Running An Online Business
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Setting up a business costs time and money, and it is largely because of the financial commitments that many people put off starting their own business venture. The cost of renting a retail unit can be one of the biggest expenses, making it difficult for people with low income to afford this kind of space. Thanks to the internet, however, it is easier for people to sell their products from their homes via online stores. If you already have your own online business, or would like to start one, here are a few steps you will need to take.
Research
Market research is essential for whatever type of business you are looking to start. Firstly, understand whether or not there is a demand for your products. If consumers aren’t interested in what you have to sell, there will be no business. Once you have established demand for your products and identified your target audience, you must begin to look at your industry competitors. Every type of business has some sort of online presence; therefore, it’s easy for you to get lost in the void of the internet. Look at how you can make your online store stand out from others’ and best reflect your business brand through this.
Website
Your online store will be your business website, so when creating the perfect site, it is essential to remember that how your site functions is just as important as how it looks. There is nothing more off-putting to customers than a website that is difficult to navigate, has pages that don’t work and, even worse, has a malfunctioning cart and check-out. Make sure you have top-quality ecommerce tools, (see examples listed on The Ecomm Manager), running on your website for the best online shopping experience your site visitors can have.
You’ve however got to keep in mind the cost when you are working to improve your website. Of course there is going to be a cost associated with making these changes as you’re going to need a professional web designer to handle them. You still want to reduce customer acquisition cost overall, and that’s what you have to keep in mind also. As such, you might want to look into some of the things you can do yourself to make your website better for your customers, without having to have someone else come in and take over.
Link Your Website to Your Social Media Platforms
Alongside a fully-functional website, you need to have some form of social media exposure for your business too. Some of the most popular platforms are Instagram, Twitter and Facebook – start with one or two of these to build your following. You can link these to your website and use their advertising tools to reach a wider audience. You could even cross-post from one platform to another, for example, you could cross-post to Instagram from a Facebook Page. Social media is also a brilliant way to directly engage with customers and help them get to know your brand better.
Storage
You will need to decide what kind of storage space is appropriate for your products while they wait to be purchased. You might have space in your own home for this, a basement or attic, for example. This will of course, all depend on how many products you have at any one point in time. If you are stocking up on larger quantities, think about looking into storage units or warehouse spaces to keep your products safe.
It is easier more than ever to embark on a business venture like this, which allows you to start small and gradually get to a point where you can afford to rent a retail unit or office space. Keep these points in mind to help you achieve your online business goals.
When it comes to the sales team, understanding the difference between sales management and account management is key. Both roles are essential to a business’s success, but their responsibilities and goals often overlap in ways that can be confusing. By focusing on how these roles work together, businesses can get the most from their teams.