If you’re thinking of starting an online business. Then this post is for you.
Starting a new business can be exciting. Yet it’s not easy. There are many important decisions to make. What business to start? What products to sell?
If you are truly passionate about starting your own online business in 2024. Then keep on reading. In this quick yet simple blog post, I will be sharing with you the key steps you should take to get started with your online business.
Here is what I will be covering in this step-by-step online business starter guide post that will help you get started.
- How To Start An Online Business in 2024
- What kind of online business is most profitable
- Which online business is best for beginners?
How To Start An Online Business in 2024
Every year, more and more businesses launch online. If 2020 had taught us anything it would be to have an online presence for your business. Even businesses that were operating offline alone. Are now getting started with their online presence. Choosing to work as a hybrid model where they have a physical store as well as an online store.
What is an online business?
Online businesses are those businesses that deliver products or services online. This includes eCommerce stores, service-based businesses, online brands, and content creators.
Which business is best Online business or Offline?
Although both are businesses, one is operating online and the other offline but they have a huge difference.
Compared to the physical store, online businesses have a low upfront cost, they are easy to set up. Don’t require physical manpower. You are not limited by your location. You can reach anyone in this world. It can run 24/7. It’s easy to scale and it can be started with a low capital cost.
Here are 5 key steps you should take to get started with your online business
Step 1: Be clear on your niche:
When it comes to running a business you need to be as specific as possible. The more you niche down, the more chances are for your success. Having a specific niche helps you build a brand and it’s easy to grow your audience.
What is a Niche?
A Business Niche can be defined as a specialized segment of the market for a particular kind of product or service.
Why Niche is Important?
In order to have a well-established online brand, it is crucial, for small businesses to have a niche.
Some of the key benefits of having a niche are:
- Niche helps you establish a loyal customer base: Helps you define a specific target audience who wants your products and services.
- Narrow down on the competition: When you have multiple niches you will be dealing with multiple businesses who are in those niches. When you have one specific niche you can limit and narrow down your competition.
How to choose a Niche?
When it comes to picking your business niche. You need to consider 3 things.
- What interests you?
- Think about the things you’re passionate about. What do you like doing? What makes you tick? Things you can talk about in an endless conversation. What do you feel you’re an expert in? Things that you enjoy. Write it down whatever comes to your mind.
- What you’re good at
- The skills you have. something which you have learned or developed over the years.
- What can make you money?
- In this step basically, you are validating your niche. You could pick a niche that you are passionate about and good at yet it may not make you money. When it comes to business, it is important you choose a niche that will make you money. This brings me to my next point, How to find a profitable niche?
How to Find a Profitable Niche?
Once you have listed out some of the niches, the next step is to find out which of these have the most potential to turn into a profitable online business.
You can do this by doing a quick Google search. Is the topic popular enough? Is there any competition? What types of businesses are already there in your niche? Answering such questions will help you evaluate your chosen Niche. If it is good enough you build an online business.
Once you have a certain idea about which niche you want to start your business, next is to list out all the possible business ideas you can work on.
The Ultimate Business Starter Bundle
“The Ultimate Business Starter Bundle” is the ULTIMATE Business Planning guide that is customized for your business idea.
Get ALL the business planning templates you’ll ever need to plan your entire business and start selling your products online including…
- Business plan workbook
- Branding workbook
- Brand naming formula + Checklist
- Market Research Guide Workbook
- Target market workbook
- Competition analysis guided workbook
- Business Idea Generation Workbook
- Niche clarity workbook
- Customer Avatar Template
- Business Starter Checklist Template
- PLUS MORE!
Step 2: Choose a Business Model
Once you have your business idea, the next step is to know how to make money out of it. This step helps you to monetize your idea, transforming it into a business.
What is a business model?
In simple terms, a business model describes how a business generates its revenue. This is how your business makes money and it is possible for a business to generate revenue from more than one source.
Here are five types of online business models to consider:
E-commerce business:
In this business model, you set up a website that is equipped with buying and selling physical or digital products online. A business can process orders, accept payments, and manage shipping, logistics, and customer service.
For example, Amazon, and online boutiques.
E-commerce Success Blueprint – Course
From Idea to Income: We take you step-by-step through the entire process—choosing a niche, sourcing products, setting up your store, driving traffic, and scaling your business.
Service-based business:
In this business model, you offer a particular service either a skill or a solution to another.
For Example; pest control, cleaning service, plumbing, etc.
Software as a Service (SaaS):
In this business model, you develop software or an application where you charge people to use it. Either as a subscription or as a one-time fee.
Freelancing:
In this business model, you provide a service to other businesses or individuals using the skills you have, such as writing, digital marketing, designing, programming, etc.
Affiliate marketing:
In this business model, you promote other businesses either their products or services, and receive a commission for each sale you make.
Check out the course: Business Model: How to Source Your Product and Make Money: Available inside The LaunchPad Program
Step 3: Define your customers:
This is where more small business owners make mistakes. They try to sell to everyone.
Not everyone is your customer.
Remember that Selling to everyone = Making no sales at all.
The more you define them, the better you can connect them with your brand.
Start by asking yourself questions like:
Who are they?
Why would they need your product?
What problem is your product solving for them?
What type of products are they already buying online?
Where do they live?
Which social media platforms do they use?
These questions will give you an idea of whom you are trying to sell your products to.
If you wish to learn more: Download the Target Market Workbook: Available inside The LaunchPad Program
Step 4: Branding:
This is what makes your business stand apart from the competition.
Your brand should reflect your customer profile. Think about the look and feel of the brand. What is your brand voice, and how are you different from the competition?
Branding is more than just about having a fancy logo and color and calling it a day. This plays a very strategic value within your business. This includes but is not limited to how your products and services are seen by your customers.
The perception they have about your business.
Remember, your customers don’t see you behind the business. They need to feel your personality through your brand. A persona that they feel understands them. Connects with them.
To learn more how how to strategically brand your business: Check out the course: Brand Strategy Roadmap, available inside The LaunchPad Program
Step 5 — Plan it out:
You can’t execute a task if you haven’t planned it out.
This is where most small business owners don’t get past — ‘I have a business idea phase.’
To run a successful business you need to follow a well-thought-out plan step by step. Knowing what to do and when. Strategically define your goals and work towards achieving them.
No matter which stage of business you are in, even if you are just starting out or already running your business, you need to have a business plan and keep updating it as you go.
A business plan is a well-drafted document that explains what a business does and how it does it.
This could include various key sections such as products and services offered, pricing strategy, Financial projection, yearly goals, sales goals, marketing strategy, brand and other assets of the business, etc.
and step-by-step guided business plan templates for online business owners.
you can read more about how to write a business plan for your business in this blog post. — How to write a business plan step-by-step
You can plan all you want but if you can’t execute it, it is still as good as not having a plan.
Without execution, strategy is useless.
That’s why we have created a membership platform for ambitious founders like you to help you start and grow your online business. You can access all the courses, masterclasses, training, and downloadable guides, workbooks, and templates.
You don’t need to spend thousands on a course. You can access everything in this monthly membership. Pay as long as you need and cancel when you want. Join The LaunchPad Program — Membership