10 Things to Consider When Starting an On-Line Business
It takes a lot to start your own profitable online business. According to the Gem Consortium 2015/2016 report, half of online businesses in the 2015/2016 year failed because of lack of funding or lack of profits. The good news is that it also showed the same consistent number of online businesses starting from year to year. This means entrepreneurship is alive and well and you could be part of that number. The National Association for Self-Employed (NASE) reported that 79.6% of small businesses are self-employed individuals. Industry research also reflects a clear pattern that of those 50% of businesses that survive do so consistently over time. That means that the ones that survive those first few years stay in business and are more likely to succeed over time. Yes, succeed as in turn a profit!
How do they do that? Well research shows that doing adequate market research, having a good business plan along with a solid financial strategy can take you far. Funding strategies are critical, with most experts recommending that the company start making money before a ton of money gets dumped into it. This is especially critical advice for start-ups.
The fact of the matter is, whether you are starting a coaching business, selling a product online, or creating a start-up, you can learn to be an entrepreneur, and a successful one at that. What they know now is that the process includes a series of tasks that can be learned. It also takes developing a new mindset of starting to look at the world through a business lens. With that, a lot of creativity, perseverance, hard work, and determination can get you can create a profitable online business.
Here are 10 things to consider if you are thinking of starting an online business.
- Decide if you are a viable candidate for entrepreneurship. Look at your motivation, desire, commitment, financial resources and staying power to decide if you want to take the leap into entrepreneurship. How realistic is this for you?
- Can you get clear on your vision? What exactly are you offering? And to who? And why do you want to start your own business? What’s your timeline?
- Can you give yourself time to create, develop and build your business? This includes, planning, strategizing and allowing an ample amount of time to get it started. Thinking, visualizing, researching and creating does wonders for performance and development.
- Are you willing to research the market and find out if the market is asking for what you are offering?
- Are you able to set goals? And do small tasks on an ongoing basis to not only help build your business but can keep up your motivation. Can you manage projects and time efficiently to build it?
- Are you willing to read, research and keep learning? This type of endeavor includes an ongoing learning curve. There’s a lot that goes into understanding the digital economy and how to run a business.
- Do you understand business basics? Are you willing to learn them? For example do you know how to create a business plan? Or how to look at cost structure, how to finance a small business, how to create a marketing strategy or how to get a product to market?
- Can you find out licensing and tax requirements? For the country, state and/or government that are specific for the type of business you want to have.
- Are you willing to learn how to create an advertising strategy, do PR and a proper product launch online/offline?
- Are you prepared to keep growing your business? Are you ready for success? From learning how to create and manage a website, to staying current about industry trends, and writing a financial forecast, there will always be something to learn to lead you towards success. What would be different in your life? How will you know when you are successful?
The Right Start: The Right Way to Start a New Business, Eskinder Assefa
So You Want to Start a Business: What’s Your First Move?
Entrepreneurship: It Can be Taught
10 Steps to start your business
Wiki How to Start an Online Business
Guide to Market Research and Analysis
10 Tips for a Strong Start
Why Some Startups Succeed (and Why Most Fail)
START UP STATISTICS – The Numbers You Need to Know
U.S. Small Business Administration
Gem Consortium 2015/2016 Report
Business Employment Dynamics, Bureau of Labor Statistics