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Important questions you should answer before starting an online business

Have you dreamt about starting your own online business? It's something many people are considering and it could change your life forever. However, starting an online business is harder than it first seems, so you need to understand exactly what's involved. Below are some of the most important questions you should answer before jumping in.
Are you suited to this kind of career?

Firstly, you need to evaluate yourself and decide whether or not you are suited to a life as an online entrepreneur. This is particularly important if you have never run a business, or you’ve worked in a traditional 9 to 5 job up until now.

You need to become disciplined and understand that initially you will need to work extremely long hours for very little pay. You also need to be able to take rejection on the chin and overcome it like digital marketing consultant Sam Ovens has done. He and other experts help business owners build better businesses and explains that ‘rejection isn’t personal when it comes to business. Instead, you need to learn to deal with any setbacks like rejection and move on in a positive manner.

Do you have the necessary skills and knowledge?

Unfortunately, many people enter the online business world without any skills or experience. This is like building a house without foundations. These people jump from one online opportunity to another and after wasting a lot of time and money they give up on their dream. The more skills and experience you have, the more independent you become and the more opportunities you can avail of.

What products and services will you provide?

It’s vital to know exactly what products and services your business will offer other people and organisations. Once you know this information, you can plan properly and focus on the job in hand.

Do you need funding?

Some online ventures require little or no money to get up and running, while other online businesses require a large amount of capital. Make sure you research the type of business you want to start thoroughly, so that you know exactly how much it is going to cost to set up and operate.

Will you need to build a team?

Many new online business owners believe they can do everything themselves and don’t need help from anyone else. However, you should remember that you’re running a real business and every business owner needs help. Hiring full time employees or outsourcing certain tasks will free up a lot of time that you can put to better use in your business. As well as this, the professionals you hire will usually do a much better job in less time than you probably can.

How will you market your business?

Once you set up shop, you need to spread the word about your business. The internet makes it much easier to do this through your own website, social media websites, other people’s websites and paid online advertising platforms. Once again, you need to have your wits about you and choose the appropriate online marketing channels so that you avoid wasting time on online marketing activities that waste your time and money.

What tools and equipment will you use?

A wide range of online business activities can be automated through various software tools and equipment. Some basic research will uncover the tools and equipment you should be using that will make your business more efficient.

Starting an online business is exciting and challenging. However, you need to take a realistic approach and answering the questions above is the first thing you should do before you decide to go it alone online.

13 Dec 2016 10:55

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About Boris Dzhingarov

Boris Dzhingarov graduated UNWE with a major in marketing. He is the CEO of ESBO ltd brand mentioning agency. He writes for several online sites such as Tech.co, Semrush.com, Tweakyourbiz.com, Socialnomics.net. Boris is the founder of MonetaryLibrary.com and cryptoext.com.




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