{"id":34388,"date":"2023-04-27T13:41:33","date_gmt":"2023-04-27T13:41:33","guid":{"rendered":"https:\/\/swoopfunding.com\/ca\/uk\/blog\/how-to-set-up-an-online-business\/"},"modified":"2024-07-16T14:44:34","modified_gmt":"2024-07-16T14:44:34","slug":"how-to-set-up-an-online-business","status":"publish","type":"blog","link":"https:\/\/swoopfunding.com\/ca\/blog\/how-to-set-up-an-online-business\/","title":{"rendered":"How to set up an online business"},"content":{"rendered":"\n

Setting up an online business can be a big decision to make. Although websites can be built cheaply and run from the comfort of your own home, you\u2019ll still need to give some thought to the type of product or service you want to launch, how much demand there is and how you\u2019re going to market your product or service. <\/p>\n\n\n\n

Here\u2019s everything you need to know about setting up your online business. <\/p>\n\n\n\n

Why start an online business?<\/h2>\n\n\n\n

There are many reasons why you might want to start an online business. Unlike with a bricks and mortar business, you don\u2019t need to worry about leasing a property or budgeting for employee wages. Instead, all you will need initially is a computer, a domain name and a website builder, which can make it a significantly cheaper option.<\/p>\n\n\n\n

Running your business online also means you\u2019re not restricted to one particular location \u2013 you can run your business from almost anywhere. You can also sell your product or service to anyone, no matter where they live, which means your customer base might grow each year across the globe.<\/p>\n\n\n\n

What\u2019s more, because your business is based online, you can remain open 24\/7. You don\u2019t need to be physically present for sales, so you can keep generating revenue with less involvement.<\/p>\n\n\n\n

How to start your online business<\/h2>\n\n\n\n

To help get your online business off the ground, follow the steps below:<\/p>\n\n\n\n

Conduct market research<\/h3>\n\n\n\n

Once you\u2019ve come up with an idea for your online business, it\u2019s time to carry out some market research. As a first step, you need to identify your target market, understand their needs and wants and work out how your business will meet those needs. To help you with this, look at some of your competitors and consider how they operate and who their customers are. <\/p>\n\n\n\n

Then think about whether your target market falls into a particular age bracket and income bracket, as well as their profession, interests and hobbies. <\/p>\n\n\n\n

By using online questionnaires or focus groups, you can ask members of your target market what they think of your product and website, as well as what you could do to improve it. <\/p>\n\n\n\n

Write your online business plan<\/h3>\n\n\n\n

Next, you need to write an online business plan. This will provide a solid foundation to help you move forward and grow your business. It will also be required when looking for investment in your business.<\/p>\n\n\n\n

Your business plan<\/a> should include an executive summary that outlines the objectives of your business and gives an overview of how your business will work. You should also include a business description that should explain how you plan to grow the business and who your target market is.\u00a0<\/p>\n\n\n\n

It can also be worth adding a section about your competition. This will show that you\u2019ve analysed the market and prove that there is a demand for the product or service you\u2019ll be offering. Explain how your business will stand out from the crowd and how many customers you expect to attract.<\/p>\n\n\n\n

In addition, you\u2019ll want to show how you plan to market and advertise your product or service, as well as include some financial projections. <\/p>\n\n\n\n

Secure funding for your business<\/h3>\n\n\n\n

Once your business plan is in place, you\u2019re ready to seek funding for your business. High street banks<\/a> are unlikely to fund online startups, but there are plenty of other options to explore if you need some extra cash. For example:<\/p>\n\n\n\n