Starting an online business can be an exciting adventure, but it can also feel overwhelming, especially if you’re new to entrepreneurship generally, and e-business in particular.
To help you navigate the journey, here’s a simple checklist to get your online business up and running without a big hit to your checking account.
1. Choose your business type
The first step in starting your online business is deciding what type of business it will be, because the fact is, there are many options. Here are a few broad categories to consider:
- E-commerce: You would sell physical or digital products through an online store. You could also do this via affiliate marketing, where you sell someone else’s product and make a commission, or dropshipping, where you sell the products of a manufacturer and it handles all logistics.
- Service-based business: You would offer services over the internet, like consulting, freelance work, or online coaching.
- Content creation: “Content is king,” as they say. In this business, you would create and monetize content, such as blogs, podcasts, TikTok videos, or YouTube videos.
- Subscription services: You would sell products, services, or memberships on a subscription basis, like via a monthly membership site.
Pro tip: Choose a type of business that aligns with your skills, interests, and the market demand.
2. Create a plan of action
Once you have chosen your business type, the next step is to create a plan of action. You don’t necessarily need a business plan (especially because most people either never finish writing one or never follow it anyway).
Instead, create a basic action plan outlining the key steps you need to take to get your business off the ground.
Why a Business Credit Card Could Transform Your Small Business
These business credit cards that offer a convenient and efficient way to separate personal and business expenses, simplifying accounting and tax reporting.
Additionally, business cards can provide valuable perks such as rewards points, cashback, and expense tracking tools, enhancing financial management and the potential to help save money in the long run.
Ink Business Unlimited® Credit Card |
Earn $900 bonus cash back Earn $900 bonus cash back after you spend $6,000 on purchases in the first 3 months from account opening. |
Earn unlimited 1.5% cash back on every purchase Earn unlimited 1.5% cash back on every purchase made for your business |
Purchases: 0% Intro APR on Purchases, 12 months Balance Transfers: N/A
Regular: |
|
Ink Business Cash® Credit Card |
Earn up to $750 bonus cash back Earn $350 when you spend $3,000 on purchases in the first three months and an additional $400 when you spend $6,000 on purchases in the first six months after account opening. |
Earn 5% cash back in select business categories Earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year. Earn 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year. Earn 1% cash back on all other card purchases with no limit to the amount you can earn. |
Purchases: 0% Intro APR on Purchases, 12 months Balance Transfers: N/A
Regular: |
- Who is your target market?
- How will you market to them?
- What tools and platforms will you need?
- What are your short- and long-term goals?
3. Get a domain name and set up a website
Whatever type of online business you choose, you will need a website. It will be the face of your online business, so choose a domain name that is easy to remember and reflects your brand. In fact, if the URL can be the name of your business, all the better. Note: While a .com site is still preferable, almost any suffix will do today.
Once you have your domain, you can use website builders like WordPress, Wix, Shopify, or Squarespace to create a professional-looking site.
Pro tip: Ensure your website is mobile-friendly, as more than half of all web traffic comes from mobile devices now.
4. Set up your social channels
Social media should be one of your main ways to market your business, engage with customers, and get your name out. Indeed, Forbes says that 77% of small businesses use social media to connect with customers.
You will need social channels and handles that reflect your business name and URL. They don’t have to be exactly the same, but they do need to be close.
Example: My site is called PlanetSmallBusiness.com. My social handles are all @PlanetSmallBiz.
5. Set up payment processing
The point is to make money, right? So you will need a way to accept payments online. Popular point-of-sale options include PayPal, Stripe, and Square.
6. Market your business — and then market it some more
Once your website is live, it’s time to attract customers, but no one yet knows you’re out there. You will need to market the heck out of your new online venture.
Use social media, email marketing, and search engine optimization (SEO) to drive traffic to your site. Consider also starting a blog or a YouTube or TikTok channel to build authority in your niche.
7. Launch and test
Before formally launching, test every aspect of your website and social channels, including the checkout process. Make sure everything runs smoothly. You might even consider a soft launch to get feedback from friends or a small group of customers.
8. Analyze and adapt
One of the best parts of e-commerce and online businesses is that stats arrive in real time and pivoting is easy. Once your business is up and running, regularly review your metrics. Use tools like Google Analytics to track your traffic and conversion rates. Adapt as necessary.
Here’s the thing to remember: Starting an online business is a journey, not a race. Stay patient, stay focused, and don’t be afraid to make adjustments. With persistence and the right approach, you can turn your big idea into a thriving online success.
