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MONEY

How To Start An Online Business

Online entrepreneurship.

BY YAZA Kenya Team

Nov 30, 2022, 12:22 PM

Social media has made it more easier for budding entrepreneurs to launch online businesses, with benefits including the ability to reach people all over the world and no need for office space.

However, it can still be hard to find your footing in the online space. The market is crowded, competitive, and the social media algorithms do not make it easier. So, here are some of the things to consider if you want to successfully start and run an online business.

Find your niche product.


Before you start your business, it is important to identify what kind of products you will be selling to ensure that you run a profitable business. This can be achieved by identifying problems in a given field and then coming up with a product or service to can solve them. It can also be something you love to do. Passion is a motivating factor when making money and it should never be overlooked.

Conduct market research.


When you decide what you are going to sell, it is important to conduct market research to see if people are interested in the product you want to introduce in the market. This helps you know if there is a gap to fill in the market and if the product is already in existence it helps you understand who your potential competitors are. knowing their blind spots helps with branding further down the line.

Decide on your business name.


In case you are not able to settle on a name, there are a couple of websites that can assist you in generating a name based on certain keywords. Considering that your company profile will be online, it is important to ensure that no other company has a similar name to ensure that customers can find you easily. 

Also try to opt for a name that is easy to spell and remember!

Domain name.


Since you have a name for your business, the next step is to secure a domain name. It doesn't matter if your business isn't ready to launch yet, just purchase the domain name so that you can know it’s safe for you to use whenever you are ready. 

Analyze your target clientele.


Here you have to dig deeper to understand who your target market is and what are their consumer behaviors?  What are they interested in? And what is the best way to communicate with them? This will help you to ensure that your business plan targets the right audience, making it easier for your products to sell.


Create a business plan.


Now that you have your offering decided on and know who your customers are it is time to create a business plan. Your plan should include the company’s description, the products and services offered as well its financial projections. 

Prepare an inventory.


You do not want to launch and then discover you do not have enough products top meet the demands of your customers. Of course, this step varies depending on what kind of business you are about to launch but either way you have to ensure that you are ready to start selling by the time your first customer is ready to start buying.

Launching a social media campaign.

 

Before you launch your product officially into the market you have to make noise about it on all your social media platforms. This can be achieved through teasers, advertisements ,or by exclusively giving the products to influencers and asking them to spread awareness.

Launch the product.


Finally, now the whole world can access your product. It is important to ensure that the website is up and running ready for all the purchases that are coming in. It is also important to treat your  business the way you would a job to maintain discipline.

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