How to Start an Online Business

How to Start an Online Business.

1. Start with a Really Great Idea.
If you have a business or product idea that you think people will be interested in, confirm that with market research. You can get creative and do a little bit of online market research yourself.

For example, a couple of businesses like Ibt, Educatenaija etc.

If you already have an idea of your target audience, you can browse forums on Reddit to see what people are talking about. Are there hobby groups on Reddit related to your product? If so, they may talk about new products they would like to see or complaints about an old product. You can use these discussions to help refine your business idea. Or, if you’re looking for direct feedback, consider posting on Reddit about your product or idea and see how people respond to it.

2. Decide on a Business Name.
As you’re steadily moving toward the point of your launch, it’s time to determine how your business will appear to the world. If you’ve gotten this far without settling on a name for your online business, then now is the time to make a decision. Choosing a name for your business is hard.

The name is the biggest decision to make as you work on your brand, and it’s likely the most important decision since it will set the foundation for your brand and other decisions you will make next.

First, decide what needs to be in your online business name. For example, what keywords do your competitors use in their name? Are there key terms you should use or avoid? For example,After you brainstorm a list of keywords to consider (and keywords to avoid), come up with half a dozen or more business name ideas with your keywords in mind.

3. Determine Your Income Model and Develop a Business Plan.
So how will you make money? Are you selling products? Are you launching a blog and need to make money through an afor referral links? Do you want to earn passive income? Maybe you need investors?

The answer may determine the type of website you need (an online store and shopping cart function) or the type of partnerships you’ll need to find (sign up with a website that pays for purchases from referral links).

If you need investors to make a profit, a business plan will be one of the most important tools you have for convincing them to buy in.

4. Select Your Web Hosting Package
Website hosting refers to the server space where you website lives. You can choose hosting based on the amount of server space that you need, how fast you want the website to load, or how private you want your online space to be.
You can choose 5 main types of web hosting:

Shared hosting
Cloud hosting
Managed hosting for WordPress
Virtual Private Servers (VPS)
Dedicated servers
5. Build Your Website.
For an online business, your website is everything. You need it to look good, be intuitive to navigate, and make a clear case to visitors why they should buy. Take time to get it right, and run the finished product by some other people (ideally people in your target audience) to get feedback.

Make sure the website design matches with your overall visual branding and your website copy effectively communicates your brand positioning.

No previous experience building a website? No problem. Host Gator has drag and drop website builder that makes building a website frustration free. It comes loaded with more than 200 free, professional design templates to choose from. Better yet, HostGator’s website builder has eCommerce website functionality.

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