Do you want to know how to launch your first business but you have no idea how and where to start?
In this digital world where side hustles are the current trend, having your own business is one of the most feasible ways to earn income. If you are an aspiring entrepreneur with big goals to achieve, there are several important considerations that you should remember, to turn your passions, experiences and interests into a viable business model online.
1. Seek Expert Advice and Conduct Market Research
While it is great to get support and opinions from family, friends, and colleagues, it makes more sense to consult people who have actually been there and done that. Although there is no such thing as a perfect startup, consulting the experts can give you some golden advice you can use to your advantage. An easy and great place to find advice is on Youtube, where you will find tons of like-minded people who have started similar businesses and products as yours.
Make sure you also grab this chance to observe the market and determine if it has good profit potential. A market filled with people is a great sign that the market is healthy enough with lots of profit opportunity for everyone involved. However, this might also mean that the market is saturated, and you won´t be able to compete with already experienced and established competitors.
2. Develop a Functional Business Website
Amidst the explosion of social media, a solid and functional ecommerce website still remains as the anchor for any online business. A good business website will help you establish your brand and set you apart from those fly by night businesses. To set up your website on a minimal budget, you can use popular CMS platforms, such as WordPress. Select a strong domain name, and then have it registered with a reliable domain name registrar. Search for and integrate simple business plugins for easy customer navigation and professional look.
Another option is approaching professional web developers, who will take care of all the technical aspects of creating your business. It is important to have a professional-looking website, that is user-friendly, fast, and with good Search Engine Optimization (SEO).
3. Know Your Competition
You might not be going head to head with the big names and brands but there is still a big chance that you will have major competitors. Be familiar with them, including your indirect and direct competitors regardless of their actual share in the market, since this is where potential customers probably hang out.
Try listing your market competitors and study what they do. What are their products? Where are their ads? It doesn’t mean that you will be copying your competition, though. Instead, it lets you learn a lot of things by just watching them and keeping up with their successful efforts. In order to thrive in you market, you need to know what competitors have already learned from their audience, which will be your future clients.
4. Go All Out with Marketing and Sales
Set your goals for cash flow and revenue and have intermediate benchmarks that will let you track and measure the performance and growth of your business. Pick one or two platforms in social media where you can get the word out. If you don’t have spare money to spend, search for podcasting and guest blogging opportunities to show your expertise to the whole world.
In today´s digital word, there are many ways to promote your business and products, without spending a lot of money. Make sure your marketing is effective, and reaching those people who might actually turn into customers. It´s not always about the number of followers or likes, but rather about the quality of those people that your brand and products reach.
5. Make the Most Out of Your Effort
You will be surprised how some people achieved so much even with a very limited budget for their startup. You should be smart about the kind of first impressions you leave on people and your desire of controlling how your business grows. After you have established the weaknesses and strengths of your business, you will be in a better position to know the areas of your online effort that requires third party expertise.
Launching your first business doesn’t have to be rocket science yet it takes effort to guarantee its success. Make sure you stay motivated, and have a hands-on approach. Your strategy, business model or website do not have to be perfect right from the start. Adapt yourself, and learn along the way. With motivation, and the desire to reach your goals, this might not be the last business you start.