10 Must ask Questions before starting an Online Business
Guess you are planning to start an online business which brings you to this page.
There are many things which are needed to be taken note of while starting a business online and it also depends on what type of business you are going to start.
Let’s first assess ourself and our business. There are some questions which needed an answer before we start our business online.
- Are we offering products or services.
- Is the segment we are entering a tapped market or untapped.
- USP ( unique selling proposition or unique selling point ) of our product/service.
- Who are our potential customers.
- Which area or place we are going to cater.
- The delivery mode of the products or services.
- How much are we going to spend on setting up the store/market online
- How much are we going to charge the customer.
- Who all are our competitors and knowledge about their products and services.
- Are we giving any introductory discounts or benefits to the customer.
In short we need to make a proper roadmap of our business from A-Z , which will give us an edge from other novice business setups.
Due to the increase in the number of platforms it is really easy to set up the business now a days. But still the question which comes in to the mind by looking at these startups.
How many of these will survive the competition ?
According to an article which was published at Fortune.com reveals that nine out of ten online startups fail to survive in the market. Shocking isn’t it!
But Why ?
”A report issued by CB Insights reveals that 42% startups fail because they fail to analyze the needs and demands of target customers beforehand, and 29% startups fail as they end up burning all their cash and collapse financially.
But if you have the answers of the questions above and have made a proper road plan then you don’t need to worry about this. Just make a proper road map and follow your business plan strategically and efficiently.
Now let’s talk about the latest trend going on amidst the lockdown due to the increase in the number of services/fratures provided by the two major platforms :
The smartphones , Facebook and Instagram have given the online marketplace a major boom. You can now a days can even find an 8 year old kid having a facebook or instagram page with millions of followers and earning by it.
You can also easily set up a Facebook or Instagram business account with your existing accounts on the platform free of charge and can list your products and services online.
Making the business page or account is easy but bringing the people to your pages and making them to look at your products and services is very difficult. You can either do it by yourself or hire an expert to do the same for you.
It is the phase where around 90% of the people give up and loose the race. This step needs the most patience, hardwork and proper strategy.
You can do this by two ways:
- Organic :Organic is doing this by yourself by sending invitation to your friends and family , by references , by word of mouth and by your reputation or fame.
- Inorganic : You hire some expert or pay for facebook or Instagram adds and run them online by paying them, which in turns brings you traffic.
Do note that the organic traffic is always more loyal and can be easily converted into prospective clients/customers and is difficult to come by.
You might have seen and are following a lot number of business accounts on Facebook and Instagram and might have done shopping from them or you might be one of those successful fb or insta business page owners who are looking for some other ways to make money online.
If you are not the one on the earning end then check out some of the business accounts you are following or shopping from. Study them , look for the strategies they are adopting , may be you will find your lead or your calling from them.
In the next blog we will be meeting as such one of the instagram business account of my area ( Jammu ) obviously and will see how much dedication, hardwork and commitment is needed to properly run a business online and make it a successful one.
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