Opportunities for online entrepreneurship have exploded over the last decade, and more and more people are taking advantage of those opportunities to start a business wholly online. It started mostly with people running successful blogs, but now there are many businesses that operate solely online. Thinking of starting an online business? Here are some things to keep in mind.
While many industries now can succeed as online ventures, many others still require a physical location for various reasons. For example, while groceries can be purchased online now, the vast majority of shoppers shop at physical locations. Other occupations, such as writers or customer service representatives, work very well as online businesses. Make sure that your idea will.
While you may not be beholden to regulations for businesses with physical locations, there may be special regulations that do apply to you, especially if you plan to do business internationally. Whether or not you have to collect sales tax in different areas is something you need to look into. Make sure you carefully inquire about any law or regulation that applies to online company registration in Malaysia. If you need to hire a business attorney to ensure your business is set up correctly, do so.
Unless your business is a small operation that can be run out of your home, you’ll need to think not just about your online presence, but your real world one as well. If you need employees, you will need an office and supplies, and you might want to consider looking into service offices for rent. You may also need a warehouse to hold your products.
With a business that is entirely online, you can reach many more customers than if limited by physical location. The only problem is, it’s much harder to get your business noticed. Not only do you need a professional-looking website (whether you need to hire a web designer or not), but you will need your own domain name. Not only will this make your website appear more professional, but it will help your site appear higher in the results of major search engines, which is invaluable to a new online business looking for exposure. Web hosting is cheaper than ever so there really isn’t a reason to own your URL.
To be an online entrepreneur, you need to know your social media platforms, how they work, and stay knowledgeable as they change over time. Facebook and Twitter are the two big ones, but there are others, such as tumblr, Pintrest, Google+, and Instagram that might attract more of your target customers. Connect with your potential customers through social media and other means to get them interested in your products or services.
No one is going to know your online business exists if you don’t advertise. There are different ways to do this, from traditional advertisements on websites to content marketing. This goes the other way, too. You can put paid advertising on your own site in order to bring in more revenue.
There are unique challenges and advantages to running an online business, but with some technological and business savviness, you can connect with the right customers and have a successful online business.