ONLINE BUSINESS Everything they
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Whether you are starting a completely new business or hoping to expand part of your business operations online to widen your reach, there is much to be gained from understanding how business operations function in an online sphere.
Determine your target market Similar to setting up an offline business, identifying your target market is essential before you proceed to take your business online. Not only will this help you to determine what types of products or services you should offer, but it will also
impact the platforms you chose to use for your online marketing activities. As
part of your research, identify commonly searched questions and posts in your
location, in order to tailor your service to fill any perceived needs. Taking this step aids in evaluating gaps in competitor’s offers that may present a business opportunity for your company.
CHOOSE A NAME
What’s in a name? If you are operating online your business name is critical to how easily your business would be found online. With too common a name, your business is forced to compete with many others for search ranking. If it’s too unique then you risk
becoming too difficult to remember by individuals trying to search for your business online.
SELECT A PLATFORM There are many platforms to choose from when selling tangible and intangible
products. You may opt to set up your own webpage or sell directly from a social media account. How well either of these options work will be owed in part to your target audience’s online presence and buying habits. Most of this
information would have been obtained when you completed step 1, determining your target market.
PROMOTE YOUR PRODUCTS / BRAND If a tree falls in a forest with no one around does it make a sound? You may offer a great product or
service, but what use is it if no one knows? In order to maximize your online sales you have to promote your product or service and brand. A cost-effective way of doing such is by utilising social media platforms for
promotion. Tailor a social media strategy to suit your audience and maximise its effectiveness. If you have
difficulty doing so, invest in the services of those who are familiar with this process. An efficient online
campaign can be the determining factor of a business’ ability to flourish online.
TRACK YOUR DATA One benefit of having an online business over an
offline one is easy access to
data on the behaviour of your
buyers and visitors. Tracking data helps with monitoring customer
engagement. It allows you to view how effective web/
landing pages and ad campaigns are. Information such as click through rates
can be identified and becomes important when determining abandonment as this can be an indicator of the amount of possible sales that could have been obtained. Other valuable information that can be acquired include trend identification which is important when initiating new campaigns.
BE MINDFUL OF YOUR TAXES As to be expected, the filing of taxes needs to be done for online businesses as well as offline business. If you are unsure of the procedure or what
documentation needs to be completed, it may be best to seek the services of an accountant who would be able to guide you on this path. Failure to properly file your taxes on time can result in fines and other penalties.
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