If the coronavirus pandemic has pushed you to open your brick-and-mortar business online, or if you have recently planned to start up a small business online in order to boost your income, you should be aware that starting a business online is very different from opening a retail store on the high street. To ensure that you are able to connect with customers and get the cash flow that you need in order to feel at home on the internet for years to come, here is everything that you need to know to ensure your online business thrives:
Maintain a Stable Cash Flow
Due to the large amount of competition that small businesses face from digital giants, such as the Amazon effect, as well as the vastness of the internet, it can be difficult to achieve the stable cash flow that you need to operate within the first months of your businesses’ creation. To stop your business from becoming part of the statistic that 20% of businesses fail within their first year, you should keep afloat by creating a stable cash flow. For instance, you might want to take out a small loan or start a crowd-funder or find ways to increase your sales, such as encouraging return custom and advertising add-on orders.
Implement Engaging Digital Marketing
Only 66% of businesses advertise online. However, none of your target audience is going to hear about your business unless you implement an engaging and attention-grabbing digital marketing strategy across a variety of different platforms. At Dantes Ink, they can help you to develop every major part of a good marketing campaign, from an arresting website design and an exciting brand voice on social media, to comprehensive SEO.
Create Great Customer Relationships
The fact that ‘The Customer is Always Right’ is no different online than it is in the real world, and to ensure that you are able to shape a great reputation for your brand, it is paramount that you are able to form strong customer relationships. To do this, you should communicate openly with your customers across your platforms and stay visible throughout, offer great customer service options, and ask for your customer’s opinions on a regular basis.
Stay Aware of Competitors
There are more online businesses than ever before, with the latest statistics showing that there were anything from 12-24 million in 2014. This means that there will be more than one company offering the same- or similar- products to you. This competition means that, in order to thrive, you must stay aware of the latest trends to get ahead and stay innovative. You should also research other companies and the rest of your market on a regular basis in order to find gaps or niches that you will be able to fill.
Employ Passionate Employees
To ensure that every aspect of your business is at the best standard possible, it is important that you are able to employ employees who are as passionate about your business as you are. Whether they are employed as customer service personnel or as designers, passionate employees can bring new ideas to your company, make expansion possible, and cultivate an excellent brand image in your stead.