8 Practical Tips When Starting an Online Business

IMG_1297Starting an online business in 2016 is at the same time easier and more difficult than it ever was in the past. On the one hand, everything, from website design to domain acquisition has been simplified and made accessible to the general public. On the other, the sheer number of online businesses makes it harder to stand out amongst the crowd. So here are 8 practical tips that will help you get a leg up on your competition:

 

1. Identify your area of focus

Others would call this finding your niche, but niche is a small word and it’s totally cool if you want to dream big right from the start. Just make sure that there are people out there who will truly be interested in what you’re offering, interested enough that they’d be willing to open up their wallets for it.

2. Define your product or service

Whatever your online business offers, it’s a good idea to check up and see what the competition is doing. That way you’ll be able to differentiate yourself from what already exists on the market.

3. Register your online business

Even if you only operate online, you still have to register your company according to the laws of your state and country. Find out what the necessary procedures are in your area and do your best to comply with local regulations and practices.

4. Create a beautiful and functional website

Of course, an online business would be nothing without its online presence. Your website works chiefly as the mirror image of your company's values and products, so don't spare any expense in ensuring its functionality and visual appeal.

5. Consider your revenue streams

Revenue is king, as they say in the business world. Great ideas never come to fruition unless they also include strategies to pay back the investments required to make them happen, so figure out the financial feasibility of your project right from the get-go.

6. Establish your privacy policy

In today's world, people want to know exactly what will happen with their personal data. It's your duty as an online business to be as transparent as possible, especially when collecting customer or visitor information. That's why you should always have a privacy policy statement posted on your website, one that people can readily access at any given moment.

7. Connect with social media

In 2015 living off the grid doesn't mean cutting yourself off from electricity. It merely means staying off social media. And there just aren't that many people living off the grid. Get to know your customer database directly by interacting with them via Facebook, Twitter, YouTube and other large social platforms.

8. Observe your progress

Company growth in the online world can sometimes be difficult to keep track off, so it helps to have an ally in your corner. Google Analytics, for example, has grown increasingly helpful as more and more information becomes available with every new update.

And there you have it, all the info you need in order to help your online business take its first steps off the ground. Achieving prosperity might take awhile, but remember that neither Rome, nor Google were built in a day.

Kristina Jay is a passionate blogger, freelance writer and a regular contributor to several blogs. Kristina enjoys reading and sharing unique articles. When she's not working she is mostly with her family or listening to music.

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5 Comments

  1. Love this list! If I may add, using Google webmasters can also be a great tool in determining how effective your online business is doing. Another important thing is to optimize based on how your target consumers are responding.

  2. These are all great tips for starting an online business! “Achieving prosperity might take awhile” – so true. Unfortunately, fortune doesn’t happen overnight.

  3. Traditional BI platforms have come a long way over the past decade. In the past, they used to glean intelligence from a relatively small subset of data overseen by specialists who were the only ones who could access and interpret the information. The business would ask a question and the specialist would get back to them a few days later with a response.

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