January 25, 2017
Our honorable Prime Minister has initiated Make In India campaign to boost businesses in India. As many business owners have already started their business with government subsidies and aid, there are plenty who are still thinking to start their own venture. But, initiating the campaign is not just enough to promote businesses in India. There are a number of people out there who are unaware of the procedure to start an online venture and therefore, fail to start their own Online business.
This article will help you in understanding the steps to start an online business of your own and how to contribute to the nation in an effective manner.
1. Make A Business Plan: Before starting anything randomly, you should prepare an extensive plan. This plan should contain all the steps to start your venture and bring your idea to reality. By this, it will open all the possibilities along with risks involved at all the steps that you need to take care of. It will also help in determining the cost your business will require to run and at what step your initial earning will start.
2. Study Business Models & Market Research: Always start your business after thoroughly studying a business model. This will help you understand the difficulties that successful businesses have witnessed during their journey. It will also help you to understand what worked and what not. Always do market research to understand the persisting trends in the market. Follow these trends and make your business strategies accordingly to take the added lead in the market.
3. Capital: No need to mention but, cannot be skipped as well. This is the most important thing that runs any business in the required manner. A limited capital will restrict you at various ends. But, excess capital will also incubate additional expenditure which should not be there at the start of any business. Therefore, ensure a right amount of capital to run the business in an effective manner that can lead to fruitful results instead of just cash burning.
4. Web Technology: The technology for building websites is evolving at a consistent pace. There are a number of frameworks and tools available in the market and from all these, you should select the ones that are appropriate for your business. Open source web technologies can be easily customized and some of the popular technologies include Wordpress, PHP, and Java. So, select wisely and proceed.
5. Testing And Launch: Do not rush to launch your online venture without proper testing. It is advised that you offer your services to a limited set of people before making it available for all. This is called beta testing. In this phase, you will be able to determine the flaws in your business and can take feedback. This will help in improving your business and prepare you for the real market.
6. Marketing: Before launching the services, it is advised that you start with the marketing campaigns. It is very important to create awareness in the market about your products or services. With proper marketing strategy, you can gather the attention of your prospective customers. Once you have gathered a significant number in terms of followers, you can easily offer your service and products to that bunch. In this way, you will get an initial push for your business that is required. B2B Portals are also a good platform for online marketing. You can spread your business globally through an online marketplace.
So, do not wait and follow the above-mentioned steps to enter the entrepreneur circle. With proper research and hard work, you will be able to make a significant place in the market in a particular time frame. All you need to ensure is that you do not, lose determination at any step.