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online business 2017-06-17

​How to Start Your own Online Business

According to Research and Markets, the global e-commerce market to grow at a CAGR of 19.42% during the period 2016-2020.

By Nibedita MohantaSenior Sub-editor

Technological revolution has gifted mankind, with the power of internet and has introduced a different world altogether in the online space.

As easy as it is to own a small space online, it is as difficult to get success, without getting lost in the vast sea of web world. One just needs to learn the right tricks to create an impact and rule the online business world.

According to Research and Markets, the global e-commerce market to grow at a CAGR of 19.42% during the period 2016-2020.

India's retail market is expected to grow from $675 billion in 2016 to $850 billion by 2020, with an estimated CAGR of 10%.

For all the budding entrepreneurs and businessmen, who have been carrying ideas to hit the online business sector, here is the right time.

Here are a few points to keep in mind before showcasing your product to the entire world:

Define the idea or product:

‘Rome was not built in a day.’

The online world is available for everybody, who has even the slightest idea of how it works, but smart are those who have the idea or product in mind to sell online.

In every entrepreneur’s or businessman’s mind, an idea pops out as a mere seed, which if nurtured and worked upon, holds the capacity to form into a giant tree, which will bear only fruits.

Thus it is important to keep the idea alive and to keep working on it. The sign of identifying the right idea is that one does not get enough of it, there will be zillion questions tossing in the brain, which is why it is important to discuss about the idea with someone who is experienced and upon whom one can trust.

Business Plan:

A well planned business model helps in easy execution and one can identify the loop holes easily.

Once the product or idea is finalized, comes second is the plan and study. Do a thorough market study about similar products or ideas available in the market and work on making it unique and different from the ones, available.

Make a detailed plan of production cost, shipping cost, taxes and hosting fees. Before pouring in all the hard work, money, energy, one needs to be very smart to work on the business plan.

Moreover a well planned business model will help in building self confidence and in building trust with the bank, which will provide you loan. It will also help in convincing the investors before they invest in your idea or product.

Buy an online and offline space:

For any business one needs a space to come in tough with investors, customers, suppliers and staff.

Invest in building a well articulated online space with proper authentications, which will catch the attention of the customers. Offer expertise in your area, where you are working. Try and reflect the uniqueness and specialty of your idea or product to convince your customers to keep their interest in your business.

Offline space is required to run the business smoothly.

Think of the name of your company and buy a domain. One needs to check multiple times before finalizing as there may be similar names of other companies, to avoid copy right issues, to check availability of the domain name.

Once the domain name is set, it is going to be your brand forever, so choose wisely.

The basics of online business, which one needs to keep clear in mind, before jumping into online business.

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