In theory, beginning an online business is a wonderful idea. It’s just you and your computer, with no (or few) other overheads to worry about. Other people are doing it, so why shouldn’t you? And if you are currently stuck in a hostile working environment, this is your opportunity to get out of the rat race. However, there are a few questions you need to ask yourself before you take the virtual plunge. The following are just some of them.
- What is your motivating factor? Don’t start an online business because you think you will get rich quickly. Don’t start an online business because it’s better than ‘working for the man.’ Don’t start an online business because other people are doing it. You need a better motivating factor – a passion for a product or a service, a skill you want to share, a desire to build something great. And yes, money will be a factor, and escaping the daily commute is another, but ensure you have that inner drive to make the business work, as otherwise, you may lose motivation down the line if profits and results don’t seem to come your way.
- How will you build your business? On pen and paper, you may have great ideas, but how will they work in theory? Do you have the skills to set up a website, or should you choose from the range of ecommerce sites as your starting point? Do you have a particular type of customer in mind, or do you need to commit to research for your target demographic? Do you have a product to sell, or will you be needing a supplier to provide what you need? Are you able to work alone, or are you in need of support to make things work? For your business to grow and develop, these are just some of the questions you need to ask yourself.
- Who are your nearest rivals? It’s unlikely you will have an original idea, so you need to look at the competition. What do they do? How do they market their product? What is their pricing model? What is their USP? Find out who they are, how they operate, and what they offer. You need to match them, and to truly succeed, beat them at their own game. Make your business unique, even if your idea isn’t original. Think about pricing. Think about the functionality of your product. And commit to marketing your business, as even if your business idea isn’t unique at all, you can still brand and market your business to make it appear better than your rivals.
- Do you have the time? Is this going to be a part-time or full-time proposition? If the former, time may not be a problem. But if you are going to work full-time, and this is your main source of income, you are going to need the time to fully commit. So, look at your other commitments. How will your family be affected? Are you happy putting certain aspects of your life on hold while you get established? Will you need to work weekends? Take stock of your life before you come to a decision.
Success does beckon you, but answering these questions will stand you in better stead as you plan ahead. By getting a sense of clarity, you will be in a better position to begin your online business.
