An online business is a business that primarily operates, engages with people and trades in products or services over the Internet. Building an online business requires experts in areas like UX design,
An online business is a business that primarily operates, engages with people and trades in products or services over the Internet. Building an online business requires experts in areas like UX design, digital marketing, web design and development. Top online businesses include Ebay, AliBaba, Google and Facebook.
What are the advantages of running an online business?
The biggest advantage of online businesses is the low barrier to entry, as building websites is easy and affordable. You can start it from home, giving you flexibility and cost savings. An online business is open 24/7, generating income all year round instead of just during business hours.
What are the best online business ideas?
These are the best online business ideas:
Capitalise on content: This digital world calls for exciting, relevant and useful content. Whether you build a business on blogging, YouTube, Vlogging or podcasting, content is king today.
Build a personal brand: Bring your unique branding and take on hot topics in beauty, games, entertainment to rake in the big bucks. Reviewers, social media influencers and personal brands are huge money these days.
Start a dropshipping business: The beauty of dropshipping is you don't need a warehouse or a big inventory for your ecommerce business. Suppliers ship it straight to your customers, which means smaller investment upfront.
Sell niche handmade items: Leave big catalogues and generic items to giants like AliBaba and Amazon. Focus on niche audiences and handmade items that scream authenticity and identity.
Offer quick services online: This is a game of volume. With more and more people turning to quick online fixes, you can offer short easy jobs such as editing resumes, fixing photos, design and tech fixes with a fast turnaround.
Offer virtual services: Professionals such as personal coaches, lawyers, bookkeepers, writers and designers can work virtually, opening a wealth of opportunities for an online business. You can try established platforms such as Upwork and Freelancer or you can pave your own way.
Sell online courses and training: Everybody is learning things online so why not pounce on this growing trend? There are popular platforms to get your feet off the ground such as Udemy and Skillshare. All it takes is to bring your expertise to the table.
Build an app people need: Apps are the medium of choice nowadays with many glued to their phones. Look at how traditional industries and old ways of doing things and see how you can offer convenience and cost effectiveness to consumers.
Specialise in online marketing and advertising: This is a major area that is only growing as most industries are going digital. With markets quickly getting competitive, there is a strong need for experts who can cut through all the noise and reach the right eyes.
How to start an online business?
This is how to start a viable online business:
Find a viable business idea: Most successful businesses start on addressing a pain point. Identify your online business idea that's likely to make money with a relatively low competition and a ready market.
Validate your ideas: Prototypes, market research, user testing and feedback are essential to validate your product or service. This step will give you the confidence to invest money and time in your new business.
Plan your finances and operations: Get down to the dollars and cents, as well as your operations and logistics. You need to figure this one out to avoid your business sinking at launch.
Brand your online business: With so many fish in the sea, you need to focus on branding your online business. Hiring a graphic designer or brand expert is affordable now, giving you the right footing to market your business.
Start marketing your business: You should think about marketing even before you have a finished product or service because your revenue depends on it. Create teasers, take pre-orders or build a hype for your new product. Build a marketing strategy with social media, email, SEO, word of mouth and advertising.
Build a website for your online business: Hire good web designers, developers and digital agencies to build your website. You need to invest money in this as your business is fully online. Focus on UX design, user interface, and the overall customer experience.
Test and launch: Do extensive testing before you launch your website. Use UX tools, Google Analytics and other website tools to test loading times, server load and user flow on different devices such as tablet, laptop and mobile.
Market, market, market: Run some Google Ads, talk to your followers on social media, send freebies to your email subscribers, host live events and integrate everything together so it is seamless to your customers. Try upselling or cross-selling when possible.
Take care of your online reputation and customers: An online business can live and die from online reviews and reputation. You need to manage it and be constantly spreading positive messages about your business and answering negative feedback too.