The coronavirus disease 2019 (COVID-19) pandemic has made it incredibly dangerous to work outside of your home. Finding and launching an online business that generates stable income would not be easy. As with any online business, the success depends on the products you sell and your presence across social media and online e-commerce platforms. 

Starting an online business requires a plan that has a dedicated design and an actionable strategy. This ultimate guide will show you the step-by-step process and different components of launching a growing online business.

Choosing a Niche

Finding a niche or a specialty is crucial in the success of your business. Having a specific niche would allow you to easily describe what your company does and what it sells. 

Your online visibility largely depends on your niche. Businesses that are starting out would less likely appear when customers search for "women's clothing" due to the saturated market. While setting "women's pants" may see fewer searches, you have a bigger chance of attracting potential clients who know the exact article of clothing they want. 

Choosing a niche does not have to be limited to a selection of products. It can also mean choosing where to operate, your target customers, the price points of your goods, and the way you offer your products. 

Surveying Competitors and Customers

Validating your business idea can be as simple as chatting with potential clients and asking questions about what they need. Another method for you to gauge customer interest is by looking through the reviews of your competitors. 

  • How are people responding to their products?

  • What do people dislike?

  • What do they like?

  • How much feedback are they getting?

Answering these questions gives you an idea of the active market size and if your business concept carries features your competitors do not offer. 

Setting up a landing page where customers can get a preview of your business and products is also a quick way of surveying the market. Include forms and email subscription signup prompts to build a mailing list.

Choosing an eCommerce platform

Getting your website up and running won't be as simple of a process as setting up your landing page. Your website would serve as the representation of your business. It needs to accurately reflect your mission and the products you offer. 

If you choose to host your own site, you would be able to customize every aspect of your site, including how it "feels." Your biggest consideration should be to offer your customers the best user experience. Choosing the right web design and the shopping cart software is essential in the success of your business. 

On the other hand, choosing to use a third-party eCommerce marketplace such as eBay and Amazon can make things simpler. Making fewer decisions may help you focus on what you need to do most. However, you would still have to pay to use the third-party platform. 

Great product images and descriptions can set you apart from the hundreds or thousands of similar listings. Consider looking for a platform that attracts your target audience or is related to your chosen niche. 

Deciding on a name

It is important to decide on your business name and register your domain name before launching operations. Doing both in tandem saves you from the trouble of finding out that the domain or name you chose already belongs to another business. 

When choosing a company or product name, you want to make it as easy and as memorable as possible. That way, it would be easier for your customers and potential clients to search for you online. 

Make your business legal

Before offering your product to customers, it is important to read up on online business regulations. The laws include distributing your customer's personal information and other privacy regulations. The SBA has a rundown of the specifics. 

Business owners are also encouraged to visit the local secretary of state office to get more information about how to register your business. Consult a lawyer and familiarize yourself with your state sales tax requirements and online sales tax obligations.

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