6 Most Important Factors When Starting An Online Business

Starting an online business seems like a 10-minute task. 

But did you know 80% of all online businesses fail? 

Why? 

Because they skip considering one or more of these 6 most important factors. 

If you don’t want to meet a similar fate, don’t forget to consider these factors when starting an online business:

1. Customers and Competition

You could be selling the best product or service out there. But if you don’t know your customers and competitors well enough you are all set to fail. You should be able to answer the following questions:

• Who is my customer?
• What do they need? 
• What pain point of my customer does my product/service ease?
• Who am I competing against and what is their USP?
• What sets me apart from my competitors? 

2. Budget and Finances

Creating a budget for your online business is as important as it is in traditional business. The basic stuff may not cost much, but the bills can soon start to pile up. So you need to have your budget and finances planned in advance.

3. Domain Name and Website

Your domain name and your website are your identities in the online world. Finding a good domain name and setting up a responsive, good-looking, and well-structured website are key to kickstarting your online business journey. 

4. Marketing Strategy

To be able to sustain and grow your online business, you need a marketing strategy. It should include a balanced mix of traditional and digital marketing channels. From print media to online ads, email marketing, SEO, video marketing, and more, have everything planned out. 

5. Online Security

The web is a great place to do business. But it is also a playground for hackers, identity thefts, and data pirates. You need to keep your website, your money, your customer’s data, and their money safe from attacks. You also need to have provisions to meet the data privacy laws in your jurisdiction.

6. Strategy

It is easy to start a business today and be concerned about just today and tomorrow. But businesses are a going concern. And you need to plan for the future of your business if you don’t want your business to become a one-time wonder. 

Now, go get planning and then start your online business after that!