Starting an Online Business: 5-Step Checklist
There are several steps and checks that you will need to do when starting your own online business.
I used to have an online cosmetics business specializing in Korean Cosmetics; so I will lean towards my experience in that sector.
So, without further ado, here’s the checklist:
1. Make sure you have enough funds to last the first year.
Take stock of your financial condition before jumping headfirst into a new enterprise. Now is a good opportunity to go through your records and make sure you have enough cash to cover your bills for the first year.
While the overhead of an online business is typically smaller than that of a physical location, there will still be costs. Because it will take time for your e-commerce business to grow, be sure you have enough cash on hand to pay your bills until you start to generate a profit.
2. Examine the business’s feasibility once again.
You’ve likely examined the viability of your business model a gazillion times, we I implore you to keep looking at it and this time examine it from a perspective of whether you will be able to find a wholesaler to match your business goals. When I was seeking Korean Cosmetics I struggled, I ended up with this company – and I only went with them because of the gaurantees that they offered.
3. Check to see if your social media profiles are ready!
When I was selling Korean products we used social media – and a lot of it! I’d strongly advise that you do the same, and if you are interested here’s an excellent resource that will further help you with that.
It’s a good idea to have your social media accounts ready and make sure they’re up and running right now. For the time being, choose a small number of platforms to begin with. Make sure to provide links to all of them on your website so that people may “like” or “follow” your future articles.
Depending on where your audience spends the most time, you might want to start with a trinity of Facebook, Twitter, and LinkedIn. After you’ve got things up and running, consider additional sites that potential consumers could use, such as Instagram or Pinterest, and how they tie in with your brand.
4. Check to see that your ordering and fulfillment systems are working properly.
Before your website goes live, you should test whatever procedure you employ for order acceptance and fulfillment. It’s a simple procedure if you manage everything in-house. Place an order yourself if you’ve determined that outsourcing order fulfillment to a third party is the way to go. Choose a delivery method and watch what happens. If the findings are satisfactory, there’s a high probability that everything will go well for your consumers as well.
5. Refine your strategy for word-of-mouth promotion.
The importance of word-of-mouth marketing cannot be overstated. Make it simple for individuals to spread the word about your new business. This includes giving feedback on review sites and on social media. Use email, social media, and SMS messages to reach out to qualified consumers in addition to recommendations. Give your pals business cards and display them on bulletin boards. You’ll be amazed at how effective these techniques are in establishing a brand’s reputation.
Lastly – good luck!
Remember that 9 out of 10 business fail so either make sure that you are the 9th, or, start 10 businesses!