Starting an online business is becoming a norm due to the health crisis that the world faces today. Selling something online attracts many people because it moves products faster, the transaction is safer and more convenient, and the delivery of goods is easier.
However, an online business is not without risks. The probability of failure is high if you do not take the time to learn about how to start. Taking the right steps will ensure that you’ll have a stable business that will generate your primary or secondary income.
Common Pitfalls to Avoid When Starting an Online Business
You want to start a business because you want to earn. Thus, it would help if you learned the mistakes that most people are trying to start an online business typically commit and avoid them.
1. Having a weak business plan
It is good to have a great idea for your business. However, the idea should be backed up by a solid business plan. The business plan should be comprehensive. The important things you need to define are the following:
- Product
- Market
- Consumers
- Capitalization
- Staff
- Accounting
- Website
- Advertising/Marketing
Your business plan should indicate what problem your product will help solve, why the consumers should buy your product or service, what makes you different from your competitors, and how you can stand out against it.
If you fail to define these things, it would not be easy to get your online business off the ground.
2. Obsessing over details
It’s understandable for you to look over every minute detail because, as the business owner, you want things to be perfect. Do not dwell on every small thing. Learn to prioritize. Again, it boils down to having a solid business plan. Ensure that the principal items are in place.
If your website is already functional and has all the initial content, you do not need to delay your business launch just because you want more features. What is more important is to make sure that there are no spelling and grammar mistakes, your contact information is correct, and you have high-quality images of your products, with accurate information and prices. You can tweak your website later and add more features or modify some details as you move forward.
3. Shunning tech tools and applications
It is all right to follow some tried and tested ways of growing a business. However, it is essential to use modern software and technology, which will be part of your online business’ growth.
Your website is one of your most important business tools, so you should see to it that it works as the ”face” of your business. You need to pull the customers’ interest so they’ll check out your online store. Find the recommended programs and software to make your website load faster and give the users a good online shopping experience. Your website should have a fast and secure checkout process. Further, make sure that the website is friendly to mobile devices.
4. Lack of financial planning
One of the most common things that business owners fail to do is proper financial planning and management. Many new online business owners run out of money because they fail to have a long-term financial plan. Hire a consultant to do the task for you, but see to it that you understand the process to manage your finances and keep your business in the black.
5. Forgetting to have a solid pricing structure
Avoid thinking that you should only focus on getting orders. You should have a solid pricing scheme, which you can have if you believe in your product. Do not be swayed by competition if you know that your product is better.
Do not feel that you have to undervalue your product to sell. Find the market price of products similar to yours. If your price is competitive, you do not have to lower your selling price. Instead, think of a scheme to make customers buy from your store rather than patronize the competition.
6. Forgetting about customer service
Customer service is part of what makes a business thrive. Post-sales service is essential. You can send newsletters announcing new products, sales promotions, discounts, etc.
Attend to their legitimate requests, queries and complaints immediately. The market for online shopping is fast-moving. Online customers are demanding, and if they are not satisfied with your product or customer service, they’ll say goodbye to you quickly.
7. Trying to do everything on your own
Managing a business requires the skills of different people because you cannot do everything alone. Talk to experienced entrepreneurs and people who practice business management. Hire people who are skilled in selling and people who know about business processes, such as accounting, inventory, shipping and delivery.
Many resources are available online, and several people offer business services on a per need basis.
Tips to Make Your Online Business Successful
Market research and data analysis are important, as the information can give you an insight into your market, target consumers, and the competition. Several things need consideration, and you have to provide answers to the most pressing issues.
1. Provide a solution to the customers’ needs
Find what your potential customers need. This is your market. Next, find the right product that will fill that need. This is the solution. You should identify your market first. Search online using specific keywords and visit community groups or forums where people discuss what products they are looking for or the features they want from a particular product. From there, you can gauge the size of the market and then check out your potential competitors. See what they offer as a solution to fill the demand. If the market exists, find a new or better product, so that you can stand better than the rest.
2. Build your selling process
Hire a copywriter to create a compelling sales/advertising copy that will arouse consumers’ interest. The copy should describe the problem that your product will solve. It should establish your credibility, inform customers about the product and its benefits, create urgency to compel buyers to purchase, make an offer, provide a guarantee, and ask customers to buy.
The copy should focus on your product’s features and benefits that will make customers’ lives better. It’s always a good idea to position your product as something unique.
2. Develop your website
Hire a web designer and a web developer with SEO expertise who will work in tandem with the copywriter to develop your site. Be sure to use high-resolution images.
Even with a simple design, see to it that is easy to navigate, the information on each page is consistent, and the site loads quickly. Make sure that you have an opt-in so you can build a database, and most of all, ensure that the buying and checkout process is short and easy to follow. Employ SEO tactics to drive targeted traffic to your site.
3. Establish yourself as an expert
Provide free information and make yourself an expert in a particular field related to your product. Create videos and articles that will be useful to people and distribute them on your site, social media and online article directories. Make sure that you provide a link to your site for every content you upload and allow them to share your content with other people.
4. Use email marketing
Some people think that email marketing is old-fashioned. However, with proper use, it is still a powerful marketing tool. When you have an opt-in on your site, you can collect email addresses to utilize for your email marketing campaigns. Provide them with relevant information about your products, as well as industry news.
5. Upsell
Develop the value of your customers. Do not forget them after they have made a purchase. Offer other products that go well with the original product they bought. Give them rewards (reward points they can collect and redeem, loyalty discount cards, or first offer for new products). Have a ”thank you” page that suggests other products that might be interested in buying.
It’s vital to keep updated on what’s happening around you and what products people look for so that you can adjust and adapt to keep pace with the demand.
Allow eTS to Be Your Online Business Partner
Online shoppers come from different countries. They have different cultures and speak a variety of languages. Allow eTranslation Services to bridge the language gap with website translation. Offer your web content in different languages that your customers and your providers speak to ensure your online business’s success. We have native-speaking translators and subject matter experts who can quickly work with you. We guarantee professional, high quality and 100% accurate website translation. Let us discuss your translation needs. Please send your request via email at [email protected] or call us at (800) 885-6058.
