Things i wish i knew before starting an online business. Starting your own online business is a big undertaking.
There are so many things to consider and do before you can even get started.
Things like what kind of website to create, how much it will cost, how you plan on generating traffic for your site?
The list goes on and on. Many entrepreneurs who start their first online business have no idea about the challenges that await them. We have been there too!
Table of Contents
What is online business?
Online business is a fundamental term used for business done over the internet or computer technology.
It includes all kinds of business that deals in goods, services, or networks.
Online businesses have websites displaying information about their products and services to be sold to online customers.
Well, known examples are Amazon.com, eBay etc.
Why is an online business profitable?
Online businesses are very profitable compared to other types of businesses; they only require a few steps and resources (money) to be started.
They also have the great flexibility of being able to work from different places.
Also, the most important thing is that you can make money even if you’re not working at all!
And of course, this means that there will be more customers for your business!
Furthermore, with an online business, you can reach many people worldwide who might otherwise never hear about it.
So as we can see, online businesses provide significant advantages over usual traditional brick and mortar ones.
Top 10 Things I Wish I Knew Before Starting an Online Business
We will share 10 things that I wish I knew before starting my own online business.
1. Do your Research
Before starting an online business there are many things you wish to knew to research, like getting the right domain name, website options, accounting needs and legal issues.
Things can get expensive fast if you aren’t prepared.
Make sure you understand your costs going in so that you know how much money you’ll be able to invest into the startup process.
2. Create a business plan
Create a business plan before investing your money into a business.
Things like what products are most popular, which niches have the highest profit margin.
The specifics can make the difference between success and failure!
3. Start with a plan
If you want to make money online, you need a definite action plan for what it is that you’re trying to do.
You also need some form of strategy to understand precisely why your customer should buy from your site instead of all those other websites out there selling similar products or services.
Without these things, no one will even give your idea.
4. Build a website before starting an online business
If you want people to buy from your website, it needs to be online and easily accessible.
It also means that there needs to be a place for your potential customers to contact you about any questions they might have or any special requests.
For instance, if someone wants to pay you in a different currency or will be shipping the payment to a different address than what is shown on your homepage, this information needs to be accessible.
This information should also be easily found by anyone who visits your site.
Most people won’t bother looking hard for it, so having it accessible and integrated into each page is essential.
5. Start small to build up your confidence and skills
It is a crucial point for people just starting and doing online business work.
Things are rarely as good or bad as they seem when you start, so don’t let your first few sales put you off completely.
It will improve once you get into a rhythm and feel more comfortable with the whole process.
Things will also be much easier if you keep your expectations for the first month low and realistic.
It may take longer than you expect them to, but they usually end up better that way as it forces you to get into a rhythm rather than rushing things which are always best avoided when starting.
6. Read others’ blogs
Read others’ blogs about starting an online business.
Things like what products are most popular, which niches have the highest profit margin.
It will help you to gain knowledge about you business.
7. Spend time building relationships
Things will be much easier for you the longer you spend building relationships.
In a store, if someone decides they like your product and starts talking to you, most of the time, it won’t go past that.
However, when selling online or through social media, people can introduce themselves to you and get to know who you are, which benefits many different areas.
Things get even better when they start promoting your products for free as advocates while also helping alleviate any problems customers have with your products or services.
It is become even more impressive when they become repeat customers on their account and want to help promote other stuff from your business, too (also called viral growth).
8. Be patient – success doesn’t happen overnight
It’s not uncommon for people to be disappointed when they’re first starting in business. Things take time, and often it can feel like nothing is happening.
That’s normal, especially if you’re trying a new venture, but if something seems slow, then it might mean that the products you’re selling don’t have good marketability (or sometimes that the prices are too high or there isn’t enough demand).
If things aren’t going how you’d imagined them, make sure that your expectations are realistic and adjust accordingly.
It will change when you’ve settled into more of a pattern and once people start buying from you regularly.
9. Done is Better than Perfec
It goes hand-in-hand with ‘Done is Better than Perfect.
Things don’t always go according to plan, and sometimes you need a little time before releasing a new product or an updated version of an old one.
Will update things, re-released and fixed along the way as you learn more about your customers and what they want.
You’re creating a business for them, so if it doesn’t work out right away, don’t throw in the towel.
Give yourself a time frame to release something new or fix an existing problem.
Identify where you failed, why and then plan how you’ll get past that hurdle next time, so you don’t have delays again in the future.
10. Understand Why Your Business is Important and What You Expect From It
It’s not always easy to start your own business, but this industry has created many opportunities for you.
However, if you aren’t well-informed about how to go along with it, starting your own business could be very stressful indeed.
So if you’re setting up shop online, remember that there are many things in the internet marketing world that you can do well and efficiently to help your startup grow.
