How to Start an Online Business: 5 Things to Consider

Deciding to start an online business is one of the most exciting adventures many entrepreneurs embark upon; it can also be one of the most challenging.

Finding a way to make a product or service a success online is possible; however, it takes the right efforts from the start to make it work.

If you’re interested in starting an online business, take a look at the following pieces of advice.

Think About What You Have to Offer

Consider the product or service you’d like to sell online. What need does it fill? Is it unique? If you’re selling something that thousands of other companies already sell, you’re starting off with too much competition, which could be a hindrance.

Instead, look for an angle, an edge that will make your product or service stand out.

Perhaps that means marketing to a specific local audience, or finding a new way to market a service that is already popular. Your offering should be memorable, useful and worth your customers’ time.

Pick a Domain

Just as important as selecting a business location for brick and mortar stores is picking a domain for an online business.

To start, think of around five key words that describe your business’ main product or service in simple terms.

From there, select a domain that is memorable and visibly different from other similar websites. Keep it short, and run a quick search to be sure you’re not infringing on any existing copyrights.

Make sure the domain you settle on is easy to remember and to say out loud without clarification.

Avoid punctuation or strange spellings — if saying your domain out loud requires spelling it out one letter at a time, it’s probably not your best option.

Create the Perfect Site

Once you have a business plan and a domain, it’s time to design the site.

This is the exciting part. You can start your site with an existing template from a popular host site — think Weebly or WordPress — or work with a reliable designer experienced in creating websites appropriate for your field.

Consider the capabilities you’d like your site to have.

It should be easy to navigate, have the ability to process payments, use a color scheme that matches your theme and promote your brand in a clutter-free, customer-friendly environment.

Secure Funding

Most businesses need start-up money to get off the ground; online businesses are no different.

Ensuring you have the capital behind your business gives you room to focus on operations and growing the brand.

Take the time to think about the costs associated with your business, from web design and hosting to office supplies.

Don’t go overboard — you’ll need to pay it back — but don’t cut yourself short, either. To get started, look online for small business grants, or research tips to get a business loan.

Listen to Customers From the Start

One of the top mistakes entrepreneurs make is failing to take customer feedback to heart or listening to what customers are looking for.

If your product is not meeting the needs or expectations of your customers, you’ll fail before you start.

To avoid customer service pitfalls, ask for feedback regularly, and respond in a timely manner if a problem arises.

Invite customers to share their opinions, and reward them for doing so. By building a customer base that understands you’re looking to connect with them, you’ll go a long way.

Starting an online business should be a fulfilling, exciting adventure. Following the advice above will eliminate common frustrations and roadblocks and ensure that you and your business reach the best possible outcome.