7 things to consider before starting an online business

By Nicolo Nasol | Friday, 19 May 2017

You see things in a different light. You are brimming with priceless and precious ideas that you want to pursue, say for instance, starting an online business.

You excitedly and hurriedly scribble down your ideas to paper, lest you lose even a fragment of your ideas.

Basically, that is how the "inspiration of an idea" works — that famous "aha" moment where thoughts seem to flow easily and endlessly. Millions of businesses are born that way. But does this "moment of inspiration" represent everything? Answer: it does not. In fact, it's not even the real beginning.

The truth is, ideas amount to nothing unless you act upon them. You can take notes for hours and have a bunch of ideas written down, but all that will go nowhere unless you work out a master plan for which you will lay the blueprint of your business.

Businesses do not actually begin until you work out a plan, like listing things you have to consider before starting it, a checklist, if you like.

Great ideas for online businesses give you a certain high, but it will soon dawn on you there are things you have to consider before starting an online business. This here is the real work.

Here's 7 things you should take note of:

1

Timing

Is this the best moment for you to start an online business? Are you ready for the time, effort, and money it will take for you to go on with your business idea? It's important that you consider this above all else. Do not start unless you are prepared to give it your full focus and dedication.

2

People

Do you already have the specific people to work with to make your business successful? (Definitely, no man is an island, especially when it comes to business.) For starters, these "colleagues" can be your friends with the right skills and expertise, that you can trust, and who are willing to commit with you.

3

Business

Is this the right type of business for you? Will it be able to sustain itself in the long run? To evaluate this, I suggest you discuss this with the team you have. Brainstorm, survey, and do market research. See the latest trends and map out various strategies.

4

Naming

Do you have a brand name that clicks? A brand name is important in any business. How your brand name appears in the market can decide whether your business goes on or not. The name is simply among your prime tools in building your business. Come up with a catchy brand name — preferably relevant to your line of business — that will evoke great first impressions from your audience.

5

Audience

Do you have a plan on how to connect with your audience? For online businesses, social media is undoubtedly the best way to connect with people. Do your best to establish yourself on social media sites such as Facebook and Instagram.

6

Strategy

Do you have sufficient marketing strategies to hand? It's no easy thing to thrive in business when the competition is tight. You have to think of ways to stand out and outwit your competitors. You should have a database of customers and enough data to work with. You will be needing data before you can work out a strategy.

7

Preparation

Are you prepared to go all through? Consider that there will be mistakes, which can be disheartening, especially at the beginning, but never despair and give up. It takes commitment and determination to work with all the way and learn. It will get better if you're constantly learning.