The question is drawing the attention of many startups and corporate since last decade. As the result of this curiosity, there are a lot of theories present for setting up and executing an online business. A rapid increasing graph of online business can be seen easily taking last few years in the account. Selling on the internet can be a profitable deal if you make your move correctly otherwise it may result n check mate. The profit numbers and increasing buyer interest toward online selling platforms are gaining the interest of many business owners and beginners. The major cause this increasing devotion towards E commerce is the bifurcation of geographical boundaries as online business portals help you serve the customers across the globe. Every business is dependent on one key concept, getting more and more people acquainted with the business to improve the sales figure and thus profit. You will find your potential customers by driving attention of a large volume of audience. Hmmm, interesting isn’t it. Where can I find such a place with a lot of people looking for my product or services? A place made in such a manner that any interested person can contact me directly. And last but not the least, a platform which does not require me setting up multiple shops thus saving money. Alright, I know you know the answer very well. The Internet.....Tadaaaaaaaaa
The Internet has emerged as a marketplace for businesses to easily reach a lot of potential customers at very limited cost as compared to traditional media and advertising. Moreover, it’s been so advanced that one can commence a trade over the internet only eliminating the physical presence of seller and buyer at the same place. To start an online business, you cannot just begin with a product and the Internet one needs a lot of things.
Not just for online business, but to commence anything, sound planning is required. Planning is the first and foremost step before starting your online business. No matter whether you want to start your business at small or large scale, it is important to make a plan. Make a strategic plan, in which all goals and objectives of the business are mentioned. Also, make an outline of finances required and their sources. Do not forget to frame legal structure of the organization. Decide whether you are starting off with a sole proprietorship, partnership or any other form. This will decide your future tax implications and liabilities. All of these factors can have a huge impact on your business.
Business name & Domain
Having a good name for an online business is essential. To make your business successful, having a good name plays an effective role. Choose a name which relates to your product line and is interesting. After naming your business, it’s now time to get a domain name. Domain name is a unique identity of your business on the internet.
To start an online business and sell products, you need a website. Make sure you have a website with a user-friendly interface. The website must be well organized with options such as Uploading photos, Add to cart, and other options. You can also create an eCommerce website on platforms like Shopify, BigCommerce, Magento, etc.
No business can run without manpower. Human resources are needed for the success of any business.
- Technical: For a business based on technological platform, having technical advisor is of utmost importance. He plays a crucial role in handling all the technical issues. A server administrator has complete control over the server and keeps a check on all the issues.
- Website Administrator: A website administrator is the one who is responsible for maintaining the website and its development.
- Business Developer and Project Manager: A Business developer is a professional who keeps a check on the growth of business and finds new ways to maintain and increase the growth and stability. Developing the business, making strategies, and implementing them are some of the key responsibilities.
- Stockist: For running a product-oriented business, it is necessary to have a stockist. Stockist is the one who manages and holds the stock for sale in a business. Stockist is responsible for maintaining the stock and its record.
- Graphic Designer: Graphic design will assist you to gain visual attention through creative means. It will give a professional look to your business. To manage graphic designs, hiring a graphic designer is the best option. He can help you out with designing logos and making your website appealing.
- Web Copywriter: Content is the King in online business. You cannot sell any product with help of just images. To explain the product and services you are offering it is necessary to have quality content.
Web copywriter will convert your thoughts into words and present it before customers. Writing is time-consuming and with a lot of responsibilities of starting an online venture, it’s difficult to take out some time for writing. In such a case, it is always better to hire an experienced copywriter.
- Digital marketer: There is a big difference between on ground marketing and digital marketing. Marketing your business through online platforms is known as digital marketing. Digital marketing can help you reach the target audience with great ease. Digital marketing is way more effective than traditional form as it has a wide reach. To promote your online business, you can either hire a digital marketing professional or go for digital marketing agency.
Payment and shipping gateways
Managing payment and shipping is critical. Payment gateways process all the payment related transactions. They authorize the exchange of funds between you and your buyers. Also, to administer your shipping, you need shipping gateways that have global reach and are trusted. Some common shipping gateways are:
- Blue Dart
To sum up, if you are planning to start an online retail business, you require a foreseeable plan, an organized website, and effective marketing strategy. Managing your business once it gets started will depend on product or nature of service you offer. However, to start a business, the above-mentioned points are pre-requisites. Stick to the sequence and get a kick start for your online business. Communicate your authenticity with customers by being active on social media platforms. Promote your business and create a boom before it starts to get more attention. If you work efficiently on the given points, your business will experience definite success in a short time span.