To help you kickstart a successful online business, we’ve gathered eleven valuable tips from CEOs and Founders. These insights range from the importance of organizing your online presence cohesively to choosing the right business platform. Dive into these expert recommendations to ensure your online venture thrives.
- Organize Your Online Presence Cohesively
- Create a Navigational Business Plan
- Conduct Thorough Market Research
- Maintain Your Job for Cash Flow
- Don’t Underestimate the Power of Reviews
- Share Your Personal Business Story
- Cultivate a Robust Online Presence
- Understand Your Target Audience
- Learn From Your Business Mistakes
- Validate Your Chosen Niche
- Choose the Right Business Platform
Organize Your Online Presence Cohesively
There are numerous sites with loads of information on this question, but I found one tip to be the most valuable—properly organizing your entire online presence. Nowadays, the online footprint of a company is not limited to the website.
If you are looking to start an online business and want to make it successful, it’s critical to get every component of your business’s digital footprint to form one cohesive unit. Think of it this way—if your website says one thing and your social media handles say another, would you expect your audience to place their trust in your products or services?
That’s why everything from your website, domain, hosting, social media profiles, GBP, and other digital affiliations must have an aligned strategy behind it. This process also makes marketing easier and streamlines the entire brand strategy in the long run.
Subodh Doharey, Account Director of Search (Execution), RepIndia
Create a Navigational Business Plan
Starting an online business is an exhilarating journey into the world of entrepreneurship, brimming with opportunities and the promise of innovation. However, embarking on this journey without a well-structured business plan is akin to setting sail without a map.
A business plan is your navigational tool, the blueprint for success in the digital realm. Creating a business plan for your online venture is not a mere formality; it’s a strategic imperative. It’s your roadmap, your compass, and your pitch to the world.
It provides you with a clear sense of direction, equips you to make informed decisions, and secures the trust of investors. In the online business world, where innovation and adaptability are paramount, a well-constructed business plan is your foundation for a successful journey into entrepreneurship. Before you set sail in the digital seas, make sure you have your map ready, and chart your course towards success.
Sarah Harfouche, Business Strategy and Operations Consultant, Business Challenges
Conduct Thorough Market Research
Launching an online business requires more than just innovative ideas; it demands effective execution. In my experience mentoring AI and SaaS startups, I’ve consistently found one tip paramount: thorough market research.
Think of it like navigation: Would you venture into the wilderness without a map? In the digital realm, understanding your audience, competitors, and market trends serves as that invaluable map. Recent reports show that 42% of startups fail because there’s no market need.
So, ask yourself, “Am I addressing a genuine gap or solving a tangible problem?” The answer could be the difference between being a fleeting startup and a game-changing enterprise. Dive deep, chart your course with data, and then sail ahead with confidence.
Ankit Prakash, Founder, Sprout24
Maintain Your Job for Cash Flow
The most important step to take when starting your online business is to continue working your day job.
I’ve coached countless mentees over the years and found that the number one factor that determines whether someone’s online business will succeed is if they continue working their job.
This is so important because of cash flow. Small online businesses fail mainly because of a lack of cash flow. Founders will either take out a bank loan or collect money from investors, and when they run out of money, they’ll close shop.
However, if you’re still working a job, you’ll have money coming in every month to invest in your business.
Scott Lieberman, Owner, Touchdown Money
Don’t Underestimate the Power of Reviews
Don’t underestimate the power of ratings and reviews. The vast majority of online shoppers check reviews before making a purchase. Positive reviews can also provide powerful testimonies that lend credibility and legitimacy to your company. Start collecting reviews early, and consider seeding promotional giveaways to boost your ratings ahead of the hard launch of your website.
Fey Grimm, Social Media Manager, Starkey
Share Your Personal Business Story
As an experienced content marketer and the owner of an online business, I must provide my insight here. That is to share how important it is for an online business to ensure that your personal story is made public and readily available for people to see and understand.
Tell the story behind the company and create something more personal than a generic, unknowable online business. Sharing your journey, motivations, and the authentic human aspect behind your business can help customers connect with your brand on a deeper level.
This transparency not only fosters trust but also allows customers to relate to your mission, making it more likely for them to engage and support your online business.
James Parsons, Founder, Content Powered
Cultivate a Robust Online Presence
Drawing from my experience, a pivotal step in launching a successful online business is cultivating a robust online presence. I’ve seen firsthand that establishing a strong digital footprint is not just about having a website; it’s about creating a cohesive and compelling brand identity across various online platforms.
Personally, I invested time in crafting a consistent brand voice, imagery, and messaging that resonated with my target audience. This involved active engagement on social media, leveraging content marketing, and optimizing for search engines.
Building this online presence not only boosts visibility but also fosters trust and credibility. In the vast digital landscape, standing out requires a deliberate effort to showcase your uniqueness consistently. So, whether through social media, a blog, or other channels, make your mark online.
Sai Blackbyrn, CEO, Coach Foundation
Understand Your Target Audience
One vital step in launching a successful online book service and publishing business is to understand your target audience thoroughly. Delve deep into their reading preferences, habits, and pain points.
This insight allows you to tailor your content and marketing strategies to resonate with them. Building a strong, reader-centric foundation ensures that your online business not only attracts customers but also keeps them engaged and loyal in the long run.
Vikrant Shaurya, CEO, Authors On Mission
Learn From Your Business Mistakes
One important step is to understand that you’re going to make mistakes.
It’s not just about making mistakes—it’s about learning from those mistakes and moving forward, stronger than before.
When I first started my business, the biggest mistake I made was not charging enough for my services. I thought people would pay more because they were getting better quality work from me. However, what ended up happening was that people would only pay me as much as they could afford without hurting their finances too much.
This meant there were always times when we had to do an emergency rush job on something that really needed more time and attention. We sometimes didn’t get paid for our work, or we got paid less than what we deserved because of what had been rushed at the end.
So now, when someone hires us for a project, we ask them how much they can afford to spend on it upfront. This way, we know exactly how much time and effort needs to be put into each task.
Jaanus Põder, Founder and CEO, Envoice
Validate Your Chosen Niche
As someone who’s learned this the hard way, the most important “first” step is meticulously validating your chosen niche before diving in. This can save you from potential headaches down the road. For example, you want to ensure that your chosen niche is topically relevant so that it aligns with what people are actively searching for and interested in.
Second, you want a niche that balances low competition and high demand. Look for niches with a high search volume but relatively low competition. This makes it easier to rank in search engines and attract organic traffic to your website.
Ewen Finser, Founder, The Digital Merchant
Choose the Right Business Platform
From personal experience, choosing the right platform to start an online business is crucial. When launching a business at 17, Magento was initially selected, not realizing at the time that this platform caters to more tech-savvy business owners. This decision initially posed challenges because of its complexity.
Beginners are encouraged to conduct thorough research before deciding on a platform. Consider technical capacity and the specific needs of the business before making a choice. This will save you from unnecessary hurdles down the line and put you on the path to online success.
Make use of the free trials and demos offered by various platforms to get a feel for their features and user-friendliness. Don’t shy away from seeking advice from other business owners who have already established themselves online. This will provide valuable insights and possibly even a referral to a platform that worked well for them.
David Rubie-Todd, Co-Founder and Marketing Head, Sticker It