The Benefits of Online Business
The benefits of running an online business are vast. You can work from anywhere, you don’t need to pay for a storefront, and you have more exposure than ever before!
It’s no wonder that this industry is growing at such a rapid pace.
We will discuss the benefits of online businesses so that you can see what it has to offer your company.
1. Online businesses are less expensive to start
It’s no secret that online businesses are much cheaper to start than their traditional counterparts.
You don’t need a storefront, so you save money on the initial costs of renting or buying property.
You also won’t have any upfront expenses for inventory and supplies with an online business, all transactions take place over the internet (or phone), meaning that you never have to purchase physical products.
As a result, the initial financial risk of starting an online business is much lower than it would be for more traditional businesses.
2.Online businesses are more flexible
An online business can be operated 24/365 and from anywhere in the world.
It means that it’s much more convenient, as you don’t have to worry about finding childcare or arranging time off work to make yourself available for your customers.
It also allows you to grow at a faster rate – since an internet-based company doesn’t need to purchase a physical space, you can use the money that would have gone towards renting or buying a retail space to expand your business.
An online business is also more scalable than one operating from premises in the real world – all it requires is an internet connection and some basic computer skills.
It means that if you’re running out of storage capacity for your inventory, you can buy a bigger server to store it on!
3.You can work from anywhere, anytime
One of the best benefits of working from home is choosing when you work and when you don’t.
A remote worker can set their hours so they’re not stuck in an office for long periods every day.
Work-life balance is usually higher as well – since they don’t need to commute into an office every day, their work can’t infringe on the rest of their life.
The ability to choose your hours also means that you can take time off whenever you need it
Whether it’s for a doctor’s appointment or just because you want to spend some time with family.
You don’t have to worry about scheduling vacation days months in advance or asking for time off from your boss.
4. It’s easy to be your boss too.
The ability to work from home can allow you to be your boss, giving yourself the freedom of setting your hours and making decisions about what projects you want or need to take on without any outside input.
You’re not limited geographically – if there’s a part of the world that has an abundance in some material or that you’re thinking about expanding your business, you can be there in an instant.
5. It’s easier to find customers online.
As the world moves to be more and more connected, it’s easier than ever for customers to find your business online.
With just a few clicks of their mouse or taps on their keyboard, they can get all sorts of information about you and what you have to offer.
The internet is now the primary way people find things to buy. It’s not about what your business does.
It’s about how customers can access you and make a purchase decision.
Online shopping has grown exponentially over the last decade or so – in part because of convenience (not having to leave home) but also due to an increase in the number of people who have access to computers and internet connections.
6. There are no limits to potential earnings
More than half of the world’s population now has internet access, and that number is growing. It means more potential customers for your business.
There are no limits to how much you can make online – in theory, and it could be unlimited!
The only limit is what people will pay and then whether or not they follow through with a purchase.
7. You have access to a global market
One of the great things about online businesses is that geographical borders do not constrain them.
If you want to sell a product or service, there’s no reason why your potential customer can’t be in another country!
You can sell your products or service entire the world.
8. No need to commute or dress up for work
Do you enjoy spending a lot of time on your commute to work?
Do you like getting ready for work every day, picking out the perfect outfit and matching accessories?
That’s all gone when you’re an online entrepreneur.
If there is something that requires physical presence, such as giving lectures or workshops, it can be done remotely!
I don’t have to get dressed up in a suit and tie or even wear pants when working from home.
I need some comfortable clothes that allow me the freedom of movement – this is especially important for entrepreneurs who work at home with children!
You can wear what you want when you want!
9. Easier to make money online than in a brick and mortar business
Part of what makes online businesses so attractive is the ease with which they can make money.
While brick and mortar business owners have to worry about things like storefronts, employees, inventory control, etc., most people who start an online business don’t need any of that stuff!
All you need are a computer and Internet access – from there. You can do everything else.
10. No commute means less time away from family and loved ones
One of the great things about running an online business is that there’s no commute.
While it may take some time to get used to spending all day on your computer, you can work when and where you want. So. if you need a break from staring at a screen, step away for a while!
You also don’t have to worry about being stuck in traffic, making it hard to focus on anything else.
11. You don’t have to deal with the public as much
Online business owners also don’t have to worry about dealing with the public as much – no one coming into your home office and bothering you all day long!
You can work when it’s convenient for you, without having to plan.
It is beneficial if your schedule often changes or working from a different location (you could be sitting at your desk in one building while your office is in another).
Conclusion
This article is a compilation of 10 things that I wish I knew before starting my own online business.
Some are practical, and some may not apply to your situation, but it’s worth considering the list as you start on your journey.
Whether this blog post about “10 things i wish i knew before starting an online business’ has helped or not, let us know how we can be more helpful in the future! We’re always looking for ways to help our readers succeed.
If there’s anything else you need, please don’t hesitate to contact us. Let’s work together towards building something great!
