Tuesday 2nd of July 2019
There’s no denying that the online revolution together with new software and app solutions
...has made it a lot easier to set up and run busines...
There’s no denying that the online revolution together with new software and app solutions has made it a lot easier to set up and run businesses. Today you can run a business whilst sitting in your PJs in bed sipping hot chocolate. Even so, there are things you need to know about how to run an online business, or you will never be successful - as easy as it seems, there are many things that need to be thought through.
If you are a budding entrepreneur looking for a business for sale in North Brisbane, then you must be aware of the things that are needed to start an online venture which will resonate with your target audience. So here is what you need to know about building an online business.
#1 Decide How Much You Are Willing to Do
With any business you will have to work hard, but with an online entity, you can go down different avenues, which require different amounts of work.
Of course one thing does not exclude another, but if your aim is to work from anywhere, you will not wish to have to deal with shipping. Also, bear in mind that if you are doing something like jam, you might want to try and get into local stores, sell to affiliates, etc. meaning you aren’t just an online business.
#2 Find a Passion and a Market
You need to be passionate about what you do if you wish to be happy with your business. Spending 8-12 hours a day when first starting out doing something you hate is unlikely to lead to success. You might think the hard work will only be for the period until you can relax a bit more and apply the 4-Hour Work Week (excellent book about running an online business from anywhere), but how motivated will you be if you aren’t enjoying yourself?
Not only do you have to be passionate about what you are selling, you also have to be able to sell it to an eager market. If you are setting up the same business a million other people have already set up, what are the chances of success? Either you have to do it much cheaper, have a much better product, or bring something very different to that kind of business if you are to succeed.
Find out what people need. You can get ideas from browsing Google. Many entrepreneurs have come up with ideas simply because they wanted something themselves that they couldn’t find. The important thing is to check if others would want that too.
Do online searches around what you are passionate about. See what’s out there. Check keywords. See if the competition is missing out on something. Once you have an idea start asking people you know what they think about your idea or walk up to strangers in coffee shops and ask them (beware some people will think it good or bad no matter what it is).
#3 Educate Yourself
Read up on what other people have to say about starting an online business, both online, as well as in books - spend a week at your library or local bookstore to do some browsing. Also have a look at The 4-Hour Work Week and The E-Myth - both great books for entrepreneurs considering setting up their own business. For example, The 4-Hour Work Week talks about how you can test your business before spending money on setting it up, whilst The E-Myth talks about how you can systematize your business so that you don’t suffer a burn-out trying to do it all.
#4 Write a Business Plan
If you aren’t looking for outside finance (angel investors, venture capital or a bank loan) you might not think you need a business plan, but having that plan will enable you to see what your business is truly all about and how to succeed. You can make it more of an operational business plan, but having it will be like a map to navigate your business from. There are business plan software companies like Live Plan who offer online tools to create your business plan step-by-step. If you still feel at loss, get a mentor, or hire someone on an outsourcing platform like Elance to help you create the right kind of business plan.
The reason you should do this is because you will find the potential strengths and weaknesses of your idea, as well as being forced to think about things like marketing and operational costs you might otherwise have missed out on. Also, as previously mentioned, it will be like a map once you have the business up and running, enabling you to always cross refer to see if you are making the intended progress.
Once the plan is ready have it reviewed by a couple of people whom you trust with your ideas and who can help you see potential flaws as well as missed opportunities. In general it’s always good to have a couple of mentors who can guide you through the process of setting up and running a business.
#5 Partnerships
If you are great at creating products, but know nothing about selling things online you might want to get a business partner. In some instances you can outsource things (platforms like Elance, o-Desk, etc.) and at other times it’s better to keep it in the company. And as previously mentioned - do get yourself a mentor or two and consider having an advisory board if it’s a larger business.
#6 Build Your Platform
Depending on what kind of business you are creating you can use ready made platforms, or build your own front and back end. Wordpress, Wix, Shopify and the likes all offer templates for designing your website, as well as plug ins for shopping carts. If you are creating a simple site, these solutions are great. If, on the other hand, you are working with fifty different suppliers and need a sophisticated back end/CMS you need to have one built especially for you.
Even if you choose to use a Wordpress theme for the site you will need a professional logo and other marketing materials. For this you need to find a professional designer. You will also need professional copy for the site - you aren’t going to sell anything unless the graphics and the copy sells.
#7 The Legal Stuff
Set up your business as a legal entity, ensure your clients can make safe payments and protect yourself against being sued. If in doubt, always consult an expert. Never leave yourself open to being sued.
#8 Marketing
In addition to good copy and graphics you will need a plethora of other things to market your products properly. Below are some of the basics.
Conclusion
Going digital is the way forward. The world is advancing towards the online medium, with more and more people shopping through their smartphones and laptops. If you have been looking for businesses for sale in North Brisbane, then you must turn your focus towards carving a niche in this segment.
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