Online web-based businesses are one of the fastest growing trends in the United States, which means that there is a lot of competition out there. So before you begin, make sure there is a demand for your idea in the marketplace and make sure there isn’t already someone out there doing the exact same thing. If there is, it might be worth trying to align yourself with that person or company and add your talents to an existing and successful business.
But if there is a need for your idea and you have the passion to make it happen, then the first and most important step is, just do it. There are a lot of steps between having an idea and making it a business reality, but if you stay focused, it will happen.
The first step is to buy a domain name. There are many hosting companies to choose from. I have used Go Daddy and find them to be very reliable. Domain names are not that expensive, usually $20 or less. At this point you have a few options open to you; you can hire a programmer and/or a designer to create a website for your business, you can access your network of friends to see if you know someone with web experience who can help you design your website or you can use an online program to build it yourself. Depending on your level of confidence, these are all viable options. It really just depends on how much money or time you want to spend on your site.
Once you have your website created, the next step is to get the word out that your business exists. Viral Marketing is becoming one of the most effective ways of advertising out there, and also one of the cheapest. Search Engine Optimization is key to your site's overall success. It’s the process of improving the volume and quality of traffic to a website from search engines via "natural" or "algorithmic" search results for targeted keywords. You can sign up for SEO submission services or take SEO classes to improve the amount of traffic to your site. Google is a great resource for this.
Blogging is a great way to create buzz about your online business. And the more external links you have to your website, the higher your search engine ranking will be. Blogger, MySpace, Facebook, Xanga and YouTube are all easy ways to promote your new website. StumbleUpon is another great way to get traffic to your website. And Dosh Dosh is a wonderful website to use for tips on blogging. You can also create partnerships with other businesses, bloggers or websites to increase traffic to your site and attract the people who would be interested in your product or service to your business.
Now that we’ve got the website down, let’s talk about the actual business... As I mentioned above, the first step in launching your business is to take a look at the competition and the industry you are entering and make sure you are prepared to enter the playing field.
The second step is to make a list of short and long term goals for your business. What are your expectations for the first month of your business? Your first year? Where do you want your business to be in five years?
The third step and arguably the most arduous and most important is the business plan. This is what will guide you through the development of your company and it will also be the tool you use to approach investors. There are varying opinions on what the best format and length is for a business plan and ultimately you have to decide what works best for you. However, most of the Venture Capitalists, Consultants and MBA Professors I have spoken to say that especially for a small business, brevity is key. Five to ten pages is a good amount and for presenting your plan to Angel Groups or potential investors, Power Point presentations are always effective. Most investors get hundreds of Business Plans on their desk a day. Ask yourself how will yours stand out from the crowd?
If you have never written a business plan before, it can be daunting trying to figure out where to start. Look for sample plans online and use your local resources and websites. PerfectBusiness has great resources for creating a business plan and networking with other entrepreneurs. The SBA, Small Business Administration, is a fantastic free service offered by the government to help small business owners start and grow their businesses.
The next step is to decide how you want to register your business. Are you an Inc? an LLC? At this point you are going to want to talk to a lawyer or use an online resource like LegalZoom to make sure all of your ducks are in a row. You also have to create your DBA or your “doing business as” name. And finally, it’s time to launch your business!
As you go through this process there are many more steps and processes that you will need to do in order to get your business up and running, but this is a helpful overall guide. Each business is different and will require different things. Starting a business, online or otherwise, can be a time-consuming task and if it’s your first time as an entrepreneur, the process can be overwhelming because you are learning a second before you have to do it. But the end result is that you are your own boss and you are doing something that you are passionate about. And so as I said before, just do it. Be willing to take the risk, keep your eye on the prize, accept that there might be a few sleepless nights along the way, and enjoy the process. Bon voyage.
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