Nowadays, there are numerous blooming online businesses to cater the needs of the market. This trend encourages a lot of people to dive into online business. It might be easy to set up and start an online business, but is it that easy to succeed?
Online business begins with filling a demand by the market and building credibility. However, that is not enough to guarantee a terrific success overnight. Many people started online business and failed halfway, because of the low standards set and poor management. There are few more mistakes that may seem obvious in hindsight, yet many mishaps online business founders experience.
Nevertheless, experience is the best teacher. Equip yourself with knowledge and apply these 10 tips to success in online business.
1.Have a plan of attack
Always have a plan. It does not have to be a complicated, formal business plan. You can consider the plan as a route to success. It helps you to know who your customers are, what you are selling and what people are willing to pay for your product or service.
2. Focus on the bigger picture
As an entrepreneur, you need to keep your focus on the big picture. Do not waste too much time on things like the design of your business cards or logo, the paint colour of your new office and so on. Many new business owners get distracted by the details instead of concentrating on important matters to sustain the business.
3. Worry about money. A lot.
It is good to be optimistic, but let’s be realistic too. There is a high likelihood for your company to run out of money before it makes any. It is essential to know how much cash you have and how are you going to manage it.
You must create a financial plan, detailing the milestones you want achieve and how much money it will take to reach those goals.
4. Give ideal value on what you are selling
Whether you are selling a product or service, set the best price to make it a worthwhile profit. Based on in-depth research and after considering the labour and material costs, set the price at its value.
Do not undervalue what you are offering. As your online business grows, adjust your price points accordingly.
5. Provide good customer service
Maintain a good image by providing good customer service. Most customers tend to return to the same website if they have a good experience. Ensure that customers have a way to reach you or to leave a review. It can be used as a reflection to improve your online business.
6. Give and get
In the beginning of starting an online business, it is normal to give something for free that can market your product or service. However, the cost of free product can add up. Instead, think of offering something useful and less costly such as discount code or webinar.
7. Advertise your business on the best platform
Do not spend your entire advertising budget at the start. Test out one or two main social media to know where your audience is and focus on the best platform. Other than that, you also can identify the prime time to advertise your online business and create more engagement with your potential customers.
8. Don’t rush hiring
Online business founders always rush the hiring process to scale up the business. However, it is a risky move down the road. Be more critical and selective in hiring people to work with you. Look for people who have the skill you do not have and embody the qualities you respect.
9. Maintain the obsession and drive
As human being, we need to have obsession and motivation to success. As an online business founder, keep yourself in the zone and focus on your goals. Multitasking may distract you from your main aims, so you have to know your priority.
10. Remember one size does not fit all
A product or strategy that worked to one company, may not work in another. Have a healthy degree of skepticism about what you read and see successful people elsewhere. If you can test your product using minimum financial with calculated risk, then go for it.