These ten factors may not necessarily appear in the same order as listed below but certainly, they are vital for the issue at hand.
HERE ARE THE TEN QUESTIONS TO ASK YOURSELF:
1. What type of online business do I want to engage in?
2. What do I have on offer that will be better than my Competitors in my niche?
3. Do I need to prepare a business plan for my business?
4. How much will it cost to set up my business?
5. Is my business online based or BOTH online and offline?
6. Do I need a dedicated website for my business and how much will it cost?
7. How will I market my business whether online or offline?
8. What is the right strategy to use to market my business?
9. Am I getting value for money in advertising my business?
10. Am I reaching the right audience with my advertising?
Having a positive answer for all these questions can only lead you to the next stage of your pursuit of running an online business.
Engage yourself in research into the business you want to get involve in and have a go at it. Take for instance, the Mobile Phone Industry. Statistics have shown the total number of mobile phone users worldwide from 2013 to 2019. For 2017 the number of mobile phone users is forecast to reach 4.77 billion. Customers and potential customers use their mobile phones to browse the internet for Products and Services more than a Laptop or Desktop computer, so it make sense for business owners to utilize this piece of technology for marketing their products and services. This could suggest that there is an opportunity to tap into the mobile app industry to meet the needs of these businesses requiring mobile apps.
Millions of apps for almost anything you can think of, are now in circulation whether for free download or at a cost. You might ask, why don’t I have a slice of the pie and start a mobile app business? The excitement kicks in, but one has to have some kind of knowledge about the whole App design process. This will probably force you to dig deeper into your research on the whole aspect of mobile app development. With this being established, my first question is answered; through study and research, you have made an informed decision to get involved in Mobile App Design and Development. But, what will you be offering that will be better than your Competitors? This is not a simple question to answer, but to say the least, strive to offer quality products and services to customers, and simply make your Products and Services more affordable while maintaining quality.
Starting a business without some kind of a business plan is like driving onto a very long motorway with 1/4 tank of fuel, with the hope that it will take you to the next service exit. The business plan will give you a breakdown of what you need for the business even though success is not guaranteed, as there are a number of opposing factors along the way.
There are a lot of businesses with little or no startup cost as opposed to other businesses with huge startup cost. It also depends on whether your business will both be online and offline. You have to decide if the business you want to indulge in, has minimal startup cost.
To setup an online business, does not have to cost an arm and a leg, if you take the time to do extensive research into the business you want to get into.
If your business is online based, advertising it to the right audience can be a huge task. Finding the right sources to advertise your business, can be quite challenging and risky as this is where you can spend huge sums of money to advertise, but yet get little return on investment if the advertising strategy is wrong.
Advertising a business to a targeted audience involves a number of factors like;
1. Google Indexing
2. Search Engine Optimisation (SEO)
3. Domain Authority (DA)
4. Page Ranking (PR)
5. Back links
6. Social Media
7. Joining Forums
9. Google AdWords
10. Google Analytics
11. Keywords Research