What Is Online Business?
10 Things You Need To Know Before You Start An Internet Business.
Online business is any form of business activities that take place on the internet through the use of Facebook, Instagram, Twitter, Blogger, WordPress, Google+ and other social media networks using devices like the phone, tablet, laptop, and desktop. For the process to become an online business, there must be an exchange of value and gain is the end product.
1.Online or Internet business is like any other offline business where you buy and sell or provide service to people only that in this case, it is on the internet. The advantage of internet business is that it is cost-effective, that is to say, you don’t spend as much money on starting your business as you do for any brick and mortar business.
2. Having a business on the internet has its own challenges and one of it is that you have to know how to operate a computer because this is the only way online business operates and you have to keep a tap on new technology trends and innovations in order to be up to date.
3. Thirdly, there is the issue of trust between the buyer and seller. It is a fact that there is no face to face interaction between business partners most times online, and so you have to build trust with a client. It is not a day’s job but with good content and good provision of service, the trust will be gently built.
4.The beauty of an online business is that it is global and so you can be in Lagos and conclude your business in Abuja and Kano or be in any part of Africa and conduct a business transaction in the USA.
5.Online business is online and there are no bulk inventories and whatever business you choose to start, it has room for growth and is very profitable. Take the example of blogging, video creation, drop shipping, APP creation and other businesses.
Online business does not need your physical presence.
6.It has a low capital startup and you determine your level of progress.
The business is not static and so you can be conducting your transaction while on the move. It is mobile in nature that means you can take it and transact it anywhere you want.
7. In starting any offline business, you create a plan to help you build a system to succeed so also in starting an online business, you must have one. It will require dedication, research and monetary investment for it to grow. You must sacrifice time and money to come up with an idea, develop it into a product to sell in order profit.
8.Starting online does not require any special training like becoming an engineer or doctor but harnessing your God-given idea and working with mentors.
9.Once you identify a problem, you provide the solution which might be in the form of blog post content, video or e-commerce. Online businesses can be divided into categories. Knowing where your passion and strength lies is very important to starting an online business. The following businesses are what you can start on the internet:
- Blogging/Affiliate Marketing
- Coaching on How To Start An Online Business/ E-Learning
- Online Video Production
- Information Products and EBooks creation
- E-commerce- Drop shipping/Arbitrage
- Providing Services like Virtual Assistance
- Social Media Consulting
- Network marketing/Forex Trading/Cryptocurrency
- Travel/ Hotel/Real Estate
- Web Design/ Graphic
10. HOW TO START ONLINE BUSINESS
Starting any business whether offline or online requires some basic steps which can be developed into a system. The number ones step in starting an online business is that you must identify and fill the gap for a need.
What is that problem you have discovered? If you are passionate about it, you will put in all of your interest, strength, skills and your experiences in order to create a solution. After you discovered a problem, then your next action is to conduct a research.
Here are 3 areas that you need to undertake the investigations:
Niche is the area of interest you want to focus and start your online business on. Which industry do you want to go into? There are 4 main niches that are the focus of internet business and these are the dating/relationship, health services, the financial services, and affiliate marketing. To know which online business to start, you have to depend on your passion, skills and past experiences. A thorough research on the internet will help in guarding you and fast-tracking you into knowing well your topic and the niche to focus as you start your business on the internet.
Platform: There are different platforms and devices to use and launch your business on. What you need especially as a new business is a phone, internet connection, time, passion, humor, ability to network. Some of these platforms which you need to start your online business on are free while others paid for. Blogger is free while WordPress is paid. If you are planning on monetizing your business, then, WordPress is the way to go.
Bloggers can also do the job but don’t forget that awof deh run belle because there is nothing in this world that is free. With Bloggers, your control is limited and your website will have an extension like www.yourname.blogscope.com instead of like this website www.streamsofnaira.com. Other platforms are the Facebook, Twitter, Instagram, and LinkedIn etc. Do your research and decide that which would be suitable for your online business.
After deciding on which platform to launch your business, the next step to take is to come up with a business name and register it with the relevant government agency.If you are in Nigeria it is the Corporate Affairs Commission (CAC) that is responsible for the registration.
When you are done with that, then the next port of call is to buy a domain name. A domain name is your address. This is what people will use to locate your business on the internet. Check out www.retirement.com.ng and www.theeventabuja.
Hosting your site after getting a domain next is very important. Buy a hosting plan that will not cause your business to fail. I use the Blue host to host my domains. With an online business, you can take control of your life and create a life plan that will give you a comfortable retirement.
For a starter, all these information will be overwhelming so I advise that you get a mentor who will take you by the hand and lead you to help you in fast-tracking your online business.
What is An Online Business And 10 Things You Need To Know Before You Start An Internet Business first appeared on streamsofnaira.com