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How To Start An Online Business?

Online business continues to grow at double-digit rates. There are so many different opportunities out there to start businesses online. When you own an online business, you can work from anywhere, set your own hours and make a living on the Internet. Here’s a step-by-step guide on how to start an online business:

  • Find the right product to sell: The right way of doing it is by finding the market first. Do online or offline research to find what need people are looking for to be filled.  Study the potential of your product/service by doing a survey on its demand and competition. You can also go for formal marketing research.
  • Set-up your finances: Take some time to identify your startup costs and think through how you plan to fund your business. 
  • Identify the platform: Decide whether to use a third party platform, ecommerce marketplace, or build your own ecommerce site. If you choose to have your own website, keep it simple. Remember you’ve only got a few seconds to grab your customers’ attention.
  • Understand the dynamics of e-selling: You need to study consumer behaviour from time to time and keep on looking for new markets to sell your products. In case of E Business the concept of geographical boundaries as well as availability of information have no limitations.
  • Choose your legal business structure: Legal formalities must be duly fulfilled before you start running your e-commerce business. For this, decide upon the structure of business entity you wish to run: sole proprietorship, partnership structure, Limited Liability Partnership (LLP) or a Company format. Also, learn about online business laws.
  • Source your product: You know you have the right product, who your customer is, and how to set up your business. It’s time to get the physical product. 
  • Drive online traffic: Once you’ve got your store up and running, learn the leading organic traffic driving tactics to get more visitors to your store.
  • Master small business shipping: Shipping is a big topic for brands and customers alike. Learn the reality of small business shipping as it is today and the best approach your business can take to please your customers.

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