Starting an online business can be stressful not because it requires a lot of experience, but due to the pools of information available out there. Aspiring entrepreneurs might even wonder what to do and what not to do. While one can figure it through error and trials, it can be costly in the long run. Launching a computer at the drywall can seem like a better solution, but it might be vital to research before investing in a product or service. The following are incredible ways to start an online business with less than $100.
- Identify Unmet Needs
Of course, every online business idea starts with a need. Some entrepreneurs will create a product or service to meet the needs and preferences of a specific target group. That’s guesswork, and entrepreneurs shouldn’t view the world of business as a casino platform. Instead of guessing, an aspiring entrepreneur should take time to figure out what product to sell. You can achieve this by identifying products that are already in the market and aren’t meeting customer needs. You can start your search at websites such as Amazon. If you come across a product that has a lot of reviews, research more about it. You will need to know which features consumers wish for, and what they like and dislike about a product. Armed with these insights, an aspiring entrepreneur can determine which products are worth investing in. You can also take advantage of customer reviews to find ways to make the same product better. Online review sites aren’t the only way to discover unmet needs. You can find unmet needs when listening to friends as they praise or complain about a product. You don’t have to reinvent a product; instead, look for ways to make it better, cheaper, faster, and more durable than before.
- Create Compelling Offers
Entrepreneurs often make the mistake of creating offers that are all over the place. Your products should outline how they can solve a problem, address a pressing issue, and target its right audience. For example, let’s say an aspiring entrepreneur found out that most flashlights are faulty after browsing Alibaba or Amazon reviews. Consumer concerns could be fragile handles, dim bulbs, cumbersome and bulky construction, or poor battery life. You can take advantage of such situations to come up with a better flashlight than the available ones. Using a compelling description such as military-grade, lightweight, blindly bright flashlights with long-lasting batteries can be a game changer. Entrepreneurs can flip their product description and come up with a compelling selling point.
- Design a Website
You have to keep your cost low, and site design simple when starting your first online business. Aspiring entrepreneurs should know that they’re missing out on a dollar on every minute they spend creating an eye-catching site, so try not to spend much time in the details this early. Instead, it is all about starting a dialogue with your target audience, creating a compelling selling point, and validating it in the market. Your headline should demonstrate the value of a product or service and convince customers to buy it. You can opt to use lifestyle images or any other thing that can give your product context. After that, use at least five bullet points to break down the benefits of your service or product. For example, a flashlight vendor can use bullets to show how customers will have peace of mind knowing that the bulb is always on, save money on repairs and replacement, and stay without worrying about keeping batteries around.
- Sound the Alarm
Marketing is an ongoing process, and it doesn’t have an end. Once you have designed a product page, the next step is to hop on and look for a product that has similar features to yours. Using a compelling selling point as the ad text, an aspiring entrepreneur can present a new product to the target audience right away. After that, consider repurposing the same selling point and use it to make a text ad on top search engines such as Google. However, the best thing is that most e-commerce providers such as Weebly provide their new clients with ad credits. The other option is to create as compelling and informative SEO content as possible. It can be a 300 promotional blog or post, but it has to be engaging and informative. You can use platforms such as website and social networking platforms to share it with relevant communities. Alternatively, use Facebook ads to pitch your brand, but don’t just focus on boosting your posts. You can take advantage of platforms such as Quantcast, where you can punch URLs of some of your competitors, copy their demographic data, and then enter it into your ad builder. That will make your targeting more precise than before, and it might increase your odds of making sales.
After researching and designing a product worth buying, spend the time to share it with people that are likely to use it. Whether an aspiring entrepreneur uses social media sites, blogs, or any other medium, they will be off to a promising start. Remind yourself that it isn’t easy to become an e-commerce millionaire when the going gets tough.
Author Bio – This is a guest post written by Evelina Brown. She is working for Mageworx.com, a popular Magento E-commerce Development and services.