
If you have time to learn and master the social media skills, that is great. If you would rather spending time and focus on your business, then you can hire social media experts to manage them for you. Again, we also provide social media services, if you are interested, you can learn more here.
Advertising is a big part of building a successful business. A company without a marketing department is doomed to fail. That is why a lot of big companies spend millions of dollars each year to do tv ads, Superbowl ads, etc.
Of course, a small business usually doesn’t have a deep pocket. However, instead of focusing on nation wide, try to focus on locally first; start with your local newspaper, and see it works out, and if that works, try to scale it up.
Most small business owners do their accounting by themselves. And, there is nothing wrong with that. However, you might want to spend some money on accounting software, so when tax reason arrived, it would be easy to export all those information to the software. Quickbooks is the most popular one and should be sufficient for most small business.
You should always track of money that is coming in and going out. Also, you need to distinguish what incomes and expenses are personal or business.
To be a good and successful small business owner, you should always look into you company’s future. Will it expand? If it has a great potential, instead of taking profit out of your business, you should try to reinvest into it. The outside investors will not invest into your business when you don’t even trust in your own business.
A company without reinvestment will not expand or grow, that is the true fact.