For those who don’t have an idea on how to start an online business from home, here is a simplified approach that you might want to consider.
Assess your availability and skills
First, you will have to assess your availability and skills. If you have a job that requires you to go 40 hours a week, you might think that it is impossible to run a business all by yourself. In some scenarios, you can also have a partner who can help you. There are entrepreneurs who run their online business together with their other family members.
The good news is that there are some businesses that don’t require much of your time. These are businesses that you can just check even for one hour a day.
Next, you also have to assess your skills. Running a business requires that you know what you are doing. If not, you will end up hiring people to get the job done.
Determine how much money you plan to invest
Next, it is equally important to decide how much money you are going to risk. When it comes to starting an online business, it usually doesn’t require much. Unlike your conventional business, you don’t have to pay the rent and other utilities associated with a physical store.
You can have a $1,000 capital or it can be as little as $250 to $300. It all depends on the type of business that you are going to make.
Choose and study a niche
You also need to choose and study a niche if you decide to have your own online business at home. Do a bit of research on whether or not the niche is already oversaturated. A lot of startups fail not because they did something wrong, but because there are already a lot of players who decided to enter the niche.
You also have to know the attitude of your potential market. What do they like? Is there a demand for a particular product or service? What are the current problems they face? Understanding all this could lead to brilliant ideas when developing products.
Apart from realizing the demand in a particular niche, you will also learn more about their buying attitudes. Do they go for the cheapest product? Do they engage in a different social media platform other than Facebook? These are just some important details that you can learn from studying a niche.
Decide the type of business you plan on having
Online businesses don’t always mean that you will have to develop your own product. There are drop shippers who simply get the items directly from a factory. And also, there are online businesses that offer services rather than a product.
If you are going to develop your own product, you also need to consider where you are going to store your products. Do you have an extra room to store your inventory? Or maybe, you are going to rent a storage space?
But a piece of advice, make sure that you don’t start a business if you are unfamiliar with the niche or if you are not passionate enough to face challenges. Some of the most successful businesses were able to survive because their owners are passionate about what they do. There will be instances when it’s tempting to just call it quits and close the business. However, if you are passionate about what you do, you will be able to find a way to make the necessary changes for the better.
Develop your product
Once you’ve decided on the type of business that you are going to have, you need to develop your product. Developing a product is not as simple as it looks. In some instances, this will require a significant amount of your initial capital. Some businesses require the help of OEMs (Original Equipment Manufacturers) to develop their products. Apart from the product itself, you also need to be particular about your packaging.
Quality is non-negotiable especially if you are a new player in your market. However, you also need to consider the cost of production. It’s a common dilemma for entrepreneurs whether to spend more on production but also impose a higher price tag for their consumers.
And also, there are instances when you will have to try multiple OEMs before you entrust your production to a particular factory. You will also have to account where these OEMs are located since you will cover the shipping cost and the importation taxes of your products. Popular locations include Vietnam, China, Pakistan, and the Philippines depending on what type of product you are going to have.
Develop Your Brand
Once you have a product or service that you are confident with, it’s time to develop your brand. Developing a brand is comprised of a name, logo, tagline, color scheme, and even a voice.
- Logo
Finding an artist to make the logo can be tricky. Different graphic artists have different styles. To have the logo that you have in mind, you want to take a closer look at different portfolios and stick to the artist that comes close with the style you want.
- Brand Name
When thinking of a brand name, one rule that you have to follow is that it should be remembered by your audience. Some startups think of names that have significant meanings while others only have a simple name.
- Color scheme
Colors have a way of stirring emotions. You can take advantage of this by selecting up to three colors that you can play around. Successful brands use two or three colors throughout their branding.
- Tagline
From KFC’s “Finger Lickin Good” to Nike’s “Just Do It”, these are taglines that can affect how your audience perceives your brand. You can think of a tagline that can keep your audience interested in trying your products.
Build a User-Friendly Website
Any online business should invest in a user-friendly website. These days, it should not be designed solely for desktop users. Over the last few years, there are more mobile users than desktop users thanks to the proliferation of smartphones and tablets.
Apart from the aesthetics, you also have to test the website, especially how your users are going to navigate different pages of your website. Is it easy to find different pages? Or is it easy to choose the product with your design?
Next, you also have to be particular about security. An SSL certificate can make a difference. This can bring confidence in your customers that they can purchase your
Design a Digital Marketing Campaign
A digital marketing campaign is a must for any online business. When formulating your own digital marketing campaign, you want to cover all bases. SEO, social media, and content strategies are some of the most effective tricks that could come in handy to engage and to have more customers.
Conclusion
Starting an online business at home is a good alternative to your conventional business that requires a dedicated physical store. Though it lessens the cost, you also have to remember that some markets are oversaturated and highly competitive. By following these tips, you can minimize problems you might encounter in having your online business.
