Each problem has a hidden face to it in the form of a new business idea, but would an idea drag you from scratch to success?
Not at all!
A business idea is the hook, you have to build a whole strategy around it even if it’s an online business, which appears as simple as starting a website.
If you are setting up your online business, here’s what you need to follow through to make it a definitive success:
(Please note that each of these steps require precision, time and effort—you might require the help of experts and a great deal of persistence.)
1 – State the Problem and Target Audience:
Each sustainable business idea begins with a need, a problem, or a loophole. Aim to fill the gap, choose your target audience who is seeking your business idea, and get started. Even if it’s a simple service you offer, add a unique touch to it so your service sells.
2 – Select The Right Service or Product:
Every problem doesn’t make a profitable business. Choose a product or service that is already a star of the show. For example, a virtual CFO can help a million businesses and the service sells like hot cakes.
3 – Develop a Business Strategy:
Create a blueprint answering all the WH-questions all converging towards one single aim: to make your product or service sell.
4 – Calculate the Finances:
Lay out all the initial costs of services you’d need and the tax cuts. When starting from scratch, look for fund providers who would help you.
5 – Make Convenient Online Payment Methods:
Set up payment methods that are most convenient and suitable for your customers too. Invoices, bank transfer, or credit card, whatever is a faster and convenient mode of payment for you.
6 – Keep An Eye on the Cash Flow:
Hiring accountants and bookkeepers to handle the cash flow without any supervision isn’t an option. Being an entrepreneur, keep a close check on cash flow and take expert opinion on how to move it towards profit-generating edge.
7 – Have an Independent Work Place:
Online work demands commitment amidst a chaos, so have a personalised space to work without any distractions.
8 – Set Up Your Online Website:
Buy a domain name and web host; hire web developers and web designers to create an exclusive personalised design for you. If you can’t afford the experts, simply use free web builder tools to work out the design yourself.
9 – Create An Outstanding Copy:
A compelling landing page copy is what compels the buyer to believe in your products and services. From about us to landing page to logo design, everything should convince the buyer to make an investment.
10 – SEO Optimize Your Site:
SEO connects you with your target audience; take the help of experts and SEO optimize your content. And, for backlinks, you’d need content experts to create a content that’s worth reading.
11 – Use Google Analytics for Better Insights:
Get a hang of page views, customer retention rate, customer buying behaviour, etc. using Google Analytics. You can target your regular clients by accessing their cookies.
12 – Begin With Email Marketing:
Start collecting emails of your loyal customers from day 1 and outreach them every time you create a content you think would interest them.
13 – Use Social Media Marketing Tools:
Drive traffic by running online ads, increasing online presence, running Twitter chats, arranging giveaways, and showcasing products and services on Instagram and Pinterest in a catchy way.
14 – Analyse and Upgrade Your Social Media Ads:
Stay abreast of what works and what doesn’t. You can use online tools such as Buffer and HootSuite to get additional tips for boosting your online ads, social media pages, Youtube channel, and increasing online presence.
15 – Analyse Your Growth and Costs At Each Step:
Track your growth graph and costs with precision. Stop investing in things that don’t work and shift your attention on things that actually work. For example, additional costs of an ad that doesn’t convert is nothing but a waste of valuable resources.
16 – Ask Your Loyal Customers for Referrals:
In return for free packages or discounts, you can ask your loyal customers for referrals and recommendations to their friends and family.
17 – Prevent Any Data Breaches:
Online businesses are a huge risk when it comes to data protection and policies. A data breach would not only harm your business repute but also leak personalised customer data. And the latter is crucial for a business’s sustainability.
Winding It Up: Although these 17 steps appear easy as breeze, but these demand part-time to full-time dedication from the business owner. What matters most is how much effort you put into the smallest of your tasks!