What do you need to know before starting your online business?

So you want to open up your online business? But have no clue how and where to start?

Well, before you start to indulge into an online business platform, you need to consider this:

Have you really worked out all the information you will need to make it a success and earn that profit? If your answer is no, we would soon turn it into a big yes once you reach the end of this article!

1. Figure out what value are you giving to your customers! Really sit down and write it in two lines. This would be the vision of the company that you are imagining and your value proposition.

2. Describe your product in a small paragraph. Get into the details. If you are making a blogging platform about computer courses then it should be like this-

For example: my blog provides users with technical information about computer language specifications. This website aims to enhance use

r knowledge by educating customers about various languages via video, pictures and hands on examples that they can try on their own computers. This is a user friendly and effective way of learning.

It's very important to be specific on the above two points before moving forward.

3. The online business model has various elements-

You have figured out your value proposition. Now on

to the next step:

• Customer Segments: Who are your customers? Get a clear idea about people to whom you are selling to? For example, a blog about undergraduate US college choices would be aimed at male/female students from the age of 17-19 who are currently in high school living in US.
  

• Costs: Open up an excel sheet or take a piece of paper and figure out the costs that would be required to complete your project. Also figure out a milestone that you want to achieve, for example you want to have 50k page views per month after the first six months of your website launch. Now figure out the costs required for you to get to this milestone. This would include your set up, human resources, fixed and marketing costs. This figure is very important if you are trying to gather an investment.
  

• Target Market: How many people would be your ideal reach? Get a concrete number and then figure out how much you would earn (optimistic, pessimist and realist scenarios) if you achieve full market penetration that you have aimed for. This can be done with the help of ROI i.e. the return on investment calculations. Also have an estimate of when you would break even in all three scenarios.
  

• Revenue Generation: Perhaps the most important part of all! How are you generating revenue? Is it via the advertisements you display on your webpage or are you selling something via an e-commerce website? Get clear on your revenue streams and build a concrete model.

With all these steps done, you would be able to attract users and increase your online business multifold!

Now you have the key to your online business platform! Open it now!

#digitalmarketing #onlinebusiness #marketingstrategy