A Guide to Starting an Online Business in 7 Days

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July 4, 2022 Business

It has never been easier for startups to get their online business ideas off the ground. Thanks to the power of technology and the internet individuals can gain instant access to the resources they require to turn their dreams into reality.

However, this power needs to be harnessed in the correct way for a business idea to be transformed into a profitable venture. It’s all too easy to throw time and finances into the wrong avenues, leading to a hole in your bank account and nothing to show for it other than a faltering online business.

That doesn’t have to be the situation. To know how to start a successful online business, this starter guide will show you the important steps to take. Not only that, but it’ll also highlight how to get up and running in just seven days.

Decide on an idea

Before anything else, you have to settle on an idea for your online startup. Admittedly, if you haven’t already got a concept in mind, this can take longer than a week on its own! Yet it’s imperative you know exactly what you want to do with your prospective business.

It sounds obvious, but too many go into creating a business with a muddled, generic approach. This won’t get you anywhere. With the saturation of online businesses, you need to begin by focusing on a more specific niche, one with a particular audience you can directly target.

Even if you spot a gap in the market, this doesn’t necessarily mean you should pursue it as a business. Passion for an idea is an integral component. If this passion isn’t present, it will be a struggle to turn your startup into a success.

Put together a business plan

A business plan is a necessity. It’s unlikely you feel this way if you’re starting a new online company that requires minimal capital. After all, what’s the point in putting together a business plan if you’re not seeking funding of some sort?

However, a business plan isn’t simply a gateway to some cash. It is a hub of information that pertains to your proposed business idea. At least, that’s the case when you create a comprehensive, in-depth plan – which should always be the intention.

By putting in the necessary research, you learn more about your target audience. You gain a greater understanding about your products and services, and how they fit in against what the competition currently has to offer. You also find out more about your expenses, the number of sales that need to be made, long-term goals, and so on.

Find your funding

One of the benefits about an online startup is that, compared to traditional business types, it is often much cheaper to start. Yet even though the expenses bill is lowered, you’ll still need some form of financing to get going.

If your costs are little more than starting a website in the beginning, it’s likely you can cover this with some spare money you have lying around. Yet if you’ve got the likes of stock, employees, and technology to also splash out on, you may have to source a form of business funding.

Not quite sure where to start in that regard? MYOB has put together a handy list of new business funding options. While some choices can take time to get over the line, there are others which can be approved pretty much instantly.

Funding isn’t just beneficial as startup capital, either. It can come in handy if your business goes through a lean period, where sales are low yet bills still need to be paid. Funding is available as a stopgap to get you through that time and keep your company operating as normal.

Craft a professional website

Can you run an online business without a website? Absolutely. With platforms like Amazon, Etsy, and eBay available, many companies have been able to thrive without requiring their own personal portion of the World Wide Web.

However, it is highly recommended you go with a professional website for your startup. There are many reasons to back up this recommendation. It’s your own space that can be customized as you wish, where you can sell your products and services in exactly the way you desire – and without any notable fees cutting into your profit margins. One of the biggest advantages gained is how it can be the backbone for your digital marketing strategy.

Keep in mind that creating any old website isn’t good enough. It needs to be slick, modern, and professional. This reflects well on your business and makes potential customers more comfortable with completing purchases.

Install your marketing foundation

A successful marketing strategy isn’t something you can achieve in just a few days. Yes, there are tactics out there (including paid ads and sponsored content) that can deliver short-term results, but marketing is a sustained effort. It’s an aspect you have to be continually refining and investing in over time. Even with the likes of paid ads and sponsored content, you have to analyze performance and make tweaks when necessary to maximize performance.

In this first seven days of starting your online business, you have to install the foundation of your marketing strategy. This means creating your social media accounts. Starting accounts such as Twitter and Instagram won’t take you longer than a few minutes each admittedly, yet dormant profiles are not useful. In fact, they only result in a bad look for your business. As a result, only begin a social media profile if you’re willing to produce content consistently for it.

Another foundation to consider is search engine optimization (SEO). An effective SEO strategy can only be achieved on a long-term basis, but it’s recommended you put the first bricks in place as soon as possible. The quicker you kickstart your SEO, the quicker your website will start acquiring organic traffic from search engine searches – a key component in gaining clicks, sales, and long-lasting relationships for your business.