Starting your first online business can be one of the best introductions to entrepreneurship. Not only do you get to enter practically industry you want but also do so in a way that could make a difference in regards to the type of inventory you’re able to offer.
Start Saving
If you’re going to be starting an online business, then one of the first steps you need to take is establishing a budget and get saving. Not only will this help you build a foundation that will protect you as you’re gaining your bearings, but additionally provide security against any additional incidentals that might come along. Because as noted by the SBA, with the average small business costing between $1,000 to $5,000 to start, this is no easy task, but one that can be attainable with the right plan.
To begin, make a list of all the items you’re going to need for your business, no matter how big or small. This includes anything from registering your LLC to if you’ll need an office space. Furthermore, adjusting for your overhead is going to be crucial, giving you the most room to live comfortably while trying to profit. And although it might not be the most fun route to go, being patient with your approach will give you the most opportunity to save long-term, ensuring you have the security you need to start your business with room for error.
Come Up With A Great Brand
Another important aspect of any online business is creating a great brand, which will essentially be how you separate yourself from the competition. A big part of branding is not only your company name and logo but the general attitude and personality you give off to others. And while this might sound like a difficult process, it can be much easier than you might imagine as long as you stay authentic with your vision.
A big part of branding is that it compiles as much science as it does visual storytelling. For example, as noted by Curatti, color increases a brand’s recognition by 80 percent, which is why we when we say things like “Domino’s Blue,” we know what you’re talking about, as well as what emotions that evokes. And as the overarching goal with branding is to give yourself the best representation of yourself without having to explain much at all, take the time on refining this, as it will provide you tremendous benefit for years to come.
Focus On Digital Marketing
As an online business, digital marketing is going to be an absolute must. If you’re not familiar, this is the mix of social media, email, content, and any other digital mediums you can think of to reach your customers. All of these are important mediums because as noted by Statista, 81 percent of the US population has a social media account, which even if you’re able to capture a fraction of could be a significant revenue. However, that also comes with creating a marketing mix.
Take a look at what digital marketing mediums you’re familiar with, as well as which ones you feel the most comfortable producing regularly. For example, while you might feel like social media is a specialty of yours, you still might need to keep up with email marketing to ensure you’re hitting the right audience in all corners. Get adjusted to your output channels (i.e., if it’s more beneficial to be on Instagram vs. LinkedIn), giving yourself the best chance to hit every medium that will generate a ROI based on your input. Keep it consistent, as that’s one of the most imperative parts of getting your name out as an online business.
Keep Output Consistent
Finally, if you asked any great digital marketer, they would tell you that to launch a successful online business you need to keep your approach consistent. In fact, as noted by Zimmer Communications, consistent brand presentation increases revenue by 23 percent, which can make quite a significant difference when you launch. And if you haven’t quite put forth a content distribution calendar, then now’s the perfect time to get together a plan of action.
Map out a calendar of posts that you can make consistently, giving yourself the best medium to reach the broadest audience. Furthermore, make sure to stay engaging with the audience on whatever it is you produce, cultivating a community over time. Although it might feel awkward at first, generating consistent output for your business will provide you with a much stronger fan base over time that will be loyal to the genuine nature of your brand, so embrace this strategy on a day-to-day basis.
What are you most excited about in starting your first online business? Comment with your answers below!