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Monday, July 2, 2012

5 Tips On How to Start Your Business Online

Getting your business off its feet to be online is a good turn for your business. The internet has brought major business in front of billions of internet users driving traffic their way and more sale occurring.
So how do you start your business online?

   1.  Identify the business which you want to venture into.

Before you do anything else, you need to choose the type of business which you want to run. Whether it is an online or offline venture, you first contemplate the type of business to set up.

If you already have some products, those are to get you started but if you don’t have any or got no idea where to begin, the following are some business brainstorming ideas to help you:
  •        Offer consulting services to others
  •       Do freelance jobs e.g. become a photographer, writer, web designer, etc.
  •      Get hired online or offline.
  •       Promote (affiliate) products or become an agent of some firms e.g. Mocality agent (Kenyans).
  •      Buy and sell domains, websites and blogs (flipping).
  •      Share information or your hobby (blogging). 
  •      Lend a hand to others (community voluntary services).
  •       Start off with resell rights.
If still you find it hard to identify, then think of:
  •  A problem to solve
  •  Something you passion for or love doing
  •  A need to be satisfied.
After you have your business idea in place, move on to the next step.

2.   Write your business plan

Yes. You have heard/read it right. You need your business plan about your new business in a document form but not in the head! It is therefore your next step starting point.
It should entail the following:
  •  Choice of your business, its objectives, mission, etc.
  •  It worked out design, or structure e.g. name, type and more.
  •  Potential distributors and suppliers.
  •  Prospective clients.
A business plan is a business’ constitution which it uses as a guide book which define it structure, type and operations. Without it, business ceases to function or even exist.
Even investors who fund entrepreneurs’ ideas first seek this document before any concrete deal is arrive at.

3   Budget up the start up cost.

It takes money to make money. That is why you do also need to have some start up capital for your business though this might not be the case for others. Most entrepreneurs or people with ideas fail because they don’t have capital to get those ideas off their heads. You may have wonderful ideas but if you don’t have the fund/capital, still, you’ll live or die with them.

It took me years of hooks and crooks to make both ends meet. Through that accrued experience, I have to caution the starters that money is an important factor of production in business. In short, it can determine your business’ success or failure.
If you have allocated or have identify the source of capital, get down with the budgeting process by letting the business plan guide you.

4.     Sign up first client/ employee

Following the budgeting process, your next immediate step is to find clients or employees for the new business.

Assume your business is to offer consulting services, signing up new clients comes next while hiring employees is an option.  Getting new client can be done through advertisements, campaigns or any other promotional ways.

Take note that if you are starting online, you may not have to get employees as you can handle it alone.

5.     Assess the overall risks and rewards.

The aim of a business is to make a profit and that is where risks and rewards come in. Your business performance should be at your finger tips. This is done through analysis of stats. Business stats help you assess your business by revealing to you whether your firm is doing well or not.
This therefore, will enable you to:
  •  Solve the risks and enjoy the rewards.
  •  Plan for the future and be aware of any likely upcoming risks.
  •  Minimize the risks and maximize its rewards.
  •  Expand if it is rewarding.
  •  Build your empire.
You just saw an empire mentioned. Well, that is your long term bonus but remember that business owners strive to run successful businesses.

Grab this opportunity now to start your business and don’t hesitate to tell us how you start your business in the comment below. Otherwise, be human and share this with your friends who might need it.

Best regards,
Malok Mading


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