How to Launch an Online Business in 8 Steps

Ecommerce websites have revolutionized the business world. Thanks to technology, almost anyone can start a business from home with very little start-up capital, but it’s not quite as simple as throwing up a website and waiting for the orders to roll in. Just like any business, you need to start with a quality product or service for which there is a genuine gap in the market. You may have a great idea, but that doesn’t necessarily mean that there will be enough of a demand to result in a successful business model. If you’re considering venturing into the world of eCommerce, here is a summary of the 8 essential steps involved in launching an online business.

1. Write your business plan

When you have an idea that you are confident has commercial viability, it’s time to get down to the details of the business plan. This is a document outlining the key aspects of how the business will operate from funding, sourcing products, marketing, sales, and financial projections. If you will be shipping products out to customers, you need to consider these costs in your projections according to weight.

2. Carry out market research

Conduct market research to find out if there is a market for the product and if you are filling a gap or solving a problem for customers. If you are not, are you bringing anything new that will differentiate you from competitors?

3. Analyze your competitors

Look closely at your competitors and how they are marketing their website and product. You may be able to learn valuable lessons about what to do and what to avoid.

4. Get familiar with legal regulations

There will be plenty of legal restrictions and factors to consider that, if you don’t comply by, could be the end of your business before it’s even started. Find out more here.

5. Identify and analyze your target customers

Your product, website, and marketing will need to be tailored to your ideal customer, so it’s essential that you carry out some analysis to determine who your customers are. You need to understand as much as you can about them from age, gender, buying habits, interests, and profession.

6. Create/source your product

Now you know what you are selling, you need to ensure that you have enough stock to start trading. If you are creating something handmade, then you might want to get a head-start on certain aspects of the creation process. Alternatively, you may need to shop around for the best supplier for your product or materials.

7. Build your eCommerce website

Your eCommerce website is your online store, so it needs to provide shoppers with an intuitive, engaging and user-friendly experience. Your website should be hosted professionally by a service like Krystal, who also offers a free website builder and a wide range of domain names to choose from.

8. Start marketing your business…and get selling

When your website is operational and your product is ready, all that is left is to start marketing your company via various digital marketing strategies. You should invest some time in learning about search engine optimization to increase your website’s visibility and help your pages rank highly in search engine result pages.