In the era of digitization, where shopping is made convenient with just a click of a button, there are numerous opportunities lying for budding entrepreneurs. Thus, starting a new business in the cluttered online market can be mind boggling many times. Below are few actionable steps to be followed for starting an online business.
Choose your business
One should carefully decide on the business product he/she wants to sell online. And to arrive on to this, one should ask him/herself questions like- Am I willing to do this business every day for years? Will I be able to sell the same product every day? What do I like and passionate about? What are the things that are both profitable and at the same time I find enjoyable?
Pick your market
Picking up the right marketplace basis the nature of your product is yet another important factor. Check the existing market for the product and do a thorough competition analysis. A deep research on understanding your consumers is also on the key list.
At the same time, understanding the market policies and documentation for sellers is a mandate. For instance, the essential documents required for registration on marketplaces include- Vat/Tin certificate, bank a/c details, ID proof and address proof.
Decide on the name
Create a name that is catchy, easy to remember and has a strong brand recall. The name will put every element of your business in a nutshell.
Since customers will be taking leap of faith when buying online, make sure that the product is clearly described from a consumer point of view. Thus, product description should be detailed and accurate.
It is always advisable to get inventory management software at the start of the business. Since you are new to the online business environment, you might want to focus on other areas other than stock management. Thus, the software unburdensyou from the questions like- selling period of products, best time to restock your products, etc.
Also with passing time, your business stock will get larger and diverse. Inventory management software will make it easy for you to add products and compare sales data from the start of your business to the present.
Focus on product photography
Photography is another important aspect that needs to be taken care of while selling products online. They say an image is worth a thousand words, which is true in case of online business, where a buyer buys basis the image of the product. Effective product images definitely strikes a chord with the desired consumers and leaves a long lasting impression about your brand. We suggest this is delegated to a professional product photographer. Each product photograph to include physical description.
Post giving a name to your business, the first thing to be done is toregister your business. It is suggested to get your business registered by following the set legal process. By doing this, you are reserving your business name.
Procure business license
Next step in the setting up of the online business is registering for business license. Now this necessarily may or may not be needed when you first get started, but it is always good to have down the line. Also, it’s suggested to check on the procedure of starting an online business in your state or county.
Post undertaking the above mentioned steps, you are set to kick start your venture. Learn to adapt to the dynamic business environment and accept all your failures to a learning experience. Remember, successful people never give up.
Devise market strategy
Once the online business takes off, one needs to start thinking of marketing the product well at the marketplace. Out of all, ads and online promotions yields better results than offline for a brand. A close attention to things like- how the marketplace’s search engines work, how product ratings affect your sales, how does your seller account health help you, your competitors etc. will certainly help you in devising an effective market strategies to maximize your sales.
This article has been authored by Dipti Singla, Co-Founder, BluBox.in