How to start an online business: what you should know
22/12/2020 Amari Lindroos
Besides their main job, a lot of people have an additional income. Do you also want to use your spare time to make some extra money? Now is the time! Online business is booming. With adequate guidance and a proper training, everyone can become an entrepeneur. In this blog we respond to some of the main questions concerning the start of an online business.
How do I begin?
Before you can start a business, you first need to find a profitable product or service. Investigate different types of niche markets and start with the ones you know. Observe your surroundings and identify problems that need solving. Find that perfect niche!
Secondly, you need to evaluate whether or not the market is ready for your business. Study the market relevant to your product or service, for example by investigating keywords or evaluating similar successful products. Envision every detail that could hinder your succes and think of possible solutions for those obstacles.
Tip: Take a sneak peek at the competition. Look at what's working with them and more importantly: determine what you could do better. That's how you learn a lot about business branding and your position on the market.
What should I pay attention to?
Don't forget to check the legislation on your online business. This is very important. Study which regulations you need to keep in mind as an entrepeneur. Ready to sell products? Consider shipping conventions: what about tax policies, import duties etc. Take a look at the theme Management and Entrepeneurship and discover how to handle everything properly.
Legislation can make or break your business. Need reassurance? Reach out to a professional. With our home studies you receive guidance from world class teachers who can answer every single one of your questions.
How much does it cost to start a business?
It depends on what you want to do. A lot of online businesses only require a laptop with internet connection and a website. You want to sell products? In that case you can choose to store stock (which requires some more investments) or to ‘dropship’ (in which case you only order those products you previously sold). In most cases you'll need a proper website, which doesn't cost more than € 10 a year. Accountancy software can also be very useful, especially when you are a starting entrepeneur.
Where can I sell my products or offer my services?
Where you offer your products or services is very important. Here are some questions you'll need to answer: Are you going to create your own website or webshop? Are you going to sell on multiple sites or focus on one? Are you going to sell on external sites? Which platforms will you choose? What works best for your business depends on your product or service.
How can I find customers?
Marketing is essential! Learn how to attract more customers to your website through social media, blogs, great copy with SEO or Search Engine Advertising.
How much money can I make with my online business?
That obviously depends on what you do ánd how well you do it. Average hourly rates of freelancers are around € 52 an hour. As a starting entrepeneur you'll perhaps earn a little less in the beginning. Know your worth and ask what you deserve. Our course Business Management teaches you how to determine what you should ask an hour to be profitable etc.
How do I expand?
When your business is established, you can start planning the next step. Add an extra service to your offer, expand your marketing skills, hire more people; the possibilities are endless! In our course offer you can find every course you need in order to expand your business. Never stop looking for ways to improve, expand and construct your dream.
What are you waiting for? Start your own business today. Maybe you'll turn it into a full-time job! Check out our entire course overview.
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