“Thinking about being your own boss? Then start your own online business today.”
Every business venture begins with a good idea, evolves to a groups of awesome ideas, and with luck by your side, it turns out to be a successful venture. However, how do you ensure that your first idea ends up being an ultimate success? Mentioned below are 10 steps for grasping an opportunity to start an online business.
Some points to keep in mind before you start an online business:
1) State the Difference
The first step in starting a business is to state the difference of your business, product or service. At the start, you should be clear regarding how your product is different from those of your competitors. Do you dream of starting a new social media platform that allows you to create collections of visuals that individuals can share? Are you thinking along the lines of Instagram or Pinterest? You need to clearly delineate your idea. Without clarity in the definition of your idea, you will find it hard to get going.
2) Does your Idea Solve Problems or Fulfils Needs or Wants?
This is an important step in starting a business. Will your idea reduce the time it normally takes to perform a task? Does it simplify the process of finding something? Can it add the “excitement” feel into something that is dull and insipid? If you want customers to spend their money on your product, it needs to offer solutions to an identifiable problem.
3) Use Words that have Clarity and Strength
You should not describe your product in the following manner: “It's kind of like this” or “It is similar to this.” Find the right words and don't use jargon. Come up with a description by firing your imagination. If you want your business idea to be successful, your potential customers should be excited about your business idea.
4) Complete your Homework
Know beforehand if you are the first entrepreneur with this idea or if you have competitors. Do online research, visit relevant conferences, speak with experts, and hunt for mentors. Work diligently. After you invest your time and money, you shouldn't find that someone else has come up with something similar.
5) Complete your Homework Again
May be, you don't have competitors. However, there may be someone with an alternative plan to solve the same problem that your idea solves. Consider any tangential competitors that can eat into your customer base. To do this, analyze your competition.
6) Define your Potential Customer Base
If your answer is “everyone”, chances are that you are kidding or lying. Who will be the early adopters of your service or product? Will your idea sell? Will your potential customers really want your product or service? Based on this, you will have to come up with appropriate campaigns.
7) Identify the Required Resources
Determine all things that you require for starting a business. Can you construct it in your basement using regular materials and tools? Do you need a business website? Will you handle your business single handedly or will you require a team? Figure out how much money you need to invest. This process can be tedious and slow but is crucial in starting a business.
8) Construct a Prototype
This is a vital tip in starting a business. It is essential for every product or service that you intend to offer. If you are initiating a service, your prototype could be a process map that outlines the customer contact points. A physical prototype needs to be working. If it is impossible to build a real prototype, opt for computer-aided designs.
9) Do the Arithmetic
To complete your business plan, a thorough financial analysis is needed. This involves a convincing and realistic revenue projection and accompanying expenditure. Ask for help if you need it. A bad financial statement can ruin the greatest ideas.
10) Write your Plan
Physically writing your plan can go a long way in transforming your dreams into reality. Your plans should be clearly written so that when you wake up the next day, you should know what's on the cards. It doesn't matter if it keeps changing. Flexibility is, in fact, recommended.
Starting an online business is not rocket science. All you need are the right resources, strong entrepreneurial skills, a sharp business acumen, and a zeal and passion to surge ahead of your competitors. So, why don't you think, plan and in-act to start an online business today itself.