Entrepreneurs may feel that running an online or e-commerce store may have less risk than running a straightforward retail shop. But the fact is that there are things that can through the cracks online. With any business, there are risks. But as more and more companies are taking their trade online, the worry of the firm not taking off can be a concern. There are ways to minimize risk when it comes to running a business exclusively online.
#1: Pick A Niche
There are so many businesses catering a straightforward service for a general type of customer. If you are more focused with what your business is will help a lot when it comes to forging a unique identity. If you can pick a service that is seldom seen on the internet, then that will go a long way to making you stand out from the crowd. With businesses ranging from being a professional nagger (which is paying someone to nag you, such as “do this, do that”), to having someone “wait on the line” in your place if you are in a queue on the phone. There will be a need for whichever product you decide to make, no matter how alternative it may be.
#2: Test The Market
Doing research into your market helps you to figure out the ideal customer for you. Defining a niche market: it is a market that is on the threshold of another market, but a bigger market. You need to address where you are inside it so you can carve out your identity. To use an example, the challenge of launching a service that streams content. Launching that type of business in the face of other streaming websites, like Netflix, makes it harder for you to compete. But services like that provide more “mainstream” content. A site like Mubi streams films that are less on the mainstream side, so can you provide a service that is unique in comparison to that. You need to ask yourself questions such as, who is in your marketplace on the customer spectrum? How can you better serve their needs? How can you unite them into one? Basically, why is your own service the solution to their problem? When you answer the questions, you will have found who your target customer is, and so you can acquire their custom.
#3: Keep Your Tech Bulletproof
When it comes to trading online, make sure that you have anti-virus tools. They will protect your site from hackers and viruses and it should be high on your list of priorities. You will be taking card payments through your site. So making sure that you can receive payments safely, and not fall into the category of high risk merchant accounts. Doing that will give you bad terms and higher rates, making life a lot tougher for your business.
#4: Advertise The Business!
If you want to get your business speaking to anyone and everyone online, then you need to start planning your marketing campaign. How are you going to communicate with the customers? Do you need to have an excellent website? Are you going to market the business via app technology? Are you going to start using new ways to communicate with customers, like Instagram? Or Vine? Having a killer marketing campaign will guarantee total coverage for your business. It will also get your product into the intended markets.