Online Business – The Next Big Thing of The 21st Century
Online business or e-business is any business that happens over the internet. In India, online businesses are thriving like never before, thanks to the covid pandemic. 2020 has given us valuable life lessons, such as work from home (WFH) and remote working being the new norms of this decade.
This pandemic has given so much time for us to rethink and reflect on our choices and decisions. These uncertain times have helped us reinvent ourselves and nurture new ideas and opportunities fearlessly.
Business is NOT a cakewalk! If you think it is…you’re mistaken. If it was easy everybody would do it.
Any business irrespective of its niche requires a framework, strategy, patience, and perseverance to thrive. Trial and error work best for any field, however, you have to be prepared for a rocky start in your entrepreneurial journey to riches and wealth.
2 categories of online business
An online business can be categorized into product-based and service-based businesses.
In a product-based business, you sell physical and substantial products like stationery, homemade snacks, beverages, organic products, books, toys and deliver them to your customer. If you have a product-specific business try to sell your products online to improve your sales.
In a service-based business, you serve your clients with value and help them solve their problems through your skills and expertise. Examples include consultancy, copywriting, counseling, marketing, graphic designing to name a few.
That being said, the overhead costs, profit margin, workflow, marketing strategies are not the same for products and services.
What can you do to sell your products online?
Thinking of starting a business online? Trying hard to hit the magical 6 figure income in your business?
Here are a few things you should consider before you get started:
Find a niche –
- The market is saturated with so many products.
- It is very important to niche down your business.
- picking the right niche helps you to serve your target audience with the utmost focus and clarity.
- it makes your brand stand out from the crowd.
- It is a vital component that helps to determine the demand for your products and their marketability.
- It helps to identify your client’s avatar
- It is extremely crucial for the sustainability and growth of any business irrespective of niche.
- You may have many competitors in the market who are doing the same thing as you do. Competitor analysis helps to assess the customers’ preferences.
- It makes you implement better strategies and deliver better.
- You can also learn from their mistakes.
Marketing– branding, and marketing can scale your biz like never before!
Promoting your products and business brings an organic reach and steady growth.
Digital marketing and email marketing is a popular choice in e-commerce.
- Branding serves as the base for marketing
- It creates an identity for your brand.
- Names, colors, symbols, logos, designs are the basic elements of a brand.
- It helps to differentiate and diversify your product from your competitors.
Mistakes to avoid in a business
Starting a business and managing it effectively is a task by itself. Mistakes are common and it is bound to happen in any field, online business is no exception. If neglected, they can badly affect the business in the long run. Here’s a list of mistakes you should avoid in your business.
- Not defining the target audience
- Lack of proper strategy and framework
- Poor marketing plan
- Not valuing customer relationships
- Poor coordination and time management
- Not delegating people
- Lack of discipline
- Not leveraging the power of social media
- Overworking and burnouts
- Not having a growth mindset
- Over expectations and impatience
Benefits of online business
Online business is feasible and easier when compared to traditional business models. The rapid growth of the internet and the advent of smartphones has revolutionized e-commerce and makes it a viable career option across the globe. Here are a few advantages of online business and why you should consider having one:
- Remote working is possible – you can work anywhere anytime
- Automation can be implemented – small and menial tasks can be automated, saving time, and allows you to focus on other important aspects.
- Investment is low – minimal to zero investment options are available and this varies with the type of business
- It offers flexibility – allows you to have a proper work-life balance
- Has a diverse market– products have a global appeal and reach a wide audience.
- Endless opportunities– the opportunities an online business can offer is limitless.
The bottom line
Any business irrespective of being online or offline requires the same amount of dedication and hard work. your business won’t grow dramatically in a day or two, it takes effort, time passion, and commitment.
Considering the present scenario, the advantages and opportunities the internet offers cannot be ignored and ONLINE BUSINESS is here to stay!