“I want to have my online business” – is a great thought to have. It is a sign that you have an entrepreneurial psyche. But talk to someone who already has an established online business and they will give you a whole list of things that they wish would not have done. I am not trying to discourage you here. I am an entrepreneur myself and run a Magento Development Company. But I believe that setting up an online business is not a piece of cake. There are a lot of aspects you need to consider. After all, the decisions that you make initially will have a huge impact on your business at later stages.
So, before you think, “Big deal! I just need to pay $12 for a domain name, choose a free website template, and get going”; consider these dos and don’ts.
Let us start with the Dos first.
1. Have a business plan
Remember the adage “Look before you leap”? Well, it kind of applies here. Before setting up an online business, you need to understand that a business plan is the blueprint for your business. When you write down your business plan on a piece of paper, you would know whether it is feasible to start or not. Also, you would be able to focus on the financial and operational objectives of your business, like market planning and budgeting. If you want to have a glitch-free start up period with lesser problems, it is the best thing to do.
2. Know Your Audience
The statement “My product and services are for everyone” is a passé. It is better to get over it and understand that every business is not for every customer. And that is fine. First, you need to define your target audience and conduct a survey to find out how you can meet the needs of your customers. Once you get the results, you would know how to serve your customers better. Do not be surprised if you witness your business performing better than your competitors! Knowing your audience can work wonders for you!
3. Accept Criticism
Probably, there are more pessimists than optimists out there. But when you are starting new, it is good to give an ear to your well-wishers. Let us say someone advises you to hire a dedicated Magento developer and get your website developed in Magento. You should way the pros and cons of it. Small online business owners often choose WordPress or Shopify to start with. But with Magento, you get to have all the solutions that an e-shop would need. So, listen to the feedbacks as it will help you understand your customers, offer a better product, and provide better customer services.
Now, let us talk about the don’ts:
1. Do Not Procrastinate the Launch
I am sure you might have set targets before launching your product. For example, “I want at least 10,000 visitors to visit my website before I launch a product.” Or you might say, “I can’t promote my services and work on product launch at the same time.” Now this is a tricky place to be. And the sooner you get out of this trap, the better. When you are planning to establish a business that sells, you must take risks and come out of your comfort zone. Practice how to create a product, generate a buzz, set targets, and launch it on time. Approach an ecommerce web development company to help you if you want. Only then, you will start generating revenues.
2. Do Not Have Unrealistic Expectations
There is no such thing as an overnight success. And you can certainly not achieve it if you are planning to run your online business along with the job you have. You need to give complete and undivided attention to building your business. Interact with other entrepreneurs, know what did it take for them to achieve the success they aimed for. Once you get their feedbacks, ask yourself questions like, “Am I prepared to do what it takes?” “Can I wait for the number of years it takes for me to achieve success?” If you think you had misconceptions about certain aspects, rework on your original plans.
3. Do Not Ape Your Competitors
During the initial years after my business launch if someone asked me a question like, “Why should we choose you for Magento Ecommerce Website Development?” I used to give generic answers like “’Coz we’re better than our competitors.” But later, I realized that such generic reasons do not work anymore. It is very important to stand out from your competitors and offer them with something unique each time. Think about what is the USP of your business and put it forth for your customers to know. Work towards creating an advantage for your customers and make them feel that they took a good decision by planning to business with you. Only then you will be able to establish a competitive edge over others.
There is no denying that the e-space has provided the entrepreneurs of today with ample amount of opportunities to establish their business. But one needs to ensure that one indulges into best practices before launching a business. So, conduct R&D about your industry, try to know about your competitors, come up with a fantastic business plan and above all, know what not to do when setting up an online business.
The above-mentioned dos and don’ts are stemming out of my experiences. It does not mean what works for you will work for me. I am sure there might be several other aspects that I might not have mentioned here. But I would love to hear about it from you. If you are an entrepreneur planning to start new, feel free to share your thoughts with us.