Easy step-by-step guides for audiences with little online business experience.
Brief
Whether you have an existing business or no business at all & you are planning to start doing business online, this article is for you. In this article, we will outline ten steps that you should be taking to start your business online.
Introduction
Just like any business, your business should first start with business ideas. Your business ideas may answer a few basic questions, like what your business is called. , what does your business offer? are you planning to sell products or services, or are you selling to sell both products and services? Once you have started developing your business ideas in mind or already have a business plan, we suggest you follow the steps below to start your business online.
STEPS – A total of 10 steps
1) Develop & Document your business ideas.
Don’t hesitate to invest time in this step. Brainstorm your business idea with friends, colleagues, hired business consultants and business partners. Such brainstorming will enable you to express your idea to yourself and others. Document all the business conversations, and meeting minutes, so you don’t forget or miss out on any important inspirations, you came across during this stage. You could develop your business ideas for free using our business developer tool.
2) Market analysis
After you have documented your business ideas, now ask yourself or your important business questions about the market. Your market analysis should include at least the below points.
a. Define the market’s problems & shortcomings in serving customers.
b. What is the market size & what are its trends
c. Overview of the industry you are planning to do business in.
d. Market potential & practices
e. Risks & Challenges
f. Competitors & their business practices in the market.
g. Technologies used by online businesses in your market of interest.
h. How web-friendly or internet-friendly are your potential customers.
Save and document the information mentioned above that you will require for the next step.
3) Understand your target audiences & their preferences
Define your target audiences even if you or your business might claim that you are planning to offer products or services to everyone. Understand your target audience and see their preferences and practices when buying online. Again document your findings and move to the next step.
4) Research available & possible technologies
Making your business available online has gotten easier than ever. You can create your business’s presence online in minutes and, in many cases, for free. For example, you create a business page or account on Facebook, Instagram or google business. Your business becomes visible online, and your audiences can already learn about you and what you plan to offer. Depending on what your business offers, whether it be products or services, we suggest that all businesses have their own official website and email with their business web domains. When it comes to developing your own website, app or software, find out the available options to you & the costs involved. We can create your custom-made business WordPress website starting from Eur 300 in about 6 -10 working days. Please don’t forget to save or document all your findings.
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5) Start developing a business plan
Finally, the time has come to develop a formal business plan. So the previous steps were getting you prepared to get started with your business plan. To make things simple, we have developed a two-page free-to-download Business Plan Form. You could use the premium version of our Business Developer Tool for more detailed business planning. You will find all your previous research & knowledge will find its place in your business plan, and you will be in a better position to move to the next step.
6) Check the legal formalities to do your business online
Contact your local chamber of commerce or of the market region were you planning to offer business online. Check if you need to be registered and the business or tax implications. Update your business plan should you find a need to after this step.
7) Complete Cost analysis & understand your development time frames.
Gather information on all direct and indirect costs of developing and running your business online. You can start this by contacting web developers and hosts, interviewing part-time staff for your online business, buying a new pc or laptop if you don’t have one already etc. Add this information into business plan.
8) Put your business plan to the test before getting started
At this stage constructively criticize your business plan. Get more opinions on board by consulting business developers or people who have relevant market experience. Make sure you cover all aspects of your business plan whether it be business operations, analysis, financial forecasts and much more. Have your business plan cover all the questions and forecasted scenarios along with your action plans. After all this you are still convinced then take the last to steps.
9) Get legal & start forming your business
If you are planning to go big then we advise you to have your business registered and then only move forward. There are many types of business legal types the most common one chosen by our customers is business type with limited liability which means all liabilities are limited to the business and liabilities are not supposed to be transferred towards you . In many countries limited companies are abbreviated with LLC or WLL. To learn more about business legal types please read our article Business Legal Types & Limited Liability Companies Vs Private Limited Companies
10) Engage your resources & launch with milestones
If you were using our business developer tool then you will have all your business milestones lined up for your business launch otherwise make sure that your self-developed business plan has milestones in terms of developing your online pages, apps and platforms.
Book a business consultation with us if you want to discuss your business ideas with us and need well-informed guidance to develop your business.
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Disclaimer:
As a company policy, we always intend to do our best to keep you in light of reality and not mislead you to false business or success expectations. Therefore we have highlighted the below points for your consideration.
• We do not guarantee successful business outcomes merely by reading or following the contents of this article instead, the success of a business depends on many other factors, such as how they operate, function and much more.
• As a business & publisher, we are informed that the author of this article possesses either one of the following points or some or all of them, but we are not able to guarantee & verify thoroughly. The points are as follows :
o Arbitrary experience
o Formal education or Formal training
o Guidance from expert or expert sources.
• This article is not intended to be financial advice.
• By reading/viewing this article, you agree that you won’t hold the parties responsible for publishing this article which includes the author, Managers Business Management & Support GmbH and its employees and any third parties involved for any damages or loss.
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