Three steps to starting your own online business

Three steps to starting your own online business

Having an online business is a good idea as a start-up business as it does not matter too much about where you are based, whether it is just you at your kitchen table or in a large luxury office or how many – if any – staff you have within your business.

There are some things to consider when starting your own business, regardless of whether it is producing or supplying a physical product or providing a service.

Do your research

When you start your own business, regardless of what it is you are offering, it is a very good idea to do your research and check that there is a market for your product or services out there. It will also be able to give you an idea of how much you can charge for your services should you find that there are plenty of others offering the same as you will be.

Make sure to take into account all the costs you will incur when providing that service and any overheads, so you are aware of how much profit you are likely to make. 

All this will help you draw up a detailed business plan that you will need to provide should you require investors or a business loan to give you initial funds to set your business up and running.

Keep a close eye on your overheads

When looking at costs, be aware of rents for business premises, or if you will be working from home, check that you will be allowed to do so by contacting your letting agency or mortgage company and having all the right insurances put in place.

You might be able to claim some of your household bills as a part of business allowance, or if you are renting business premises, you may be able to save some money by moving providers. See Utility Bidder for more information.

Boost your social media profile

Be sure to have a social media profile for your business and link it to your website. You will need to post regular blogs on your social media profile for your business to get the best out of it. By linking it to your website and posting any blogs on to your website, you are helping with your SEO rankings. 

The more relevant and frequent your blogs, the higher your ranking will be and the easier it is for potential customers to locate your website when they search for the service you are offering.

By blogging on your social media and providing a link back to your website, you will be driving good quality traffic towards your services and hopefully gaining a lot more customers.

If you are not comfortable with blogging or do not have the time, there is always the option of outsourcing your social media and website updates and maintenance to a professional company that specialises in doing this or to a professional company subcontractor. 

Final thoughts

So when starting up your own online business, be sure to do your research, watch for extra costs and see if there is any way you can save money from the start. Have a social media profile and keep it updated, not forgetting to link it to your website to take full advantage of any traffic you may generate for your business.