Last Updated on November 19, 2024 by Owen McGab Enaohwo
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Starting an online business is just as challenging as building a mortar and brick store. You need to catch up on a few essential things before you can launch your business. Not every online business is a success, and it’s even hard to compete digitally. If you want to be on the safe side, you need to know the things you need to be prepared for when starting your online business. To help you with it, take a look at the list below.
1. Create your portfolio
A portfolio is a powerful tool to showcase your work, products, or services you want to offer. It lets you share and shout your expertise to people, which can lead you to great opportunities. A well-developed portfolio can create an impact and impression on your potential customers. It also increases your brand’s visibility and gives you a more reputable identity or online presence. Before you launch your business, make sure that you have your portfolio ready so you can make a strong impression on your audience. You can create your portfolio online through various websites such as WordPress, Wix, Weebly, and more.
2. Identify where you can get your first 10 leads
Finding your first ten leads is a crucial part of an online business. It’ll set the momentum right at the beginning, so make sure that you know where to find your first batch of leads. Regardless of your business niche, you can identify your leads through referrals, competitors, sales intelligence tools, and former clients. You can also use the internet to find leads. Visit platforms like LinkedIn and Google resources to find potential customers.
3. Draft your pitch presentation
Before you reach out to your leads, you need to have a killer pitch presentation. Utilizing free PowerPoint templates can enhance your presentation’s design, making it more engaging for potential clients. Draft your pitch deck as naturally as it can be. Your pitch presentation can give your potential clients every detail and information they need about your business. If they are satisfied with your pitch, there’s a high chance that you can convert them as your customers. A pitch presentation doesn’t have to be perfect. It needs to cover the solutions to the problems that your business can resolve and the value you can provide to them.
4. Always have your clients sign the contract before you get them on board
This is one of the most important things you should not forget to do. In case of misunderstandings, you’ll need a tangible document to solve issues. Before you start partnering with your clients, make sure that they have read and signed the contract. A contract is essential because it gives both parties proof of obligations and agreements. It is a must-kept document in case of issues that will need legal action.
5. Make a standard procedure of your workflow
Managing an online business is a demanding task. This is why before you launch, make sure that you have the standard procedure for your business. A standard procedure can make the workflow of your everyday operation hassle-free, error-free, and efficient. Thus, improving your business productivity because you can reduce micromanagement and increase accountability between your employees.
6. Identify what employee skillset you need for your online business
Operating an online business requires wide and varied skillsets and tools. This includes business project management software, marketing including SEO and link building, and product development. Since you can’t manage it alone, you’ll need to hire your employees adept with these essential skills. Some online business skills include planning, research, digital marketing, graphic design, copywriting, web design and development, networking, and social management skills. It might be hard to find employees with these skillsets, but you can send your team for practical training that can improve their skills.
7. Create a career-growth plan for your team
A career-growth plan is a crucial part of increasing one’s productivity and efficiency. If you want your team to be at their best, then you need to set them up in good shape and condition. This is through creating a career-growth plan for them. You can do this by identifying specific goals, assessing their role in your company, setting SMART objectives, identifying the strengths and weaknesses, and formulating a plan to achieve progress and utmost productivity.
8. Start delegating your responsibilities to your team
You can’t run a business on your own. Delegating tasks and responsibilities empowers your team and helps you identify roles that are suited for your members. Aside from it can lighten your workload, it is also a sign that you respect and acknowledge your employees’ abilities and that you trust them. Note that when your employees feel they matter and are acknowledged in a team, they will be more committed to their tasks.
9. Participate in events related to your business for leads, connection, and other opportunities
Growing your business comes in various ways. One is attending and participating in local and possibly, international events related to your business. There’s a hundred percent chance that you’ll meet leads and helpful connections in these kinds of events. You can take this opportunity to connect with several influencers in your industry and learn from them. You don’t have anything to lose in participating in events, but you got everything to lose if you choose not to attend.
10. Evaluate your business performance
Evaluating your business performance must be an ongoing process. You just don’t assess your performance at the end of your marketing campaigns. Instead, you should do it regularly and if needed. Evaluation helps you determine the areas that need adjustments and improvements before they become serious issues. It will also give you the signal on how to respond and solve internal problems on your reach. You can evaluate your business performance by going back to your business plan, reviewing your financial statements, and utilizing risk management.
Takeaway
Starting an online business is more than creating a website and putting all the products and services you can offer there. There’s so much more to do, and there’s no shortcut that you can take. Before you launch your business, ensure that you have all the documents, professionals, financial resources, and backup plans ready on your side. So when something happens, you can solve it and put your business to success.
Author Profile
Venchito Tampon is the CEO and Co-Founder of SharpRocket, the leading link-building agency in Asia that serves enterprise brands, eCommerce, and SEO agencies. He is also a motivational speaker and corporate trainer in the Philippines.