Don’t be fooled, one of the tips for starting an online business or major advice for starting an online store is good KNOWLEDGE / EXPERIENCE.
Let this sink in.
Before embarking on an online journey, one of the advice or tip you need to getting started on the right note is adequate/in-depth knowledge or experience on the line of business you intend starting online.
However, only adequate knowledge is not enough to start an online store or business successfully nowadays. And that’s due to the high competition in the online market.
There are other people who know what you know; some even know better than you do right now. And top it all up, they’ve discovered certain techniques for running a business online based on their experience so far.
Needless to say, finding the perfect online business success is not easy. From choosing a product to awareness creation and customer satisfaction, there’s a lot to ponder upon.
And that’s why I conducted detailed research on very important factors that are to be considered and applied in line with the right knowledge in other to attain success for your online business.
Tips For Starting An Online Business In 2020
1. Research, discover and pick a niche.
I mentioned the need for in-depth knowledge earlier, and that is because it applies all other tips for starting an online business.
In essence, the first step to taking a business online is to look at or research in all areas you’re familiar with online. After that, pick one based on your knowledge, experience and profitability.
You don’t want to get into something that brings back no returns at all. And that’s why picking an area of interest based on its profitability is extremely important.
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2. Identify problems in your niche.
Every business is set up online to provide solutions to a couple of problems. So after selecting a niche, you feel you can leverage based on your knowledge or experience; The next step is to pinpoint key issues in that niche that needs an urgent or better solution approach.
For instance, I got into blogging a few years back but because I saw a lack of in-depth information as a problem. There’s available information, quite a lot of them, but I think those ideas are not detailed enough.
If you go through my web post carefully, you’ll notice they’re often long. The reason they’re that long is basically that I am a fan of passing in-depth knowledge when necessary.
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I love to make sure I satisfy you like no other by giving you all the information you need to know available at my disposal. And so far it’s been working for me.
Therefore, after niche identification, the next step to starting an online business is problems identification is that niche.
3. Identify alternative solutions to those problems.
Think of different ways or methods that can be used to solve those problems.
For example, let’s say I intend teaching my readers how to start a Bugatti car engine. The methods at my disposal I can think of right now would either be to
- Create an e-book on it, Or
- Do a video.
The reason you want to take this phase very seriously is to be to understand the preference of your target audience. Or what will best suit your target audience?
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4. Selection of method solution.
Upon getting your hands on different ways to solving those problems, the next tip to starting an online business is to pick a method or means of solving those problems.
For instance, on the need to teach my readers how to start a Bugatti car engine, here is where I decide whether to
- Create a manual or guide in an e-book format; or
- Do a video
I’ll have to pick one.
In relation to starting an online store or business, you should make a decision based on what you think your audience can easily understand and take action on.
5. Design a solution/source for a solution.
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Here is the stage you come up with the perfect solution to the problem you identified online. Or look for someone who has what you need to satisfy your target audience (. Whether it’s a product or service, just make sure it can be used to best solve the problem.
Lastly, while sourcing or designing a solution make sure you don’t neglect step 6.
6. Conduct competitive analysis.
Your competitors are simply those already targeting your target audience. Or those satisfying individuals you want to satisfy with your product/service.
And the reason you want to look into these guys (competitions) while starting an online business is to help find out
- what’s working for them (like their various online business marketing strategies)
- Their methods of providing solutions.
- After-sales services they offer that enhance repeat purchase
- Their strength and weakness etc.
Such information will help you
- Identify the best method of providing solutions. Or improve your method of providing solutions.
- Determine how to brand and position your product in the market.
- The best pricing strategy to adopt as a newbie when launching an online business.
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7. Conduct customer analysis.
Needless to say, one of the key tips for starting an online business or store in 2020 is to gather, record and carefully exam the data of your target audience.
This is because you don’t want to attract junks or get the wrong attention (those that won’t buy since they don’t need your product or service).
Besides, you want to know who exactly you’re dealing with.
At the end of your analysis, you should come up with answers on questions such as
- Who is your target audience?
- What do they like?
- How can you not just satisfy this category of persons but also wow them.?
I know customer analysis is are very important, and I know it’s very very complicated.
Therefore, below are some of the key areas you should exam or analyze when starting an online store.
- Demographics (first of all, you want to know your audience characteristics. like their age etc… You shouldn’t ignore this phase as the information or knowledge acquired will help in running successful ads that will convert.
- Advertising that is most suitable for the demographic
- Market size and potential growth
- A customer wants and needs
- Motivation to buy the product
- Distribution channels
- Quantity and frequency of purchase
- Most importantly, the Income level of customer. Why do you know this? To help you come up with an affordable price for your product.
