If you are looking to start your own business in the hopes that you can turn it into a full-time job, it has never been easier to set up and maintain, thanks to the wonders of the internet. Similarly, if you have an entrepreneurial mindset, there has never been a better time to take the world by storm with your unique business idea. This guide will take you through the process of setting up an online business in a day – with just a laptop.
Come Up With An Original Idea
You will need to come up with a unique idea for your business: one that will enable you to stand out from the competition. A good exercise to help you come up with this winning idea is to create three lists based on these key areas:
- Your professional skills
- Your passions and interests
- The problems you want to solve
Strictly speaking, the idea formation stage may take longer than 24 hours to complete. But you need to make sure your business idea is something you feel passionate about. If you are willing to give up your day job to run your own business, you will need to invest a huge amount of energy and resources into your business idea, so make sure it’s worth it.
You may have several areas of interest, and this is fine, but for the purpose of setting up a business, keeping the focus to one area will make you more memorable to consumers.
Set Up Your Company Website
Whether you’re offering products or a professional service, you will need to establish a sold base online so your customers can contact you. To set up a basic business website, you will need to:
Buy a domain name – Think of a website name that’s short and easy to spell. Try to include a keyword for your product in it too. Here’s how to choose the best domain name for your business.
Choose an ecommerce platform – If you’re setting up an ecommerce site, you will need the functionality to buy and sell products. Hosted, subscription-based services can give you all the templates and tools you need to get up and running quickly.
Set up your merchant services – Depending on the ecommerce solution you opt for, you may have to set up merchant services separately (some platforms set these up automatically). You will need this to accept customer payments by card and PayPal, etc.
Know your tax requirements – You will need to research and comply with your sales and tax obligations if you are opening an ecommerce store. There are ways to automate elements of sales tax, but you can’t afford to fully ‘switch off’ either — read up on federal and national regulations.
Think about keywords – Research the keyword terms people are using to find the goods you want sell from your online store, or use keywords to help you refine your service offering. For accurate keyword research you can look at Google Trends or use Google’s free Keyword Planning Tool. Make sure that your product descriptions are unique, detailed and outline the benefits for customers, not just the features.
Set up a company blog – Use your store’s blog to talk about your industry passions and your business’s cause. You can repost this content on your social networks (you’ll need these too as a business in 2017) and start conversations with influential people who you’d like to become involved in promoting your business goals. You can quickly create compelling blog content at home, and you may even want to try shooting your own vlogs at home.
Pro tip: If you’re low on budget and running out of time, stock images can be a great way to make your site look professional. They can take a pre-made theme and add a personal touch to it. Consider taking a look at Pexels, Pixabay and Burst for free-to-use photos from a wide array of interesting sources.
Don’t Be Afraid to Run your Business Entirely from Home
The world of online commerce has come on in leaps and bounds, and you can now set up an online store with just a laptop — no warehouse, team, or business premises needed. This makes becoming an online entrepreneur far more feasible for stay-at-home parents, college students, and unemployed people looking to be their own boss.
The dropshipping business model means that you can sell products without needing to worry about storing stock or fulfilling orders. These days, it is possible to earn money without even leaving your desk at home, but this has also led to an increase in competition as dropshipping entrepreneurs flood the online markets. Just because you run a business from home, doesn’t mean that you won’t still need to factor in competition. Spend at least a few hours getting to know the people you are up against before launching in headfirst.
Offer Something For Free
A good tactic for bringing attention to your new business is to offer something for free.
In the age of the internet, this ‘free gift’ can be information. Every business owner wants to come across as an expert in their industry because it builds trust and brand loyalty. Why not add a free eBook download from your homepage? You can also use this free promotion to collect email addresses for future marketing newsletters.
Create An Initial Offer
Once you have established trust and have got people interested in your brand with your free offer, you can start to up the ante and give your customers an introductory discount offer to convert them into your first paying customers.
In choosing what to sell, think about your supply chain and how you can make it sustainable. For example, dropshipping arrangements allow you to sell goods without the need to bulk-buy and store them in your own premises. A third party handles the storage and shipping, so if you want to source locally, you can search the wholesale marketplace and opt for local suppliers.
Make Adjustments Where Needed
When you are just starting out, you will have a great deal to learn about marketing, selling, accounting – the list is endless. So don’t be disheartened if you feel like a rookie; there’s no way you will know everything there is to know beforehand. In refining your business model over time, make adjustments to suppliers, products, marketing, graphic and website design as you go, making sure you always stick to your business’s core values.
In making the decision to start your own business, you are taking your first steps to improving the world using your own skills and passions in life. Thanks to the internet, it has never been easier to start. So what are you waiting for? Here’s how to ensure your startup is a success.
