Starting a small business is an ideal option for those who wish to earn extra income, or if you plan to make this your main source of income, it gives you the chance to enjoy a more flexible lifestyle. Starting up a small business, especially one that's online and one you can access anywhere around the globe, gives you the opportunity to do things that you wouldn't be able to normally do if you had a 9-5 job. You will be able to spend more time with your family and friends, have time to indulge in recreational activities and basically do the things you want to do.
Starting a small online business is also easier and much less expensive, and requires nothing more than a laptop computer and an internet connection. Opening a small online business is the number one strategy to get rich, with nearly half of the world's richest people being small business owners or entrepreneurs. If you have the drive and desire, you can start a successful small business of your own!
The internet has certainly transformed the way we live our lives. It gives individuals the opportunity to compete with international organisations.
Here are some tips on how you can get started in setting up your small online business.
Create a Business Plan
The starting point for any new project or undertaking is creating a business plan. Identifying your target market, competition, acquiring resources to finance your venture, building consumer loyalty and building alliances with strategic associates are all key components to setting up a successful business. The keyword here is Research and Preparation.
The objective of having a business plan is so that you will be able to convey a simple yet persuasive story that makes the reader want to know more about the business proposition.
Find a Market
Another key component to setting up a small online business is identifying your market and finding your niche in the market. There are so many ideas and most likely they already have market leaders in their area. The best thing for you to do is to create or find a niche which doesn't have a market leader or you could turn it up a notch by getting creative and innovative with already established markets and ideas.
Various financing options are made available to those who aspire to become small business owners or entrepreneurs. Acquiring a bank loan is one of the easiest ways to secure funding for your business. For online business with a sensible and reliable business proposition but doesn't have the needed security to acquire conventional loans, another option you can consider is the Small Firms Loan Guarantee.
Creating Your Website
Obtaining a domain for your website will set you back a couple hundred dollars. Make sure that the site's content is constantly updated. If you have no idea how to build your own website from scratch, hiring web designers is usually a good idea. Make sure that your site is accessible and easy to navigate so that people will find what they are looking for and will know where to go. Ensure that you also provide your contact details so that people will be able to get in touch with you should they have any concerns or questions.
Promote your website and your business by utilising sites such as Google AdWords. They function on a pay per click basis, meaning you they only charge you if someone clicks and lands on your website. Another way to get the word out is to email your contacts, such as your friends and family, with details about your website. You can also join forums, message boards and chatrooms and establish your presence. It enables you to create and establish a network of contacts and is a way for you to obtain referrals.
Search engine optimisation or SEO is another way to make sure that you catch the eye of potential customers who are searching for a specific type of product on web search engines such as Google, Bing and Yahoo!.
Make the transactions as fast and easy as possible for customers. Sites with complicated sales processes is a major turnoff for most customers. Make your website accessible and easy to navigate to ensure that customers are able to finish their transactions and orders. Another top priority you should consider in conducting business online is security. Potential customers need reassurance that their details will be kept confidential.
In this world of fast evolving technology, anything is possible, even starting up your own business venture and becoming a millionaire! If you follow these steps to setting up your small online business, you will surely become a successful business entrepreneur.
Maya Edberg is a 25 year old marketing specialist who specialises in web design and internet marketing. Maya is also a blogger for www.123seo.com.au. Enjoy her contribution and if you like her article, follow her on twitter at @MayaEdberg.
Have you ever thought about starting your own online business? What tips do you have?
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