Do you want to start a new online business but are confused where to start? The excitement and the possibilities can cause an analysis-paralysis and hinder you to act. So we have prepared a step by step list of things that you can do. Start from the top and keep going down the list. If you get stuck somewhere you can always hire us , email us for consultation or just Google search and you will find millions of articles detailing the same.
1. Determine viability (MOST IMPORTANT)
Test demand for your product by creating a limited time pre-order page. On this page you can test the expected demand for your products by allowing users to click on the ‘pre-order now’ button. Give users an incentive for pre-ordering, like a 40% discount. This will give you an idea if your product is likely be purchased once it is out in the market. If you find that there are more requests for pre-order even after your offer period ends, you know you have a winning product!
2. Create a Brand
- Choose a business name
- Register a domain name
- Set up a website (Check THIS page for details on how to set up a website)
- Register social media profiles
3. Figure out the money
Add up all your expenses for sustaining this new venture. Do the numbers make sense? Will you be able to earn your expenses plus the profit?
4. Start your revenue stream.
ACT, ACT, ACT. Never get into the trap of making sure its 100% perfect right of the bat. Are you 70% done? That’s good enough. Move on the next task. Keep moving forward, quickly, intelligently. If needed, always apply pareto law to every task. This law states that only 20% will yield 80% results & the remaining 80% effort will only accomplish 20% results. Find your 20% effort that will yield 80% results.
5. Get a salesperson or sales team in place.
6. Get a mentor.