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Starting An Online Business

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When you start your own business from home, you need to first think about how much time and money you are going to spend ensuring that it is successful. The trick is to meticulously plan the big things, such as getting your business licence, branding and your product/ service quality, as well as setting micro-goals that are easy to accomplish.

Once you have the premise of your business, you need to do all of the legwork to make sure that it is a success, it’s important to accept that this will not be an easy venture and can, in fact, cause issues along the way. If you are ready to accept your fate as a business owner, then you are ready to get started!

It’s a common known fact that 80% of all businesses fail within the first two years, but there are certain steps that you should take to maximise your chances of success. Anybody can set up a business, but it takes a lot of extra work to set up a successful business.

Do your research:
As with any idea, there will be doubts, your premise will face scrutiny from critics and not everybody will be impressed by your business. If you want to silence the naysayers, then it’s important to do your research and to think about what you can do to prove them wrong.

Without completing proper competitor research, your business will struggle to gain traction, so ultimately, you need to check if anybody else has a similar idea, think about what your angle is going to be and to ensure that it will be profitable in a competitive and sometimes hostile market.  

In 2018, we are living in the digital age, so it’s so much easier to find out what your competitors are doing and how you can beat them. On the other hand, you will be facing up against hundreds of people who all have the same ideas. Think to yourself, how am I going to stand out from the crowd? How am I going to convince clients and customers to choose me?

Get to know your market, get to know your competitors and get to know your customers and be sure to tailor your ideas and business strategy to suit their wants and needs over your own. The only way your business is going to make money, is if you convince them that you are worth their time and money.

Thorough planning:
Once you get the the stage where you have a concrete idea, you need to plan how you are going to execute your business plan. It’s important to set yourself targets and specific dates as a way of tracking your progress and making sure that you are covering all avenues.

Create a business checklist and calendar, to ensure that you have completed all of the important things that need to be done, i.e. registering your business, getting samples from the suppliers, conducting market research, as this will help you to remain motivated and to keep your business on track for the long run.

Once you have thought out your plan, you can then begin to think about your marketing strategy and how you are going to get in front of the right people at the right time. It’s always a good idea to explore digital and traditional marketing methods in order to find the best way to market your business.

Insurance and legal:
It’s paramount that you consider all of the legalities that come owning a business and consider everything from business taxes, legitimising your business and keeping track of your expenses in order to stay about the law.

When it comes to insurance, working from home can be a little bit confusing. You may be wondering whether you need insurance… the answer is yes, yes you do! If you are conducting a service for somebody, then you need to protect yourself in case of anything going wrong. If you're an IT contractor, you will need to take out IT contractor insurance, if you're an SEO specialist, you will have to take out PI insurance and so on.

Starting a business can be stressful, but if you know your clients, know your customers and know your market, then you will maximise your chances of success massively.