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In the last few years, we have noticed a shift in business structure with a number of brick-and-mortar businesses transitioning from operating traditionally to setting up as online businesses. So what has caused this shift and how can one actually set up their online business?
WHAT IS CAUSING A SHIFT FROM BRICK AND MORTAR TO ONLINE?
Digital transformation has changed most business models forcing owners to adapt accordingly because with the recent realities like a pandemic, setting up an online business gives you an upper hand over traditional businesses. Such eye-opening scenarios have had a number of business owners set up online business fronts to promote their services and goods.
ADVANTAGES OF STARTING AN ONLINE BUSINESS
It wasn’t only the realization of the pandemic that showcased how valuable having an online business is. There are a number of advantages of like:
- It is fairly inexpensive to run
Unlike a traditional business that tends to require much higher capital to start compared to an online business where certain expenses like rent are cut out of the budget for an online business.An owner with a computer, and access to the internet, allowing them to set up a domain name for a website can easily launch at a fairer price compared to setting up a brick and mortar.
- Major potential for growth
It is no secret that there is potential room for growth on the internet, especially if one is unique and authentic. As a business owner, such aspects can qualify your brand in the eyes of your target audience and have them making swooning over your service/product.
- Ability to run 24/7
Are you one to indulge in late-night online shopping? If you are, then that proves how great having an online business is. With a well-detailed website and online storefront, you can make money in your sleep or while you engage in other aspects of life.
Are you eager to start one after reading how valuable it is to have an online business? Let Megan’s story be of inspiration.
TEACHING OTHERS HOW TO START A VIRTUAL BUSINESS
HOW TO START YOUR ONLINE BUSINESS
- Get clear on your niche and business idea – Your niche is a specific target audience that is interested in what your offer. They do have a particular problem that no one is offering a solution to and are willing to pay for it to be solved.
- Administer product research – Research how you want to share your offer with the world. This can be managing the sale of physical products online, digital downloads, or offering a service.
- Get acquainted with the online business laws – Just like traditional brick and mortar businesses, online business owners operate under a specific set of laws, and certain licenses, as well as permits, are required for them to run smoothly. Find out what is required to avoid getting into legal trouble
- Administer market research – Learn what your niche needs or lacks, this will help determine the depth, competitiveness, and profitability of your business.
- Define your target audience – What are their wants and needs, demographics, and psychographics? Learning about this will help you better target them by location and need.
- Plan out your business strategy – How do you intend to promote your products/services online? Will you be working with a team? Strategizing how your business will come to fruition will enable you to have a mental picture of how it will run.
- Research your competition – 9 out of 10 times, your business idea may have already been executed by someone else however that should not deter you from seeking the uniqueness in yours and bringing it forward. With knowledge of what your competition offers, it can help you determine aspects like demand and profit. I really like to say colleagues as opposed to competitors. Also use what they are doing as inspiration as opposed to being a copy cat. One thing I saw fro many is that they created free, helpful resources for their followers or community. I love the It’$ My Money community so I incorporated free resources into my business structure. Grab yours on the resources page. There are budget sheets, debt tracker, level up your money checklist and a coloring book for the kiddos. All for these are free on the resources page.
- Define your brand and image – Your brand is the vibe of your business and should convey a consistent online presence from your logo, color, typography, and designs. Being a part of this community, you know my trademark brand is It’$ My Money®. My brand means so much to my and drives the mission of my business. Check out more about the brand here.
- Launching your online business – Once you have done the above, the next step would be to plan your launch. Ahead of it, test out your services/ products flow from first purchase to consumption. It is very important the flow of your services is smooth and easily accessible.
- Growing your business – This is how business owners continue to stay on top of their competition as it is not enough just to launch, nurturing your business via social media, email marketing advertisement, influencer marketing, and search engine optimization will help it grow.