8. Learn online business laws
You thought restrictions don’t apply to online businesses/stores? Think again.
Are you with the intent of starting an online business in the United States of America (USA), Australia, United Kingdom, Canada, Nigeria, India, etc? It’s advisable you get information on what and what not do in other to run a smooth business online.
Furthermore, below are some of the laws you need to know for internet selling
Payment gateways. …
Trademarks, patents, and copyrights. …
Shipping restrictions. …
Age restrictions. …
Business insurance. …
Licenses and permits.
Finally, In starting your online business these laws may apply to the area such as
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9. Choose an e-commerce platform.
First of all, you know what an e-commerce platform is right? I bet you do.
But just in case you’re finding it difficult to remember, see this definition according to bigcommerce.com
An eCommerce platform is a software application that allows online businesses to manage their website, marketing, sales, and operations. You’re welcome!.
Make sure you lookout for the platform that will best suit your product. The essence of this is to make sure there’s your product can be found. And to be seen when and where needed by your competitors.
You either do that (look for and e-commerce platform) or do step 10
10. Create a website.
If you’re hell-bent on starting an online store, then creating your own website advisable.
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To own a website, you can create one with an online builder like WordPress, Shopify etc
After that, make sure you
- Choose a good theme and customise it.
- Upload your products
- Fills in your order pages; like the about us pages, shipping and exchange page, and a constant us page. Those will do for a start.
Meanwhile, if you can’t do all of those yourself, your best bet will be hiring a professional to help out.
Pro tip : Make sure you choose domain names that are simple and easy to remember. It should be a maximum of three words. And lastly, make sure it related to your niche with a dot com extension. For example, by just hearing the domain name barbertools.com or barbershopequipment.com one could easily guess what the website is all about. And as you see, it’s simple and be easily remembered. You should think about something similar, but in relation to your own niche while contemplating your domain name.
Needless to say, this is very important to start an online store..
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11. Setup payment methods
Another one the key tips for starting an online store in 2020 is setting up a payment gate.
We both know your online business is going to be offering an e-commerce function. That means you need to make sure you choose and set up the right payment methods for your target audience.
PayPal is globally recognised. So it should be one of the payment gateway or method you should consider when starting your online store/business.
However, it should be noted that PayPal doesn’t accept registrations from certain countries. one that I know of in Nigeria.
Therefore you should consider having several or optional payment methods. Meanwhile, that’s If you intend reaching a lot of people from different countries.
Other payment gateways include
- Serve (by American Express)
- V.me (by Visa)
- Amazon Payments
- Google Checkout
- …and many more.
12. Launch your store.
Now that your product, website or e-commerce platform is all set and ready, it’s the perfect time to make those products available to your target audience.
But before that, don’t ignore those strategies we talked about earlier. The exact one you got while conducting a competitive analysis.
Make sure you apply the one that will move your online store or your online business. And also improve on their weaknesses to have an edge over them.
Aside from that, you also want to be on the know on certain steps to launching your online business successfully. These things have certain ways of going about them you need to know.
Furthermore, I think having someone that can actually put you through – you know, someone that has gone through all these steps successfully in past, is not a bad idea.
It’s never a bad idea to experiment but if you want to hit the ground running soon and fast, having a coach is necessary.
13. Drive online traffic
Another tip for starting an online business successfully is to create awareness for your product.
Once your store is up and running, you want to make sure the right people know there’s a product that can best solve their problem. And the way to go about creating awareness online is by driving traffic to your online store or e-commerce platform page.
Tactics to drive online traffic includes
- Search engine optimization (SEO)
- Social media advertising
- Google advertising
14. Tips for starting an online business: Apply control techniques.
Controlling is done when your current and past activities are measured and guided towards achieving your online business objectives.
The reason this is key to starting an online business is that it helps identify and adjust or correct areas that aren’t working out as planned. Or areas that are not going well.
So that’s about all I’ve got on tips for starting an online business or tips for starting an online store.
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Before you go though…
Have you thought of having a
- Pricing policy.
Pro tip: Offer returns, but only for defective items, and state that the item needs to be sent back to you within a shorter time period (perhaps 7 days?) to qualify. https://blog.boldcommerce.com/how-to-start-an-online-store
- Good customer service
Do right by your customers before, during and after purchasing your product. Besides, a simple phone call or mail could all need to pull this off.
Finally, that’s all on the tips for starting an online business in 2020.
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it’s possible I miss an important tip you know, please share your ideas via the comment box.
Anything you’ve got on advice to starting an online store will be very much appreciated. Thanks for stopping by.
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