Technological revolution has gifted mankind, with the power of internet and has introduced a different world altogether in the online space.
As easy as it is to own a small space online, it is as difficult to get success, without getting lost in the vast sea of web world. One just needs to learn the right tricks to create an impact and rule the online business world.
According to Research and Markets, the global e-commerce market to grow at a CAGR of 19.42% during the period 2016-2020.
India's retail market is expected to grow from $675 billion in 2016 to $850 billion by 2020, with an estimated CAGR of 10%.
For all the budding entrepreneurs and businessmen, who have been carrying ideas to hit the online business sector, here is the right time.
Here are a few tips to keep in mind before starting an Online Business:
Business Plan:
Once you have decided to start your online business, start with the business plan. Plan about the funding, where you need to go and ask for the initial funds either to look for investors or bank loans.
A proper paper work will help you in making people get convinced to lend their money for your business or banks in sanctioning your loan.
Moreover a business plan will help you in taking steps carefully without getting tangled between the pre jobs, which needs to take care of even before setting up the entire business.
Product:
Deciding what you are you going to sell or offer to your customer is the most important thing as it is the core of your business.
Make sure you do a close market study after you decide the product, to know all the competition, you will face and how better a product are you going to offer.
Also try to come up with something, which is unique or some service, which will help in attracting more and more customers as the market had already been distributed with customers, to segregate your customers, you need to put forth your best foot in the business.
Need of Online and offline space:
Space is important for a business to run, be it online or offline even if the entire the business is going to be online.
For example if one wants to start an online boutique, one needs a storage to store raw materials, or the packaged for delivery items, an accountant to take care of the flow of money in the business and staff to carry out deliveries or take the feedback or simply complaints.
Even if one squeezes the space thing, an office is definitely required even if one wants to kick start the business from home.
Domain:
Now the final step before your business goes legally online, buy a domain name. Make sure to name your business after proper brain storming.
There is no room for hurried jobs in business segment, because your domain name is going to be the brand you are going to present in the market.
Also do a thorough research of the name, so that there would be no duplication or replication as there are numbers of companies popping in and out in the online business segment every now and then.
If you look into these tips, they are most important as well as common steps for any sort of online business, anybody wants to start with.
