Harris KhanWe all think about making it big one day – starting a little something of our own that grows into an exceptional venture used as inspiration by the masses. As ambitious as it sounds, who says you can’t have it all?
Starting a business isn’t as much about logistics as the fervor of the entrepreneur. While there are many perks to being your own boss, you need to expend considerable elbow grease to earn that status.
Today, there is an overwhelming number of opportunities just waiting for you to seize them. And yet, when most people hear the word ‘business’, the first thing they think about is a brick-and-mortar office. While that’s one option, it isn’t always the only one.
You can even start a business from the comfort of your home. This would, of course, be of the virtual kind whereby no assets are more important than a functional device and a robust internet connection.
Contrary to popular belief, starting a virtual business isn’t that hard. You just need a whole lot of determination, hard work, and perseverance. So, once your venture takes off, you’ll have the freedom to earn your own money and set your own rules.
In fact, many successful businesses today started online and later expanded on-site. For instance, if you choose to sell SEO services through a website, a few years down the line, you can even set up an office where people come to consult with your employees before hiring them. Whatever the case may be, the sky is the limit!
If you’re still a little hazy on the whole concept, rest assured, it’s not rocket science. With these 5 tips, not only can you start an online business, but you can also take it to unbelievable heights in a short time.
1. Draw a comprehensive business plan
You’ve probably already heard this in a marketing lecture at school – a successful business always starts with a great plan. Sounds cliché, right? Well, it’s as true as it gets. A business plan isn’t just a vague idea you throw around during discussions with your friends.
It’s a full-fledged outline of what you’ll do to set the foundation of your idea and turn your vision into reality. A business plan can include strategies, steps to achieve your goals, implementation tips, and much more.
2. Think of a catchy name
Perhaps the most interesting part of starting your own venture is coming up with a name. Naturally, you want something that reflects your company yet engages the audience all the same. Sounds easy, right? Not quite!
The right business name can make all the difference. You need to make sure that it sounds proper but not boring. As a rule of thumb, you should keep it simple. Avoid lengthy phrases, confusing words with too many syllables, or those that your customers will need to look up on Google to understand.
3. Consider social media your best friend
Regardless of what you’re selling, whether it’s a business consultation service or web development, you need to have a killer social media strategy. Remember, social media is where all the important conversations take place.
From Facebook to LinkedIn, each platform hosts millions of business profiles. Your goal should be to make your own space in that realm and gain as much attention as you can.
As a business page, you have the opportunity to leverage digital insights, run ads, and engage with your target audience, that too, without breaking the bank.
4. Don’t sell yourself too short!
Don’t set the rates too low! Yes, you read that right. While starting with a reasonable price is always a good idea, setting it exceptionally low is counterproductive.
This also depends on the industry you’re targeting. In fact, in some cases, low prices can convince customers that your services are subpar and thus, not worthy of their investment.
Verily, you should conduct thorough research into what your competitors are charging and set the prices accordingly.
5. Rent temporary storage units
Are you wondering what this is doing on the list? That’s probably justified. Most people never think about renting temporary storage units when starting a virtual business. However, that just might be the problem!
Let’s be practical, starting a business isn’t some impossible feat but that doesn’t mean it’s a piece of cake. If there’s anything you need for true success, it is a positive mindset.
Most people who live in the UK don’t have the luxury of massive homes. They have to make do with little space which can lead to clutter and plunge their productivity. If you find yourself relating to this ordeal, it’s better to invest in temporary storage units offered by reliable companies like STORED and on the SSO platform.
This enables you to take unnecessary stuff out of the house and dedicate a room or area to some much-needed office space.
Needless to say, you’ll have to pay some money every month to retain access. However, STORED and SSO make affording extra storage space very easy. Depending on the size you’re looking for, a small unit can be a meager expense that offers exponential benefits.
One of London’s best companies, STORED, extends a 15% discount to students. You can even avail free collections, same-day pickup, as well as a series of compelling seasonal discounts.
Plus, if you rent for 6 months or longer, you are eligible for further price cuts! SSO offers similar self-storage convenience that is bound to impress even the toughest of critics.
The Verdict
In retrospect, you should seize the opportunities available at your disposal to start your venture off on the right foot. While having a plan or coming up with an interesting business name is definitely important, don’t lose sight of what’s imperative.
The success of your virtual business depends on you! The world is rapidly shifting to online formats, now more than ever due to COVID19 and that has created a lot of amazing opportunities you should not let go to waste.
