You have noticed that people are having success online and you want to try your luck? You are not alone. However many people don’t know the struggles that the owner had to go through both before and after starting it.

To be on the winning side, you need to have a clear and practical strategy before you can venture into any business. Due to the many options out there, people often find themselves confused.

Here is a guide to help you make the decision in 2019.

Define your niche market

Whether you want to start a blog, do affiliate marketing, write and publish a book on amazon or set up e-commerce, you must narrow down your audience to a specific niche.

Having a niche enables you to select suitable products or services and focus on the right potential customers. Also, people tend to trust you knowing that you have expertise in that specific area. Consider different niches and select the one that favors you the most. Beginning a business whereas you are not sure about what your audience is, will result in frustrations.

Consider business viability

The internet is already flooded with businesses not to mention every business is struggling to be the best. If you make miscalculations, you might waste a lot of time and money only to get disappointed.

To understand the practicality of the business ideas you have:

  • Check whether similar products and services are in demand already,
  • Do a keyword search to know how similar businesses are performing on Search engines,
  • Speak with three or more people who have set up the business already,
  • Evaluate your competitors and how they are performing

Additionally, do not just research the market but also examine your life. Know your strengths and weakness. Start a marketing business if and only if you know about it. Begin selling Hi-Fi equipment if you are passionate about Hi-Fi. In a nutshell, be practical.

Reflect on your target audience

Every business has a group that it targets. When carrying out a customer demographic research for your business, think about whether the clients are actually online or not. Marketing online and targeting the wrong customers will frustrate you terribly.

Also, it is vital that you narrow down to a specific location, especially if you want to sell physical products. Think about the shipping expenses involved.

Brainstorm Marketing Method

Having defined your target audience, you have to decide which marketing methods are best to boost sales. For instance, using all the social media platforms at one go will not only overwhelm you, you might waste unnecessary time and resources and possibly discourage you. You must select the ones that prove to work well for you and your audience uses the most. Again, that requires you to brainstorm which social media platforms many of your clients are found.

If many of them are on Facebook or Instagram, creating outstanding Facebook ads and then boosting them would be an ideal decision. If you are selling professional services to business, you might consider LinkedIn, and so on.

Also, reflect on which method you are most competent in. Those who are good at making videos should consider staring their marketing on YouTube and making videos to share ideas and promote their brand.

Consider financial viability

You don’t want to start a business that will not yield any benefits. Also, think about whether the business you begin has the potential to grow. Carrying out a competitive analysis and looking at the trend for the last years, will give insights into whether you are making the right choice or not.

Additionally, make sure the business will be viable in the future, consider all your costs and estimated sales and see if it’s financially viable.

Know the applicable Laws

There are certain things that you must comply with when you are setting up business despite whether it is online or physical business. No person wants to have stress in their business. Doing things blindly can land you in deep trouble or give you lots of sleepless nights.

Think about:

  • Tax compliance
  • Shipping restrictions
  • Trademarked concerns
  • Zoning laws
  • Data privacy (e.g. GDPR)
  • Local laws

Investigate which are the laws you need to comply or, better yet, hire a lawyer.

Consider the skills your business need

When evaluating your business idea, reflect on all the skills needed and whether your budget allows you to hire experts, or to learn and master it yourself.

Things you must think about it:

  • Web Hosting services
  • Web development services
  • copywriter/content writer for your website
  • search engine optimization techniques.

For instance, to start an online business you must be willing to invest in learning SEO. This is because your business cannot be visible online if you do not know how to optimize your online store or website for SEO. Alternatively, you can look for an SEO specialist to hire.

Have a good Business Plan

Now that you have all the ideas regarding what you want to do, it is now time to set up a good business plan, to put everything together an analyze if your business has potential, it’s financially and technically viable.

Have a clear roadmap and plan all the way to the end. If you are not an expert, you can hire a professional to do the task for you or use software like:

Conclusion

The Internet has full of opportunities, nevertheless, you do not just begin a career because you know someone who has succeeded in it, or you have heard that people is making money.

Evaluating Ideas and the options is the best move you can make before you start. Specialize, choose a viable business, think about marketing, budget and make sure and you have a good business plan that will work.