Majority of businesses that would typically be set up as brick and mortar stores are being set up online instead. The increase in online transactions is evident all over the world with the majority of their founders reaping a lot of profits. According to experts in online businesses, over 100 million internet startups are set up on an annual basis with the hope that they will become successful. Companies that began in a conventional manner are also establishing their presence online in a bid to reach more customers resulting in competition between businesses. Even so, having a successful business on the web needs a lot of planning and strategy so as to stand out from the rest.
What you need to set up an online business
Starting up an online store may seem easy at a glance but may prove difficult on execution. It is therefore essential to do some research on the company you want to set up and the requirements needed. Even so, there are necessary items that you will need to have to start off on a proper footing and increase your chances of success. These items include:
- Have a viable business idea- Although starting a business on the web has less hassle to set up, it is important to start one that fills a void in the market. Do your best to research your idea and master the steps needed to make it a success.
- User-friendly website – Since all internet based businesses use websites as a platform, you need to have one that is attractive and interactive. Ensure that visitors to the site can quickly move from page to another and get the information they need within the shortest time possible.
- Have great content - Ensure that your website has great content that matches the needs of your target audience. The material on the site should be easy to read and have a call to action that helps readers decide to buy your products or services.
Tips on running a profitable web-based company
According to business experts, only 10% percent of online-based businesses succeed after five years. To be part of this small percentage, internet startups need to be aware of various ways that can help them stay afloat for many years to come. Some of the ways to ensure your company is useful online include:
Solid value proposition – Let prospective customers see the value they are getting when they buy your product or service. The value customers will derive from making a purchase should be evident as soon as they interact with your website. Most times, the information on the landing page will make them continue to go through the site and make a decision to buy.
Excellent customer service – Customers are looking for a great experience from the moment they discover your business online. Ensure your customer service team is well trained and available both day and night to give feedback to inquiries.
Online Marketing- The growth of a web-based business is determined by its ability to attract and retain customers. It is important to have a marketing campaign in place with avenues for feedback to allow you to meet the needs of customers and make improvements where necessary.
Top 5 examples of profitable online businesses
Thousands of businesses are started online on a daily basis with some targeting the mass market and others restricting themselves to niche markets. Nevertheless, there are some internet-based businesses that seem to be more successful than others because of the value they offer. Some of these favorite businesses include:
- Web design
Majority of companies require a website that will be the link between them and potential customers. Sites are a great tool for selling products or services and getting feedback from clients all over the world. As the mobile phone becomes the primary tool of communication, designers are also developing websites that are quickly loaded on cellphones for the benefit of the users. Most web design companies offer their services to individuals as well as large organizations making it a lucrative business.
- Social media consultation
Social media has become the leading platform through which companies and individuals communicate. Most times, companies need help in figuring out their social media strategy and often seek the services of a consultant. The consultant may be hired on a contract or full-time basis depending on the needs of the organization. Also, the need for consultants is set to increase as more social media networks are launched.
- Review websites
Many internet users are continually flooded with information regarding various products and services leaving them overwhelmed. It is for this reason that many find review sites of great help when they want an analysis on certain items. These sites can review things across the board or focus on particular niches to attract a specific clientele. Websites such as The Top 10 Sites make information more accessible for those seeking well-researched information on popular brands.
- Dating sites
Finding love has always been quite a task for single people seeking to settle down with their soul mate. For many singles, finding a mate at the comfort of their home or their office desk through dating sites is quite welcome. Dating sites that offer great background checks and matches for those that sign up on the site are likely to succeed. Also, niche sites that target individuals with unique needs are also very successful across the globe.
- Online shopping
Buying and selling of goods online have been rated one of the most successful online businesses, year in year out. The convenience offered to shoppers looking to make a purchase has built companies in this space thrive for many years. It does not matter the product or service being provided; there are customers looking to buy online. Additionally, delivery services after items have been purchased makes the entire experience great for the customer, no matter their location.
In general, online businesses can succeed if they keep up with the trends and focus on the needs of customers.