How to start an online business | 5 Steps to Start an Online Business for free – 2020
In the digital marketplace, entrepreneurs have a lot of opportunities. It is easy to start with an internet business and create an online store. But here, the question is how a beginner in e-commerce can create a free online store.
Starting with an online business isn’t a difficult task but maintaining its constancy and sustainability is crucial. Doing business online has many benefits. You may start up with no investment initially. You can initiate with a free website. Then you can promote your business on free social sites and can begin your earnings. Here are the systematic ways to start an online business are as follows;
Fill the Gap
See what’s not available in the market. Check out the needs of people and introduce what they want to have. Start with a market to improve your chances of success.. The internet facilitates this type of market research, i.e., visits online forums, do basic keyword research, check out your potential competitors, and do better than them.
Research your market viability
After getting an idea of what you are going to do, you would be able to answer these question:
- Can my business make a profit with this product?
- Can I scale my business with this product?
To find the answers to these questions, you might perform formal research using design testing, prototype testing, consumer testing, and focus groups. Taking this approach, however, can be complicated, costly, and time-consuming. Therefore to clear your head, you need to consider the following tips:
- Consider product size and weight
- Consider products’ fragility
- Considers the product’s SKU (Stock Keeping Unit)
- Consider product’s lifespan
- Consider seasonality
Analyze your competitors
After doing market research, you are aware of the circumstances and strategies in the market. Therefore, now is the time to evaluate your competitor. It is time to get to know each and everything about your competitor. Once you are done with the identification of your competitor, gather information about them. You need to know these things:
- What are their products and services?
- What is their pricing range?
- How they do their branding and advertising?
- What is their market reputation?
You need to understand their tactics and strategies to compete in the market. After that, analyze the strengths and weaknesses of your competitor. This review will give you an idea of how your approach can be modified to fight their strengths and take advantage of their weak points.
Hit the target
Now, as you have an eye on your competitor’s strengths and weaknesses, it is time to hit the target; it is time to win the race, and now is the time to get the goals. Taking advantage of the weakness is always a good idea. Strike on the weaknesses of your competitor and take value from a competitive advantage.
Ideally, a competitive advantage allows an exceptional strength to cater to your targeted audience. Depending on your main competitor, defining your competitive advantage will help you build your message and brand picture.
Select the best platform
After doing in-depth and comprehensive research on how to hit the target, now it’s time to select the best platform. Narrow down your choice and pick a suitable platform according to your targeted audience. Use any of the social media to integrate messages to masses depending upon need. Most businesses use Facebook, Instagram, YouTube, and Twitter for their promotions and marketing.
Boost up your sales
Take a few minutes to determine how well you enforce each of these points mentioned above in your business. A small improvement in just one of them will immediately boost your sales. A change in many would show a significant increase in your overall amount of sales. These tips could carry out a quick boost to your sales:
- Target the right niche market
- Promote your own unique and novel selling propositions
- Always advertise with an offer
- Get the contact information of your customers and use it for follow up
- Clear your customers from any obstacle of scam/frauds
- Test, test, and test, and innovate.