According to recent data, the Indian E-commerce sector has been witnessing visible growth over the years, and is about to achieve US$99 billion by 2024 and surpass the US market. From food to grocery to apparel, every segment has accomplished substantial growth due to the advent of digitization.
The booming online businesses give account for global success since India is about to become the second-largest E-commerce market in the world. This further provides an opportunity for young entrepreneurs to start their businesses. To this end, several Government schemes have been launched to support these small business owners financially. Financial institutions are also coming up with a low-cost business loan for new business to help them start their venture.
Apart from acquiring financial back-up, an entrepreneur should also keep certain factors in mind while working on the start-up. Following are 5 easy steps to start an online business in the right way.
Step 1: Make a business structure
Individuals who are just embarking on this new venture should have a compact business structure prepared for their dealings. Start with planning your upcoming business strategies and determine all the requirements.
From assessing how much working capital your business needs to how many staff to recruit, to deciding between a sole proprietorship and limited liability company, everything should be premeditated beforehand.
Step 2: Conduct market analysis to produce a unique idea
Ever since online businesses are flourishing, it has become relatively challenging to stand out among so many similar segments. Therefore, the key to success is to come up with a unique idea after conducting a market analysis.
Plan down the essentials accordingly, such as opting for a business loan for new business development, right features to attract potential customers, etc. This way, you also get to study other competitive advantages that you may utilise to surpass your competitors.
Step 3: Organize your website
One of the primary stages of building an online business involves creating a website and getting a business domain name so that customers can easily find your service page. Avail business loans to obtain funds and organise your website in a way that not only seems visually appealing to your customers but also easy to access.
A website is the best way to reach out to the maximum number of customers these days. In a way, it works like an online business unit that does not require you to pay the brokers or opt for shop loans to establish.
Step 4: Set up your finances
From obtaining a tax ID number to incorporating an online payment process in your website, everything should be completed before you launch your business website. Additionally, monitoring your profit and loss, cash flow and sales are some healthy financial habits business owners should have.
Step 5: Focus on marketing
An online business also includes promotions and building visibility, hiring social media managers to make the business easily accessible to the target consumers, etc. Prioritize on different marketing tactics like email marketing, SEO, paid advertisements, etc., to reach out to your target customers.
Setting up such a business can be even simpler if you already have a business up and running. This is because financial institutions like Bajaj Finserv extend loans of up to Rs.45 lakh to individuals with a business vintage of 3 years.
The NBFC also extends pre-approved offers on these advances that make their application process streamlined. These offers can also be availed on financial products like business loans, credit cards, personal loans, etc. You can check your pre-approved offer by submitting details like name and contact number.
Obtaining a sizable business loan for new business ventures is required to establish a strong market presence. However, with technological improvements and new Internet trends, online businesses have become the ultimate source of revenue.