What is an Online Business Entrepreneur?
The world of online business is growing at a rapid rate. So there’s no better place to build your business idea than over the internet. For entrepreneurs, running a business online offers a whole world of opportunities. You have the potential to grow a global consumer base, it can be more cost-effective than a brick-and-mortar store, and it can offer you the freedom to operate and grow your business from anywhere in the world. So really… what is an online business entrepreneur?
In simple terms, an Online Business Entrepreneur is an entrepreneur that runs one or more online businesses. An entrepreneur is a person who not only owns a business, it’s also someone who actively looks to take risks to grow their business and increase profits. On the other hand, an online business is a business or organization that sells goods or services to generate revenue or profit. So, add the two together and you have an online business entrepreneur. Essentially, it is an entrepreneur that focuses on online business.
Where to Start as an Online Business Entrepreneur
Starting an online business can be daunting for any Entrepreneur. There are so many wrong ways to do it. However, there are many right ways to do it as well. There are so many different online business models, different types of marketing, and many technical issues you will come across. It would take an entire course on how to start an online business to even scratch the surface of the topic. Therefore, in this article, we will summarize where to start and discuss some of the basics of what needs to be done.
Come Up With a Business Idea
Becoming an online entrepreneur allows you to grow a business that fulfills you. There’s a bunch of opportunities waiting for you online. However, like with any business, there are certain areas you must consider when you start a business online.
This starts with an idea. This could be something that solves a problem, something completely original to you, or something you simply think will be a success, or all of the above.
A great online business idea almost always helps people. Whether it be knowledge, a solution to a problem, or software you create… Helping people solve problems is a great way to determine if you have a good online business idea.
Do Your Research
There’s lots of research required when starting an online business. You’ll need to find out about tax requirements, how you’ll register your business, and any further license or permit requirements for your local area.
More importantly, you need to research your competition, niche, and market saturation. Competitor analysis is so important. You will have to consider your business idea and conduct market research.
Eventually, you will want to create a business plan and put pen to paper, outlining what your goals and objectives are for your online business and how you are going to reach them.
Analyze Costs and Funding
You’ll also need to think about start-up costs. As an entrepreneur launching your own online business you are probably going to face some expenditure and it’s good to plan for this. However, there is one key advantage here. It is likely to cost considerably lower to begin an online store in comparison to a physical store. That means taking your business online could be less of a financial risk.
Build a Website
You’ll want to make your online business website as professional and appealing as possible. Start by choosing a suitable domain name – and note that fees for this vary depending on the provider. You can then choose a web hosting company to provide the services needed for your website.
And now you get to the fun bit…
Time to design and plan a content strategy. Consider implementing search engine optimization (SEO) techniques in the build of your website. Although SEO alone will not rank you in Google, it is absolutely essential.
Think About the Consumer
Your business research should also focus heavily on the consumer, after all, they’re what will be keeping the business afloat. That is why it’s so important to make sure your business idea is compatible with your target audience.
As an Entrepreneur, How Do I Make My Online Business a Success?
While you may know the basics of starting an online business, as an entrepreneur you will want to take on risks in the hope of generating profit. With that in mind, here are three important steps to online business success.
Invest in Marketing
This is without a doubt one of the most important factors for any online business entrepreneur. Marketing is a great (and arguably essential) way to grow your business. You should consider creating a marketing plan and within it, implementing a digital and social media strategy.
Growing your audience is so important… It might be the most important thing in the entire world of online business.
If your business is online, you will need to take steps to attract potential customers. This could be as simple as SEO-based blog posts (content marketing) or taking active steps to generate word of mouth through reviews or influencer marketing.
Although content marketing is still the #1 marketing strategy online, word of mouth can be hugely beneficial to online businesses as well. Research shows that it builds consumer trust and loyalty and can sway buying decisions.
Amazon’s Jeff Bezos famously said, “If you’re going to invent, you’re going to disrupt”. To succeed with your business, you’ll need to set yourself apart from your audience and this may involve disrupting your target market.
In the early stages of planning your online businesses, you could conduct a SWOT analysis. This will not only tell you about external factors impacting your business, but it will also help to identify opportunities that others aren’t on top of.
Leverage Your Skills
Your strengths will shine when your business idea is based on something you know about. When you are building a business that you are passionate about, it will be easier if you’re an expert in the area and know the competition and standards you would expect.
It’s equally as important to love what you are selling. If you sell something that you would be willing to buy, then it will be a lot easier to sell.
Be Digitally Ready
As an online entrepreneur, you will be relying on your digital presence to sell your business. It’s important to make sure your website and social media accounts are informative, of the best quality, and look inviting.
Technology changes all the time so it’s a good idea to keep up and be aware of the ever-changing trends. It’s equally vital to keep your social accounts organized so that they slot in with your digital and social media marketing strategy.
Anyone can be an online business entrepreneur… and it can be extremely rewarding. But while it may sound like the dream life, the hard truth is that it takes hard work, investment, and determination to make it a success.
If you’d like help with starting your online business, Internet Business Owner runs a 12-week course showing you exactly how to begin your online entrepreneurial journey. The course will show you how to do everything from website setup, search analysis, content marketing, writing, making videos, link building, and more.