{"id":5309,"date":"2021-09-18T10:17:48","date_gmt":"2021-09-18T10:17:48","guid":{"rendered":"https:\/\/fernandoraymond.com\/business\/?p=5309"},"modified":"2021-09-18T10:17:48","modified_gmt":"2021-09-18T10:17:48","slug":"factors-when-starting-an-online-business","status":"publish","type":"post","link":"https:\/\/www.fernandoraymond.com\/business\/factors-when-starting-an-online-business\/","title":{"rendered":"6 Most Important Factors When Starting An Online Business"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Starting an online business seems like a 10-minute task.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But did you know <\/span><a href=\"https:\/\/neilpatel.com\/blog\/factors-for-ecommerce-success\/\"><span style=\"font-weight: 400;\">80%<\/span><\/a><span style=\"font-weight: 400;\"> of all online businesses fail?\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Why?\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Because they skip considering one or more of these 6 most important factors.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you don\u2019t want to meet a similar fate, don\u2019t forget to consider these factors when starting an online business:<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" data-expand=\"600\" class=\"lazyload aligncenter wp-image-5311 size-large\" src=\"data:image\/svg+xml;charset=utf-8,%3Csvg xmlns%3D'http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg' viewBox%3D'0 0 662 372'%2F%3E\" data-src=\"https:\/\/fernandoraymond.com\/business\/wp-content\/uploads\/2021\/09\/6-Most-Important-Factors-When-Starting-An-Online-Business-1024x576.jpg\" alt=\"Factors-When-Starting-An-Online-Business\" width=\"662\" height=\"372\" \/><\/p>\n<h3><strong>1. Customers and Competition<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">You could be selling the best product or service out there. But if you don\u2019t know your customers and competitors well enough you are all set to fail. You should be able to answer the following questions:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Who is my customer?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">What do they need?\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">What pain point of my customer does my product\/service ease?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Who am I competing against and what is their USP?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">What sets me apart from my competitors?\u00a0<\/span><\/li>\n<\/ul>\n<h3><strong>2. Budget and Finances<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">Creating a budget for your online business is as important as it is in traditional business. The basic stuff may not cost much, but the bills can soon start to pile up. So you need to have your budget and finances planned in advance.<\/span><\/p>\n<h3><strong>3. Domain Name and Website<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">Your domain name and your website are your identities in the online world. Finding a good domain name and setting up a responsive, good-looking, and well-structured website are key to kickstarting your online business journey.\u00a0<\/span><\/p>\n<h3><strong>4. Marketing Strategy<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">To be able to sustain and grow your online business, you need a marketing strategy. It should include a balanced mix of traditional and digital marketing channels. From print media to online ads, email marketing, SEO, video marketing, and more, have everything planned out.\u00a0<\/span><\/p>\n<h3><strong>5. Online Security<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">The web is a great place to do business. But it is also a playground for hackers, identity thefts, and data pirates. You need to keep your website, your money, your customer\u2019s data, and their money safe from attacks. You also need to have provisions to meet the data privacy laws in your jurisdiction.<\/span><\/p>\n<h3><strong>6. Strategy<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">It is easy to start a business today and be concerned about just today and tomorrow. But businesses are a going concern. And you need to plan for the future of your business if you don\u2019t want your business to become a one-time wonder.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Now, go get planning and then start your online business after that!<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Starting an online business seems like a 10-minute task.\u00a0 But did you know 80% of all online businesses fail?\u00a0 Why?\u00a0 Because they skip considering one or more of these 6 most important factors.\u00a0 If you don\u2019t want to meet a similar fate, don\u2019t forget to consider these factors when starting an online business: 1. Customers [&hellip;] <a class=\"g1-link g1-link-more\" href=\"https:\/\/www.fernandoraymond.com\/business\/factors-when-starting-an-online-business\/\">More<\/a><\/p>\n","protected":false},"author":2,"featured_media":5310,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[121],"tags":[],"reaction":[],"adace-sponsor":[],"class_list":["post-5309","post","type-post","status-publish","format-standard","has-post-thumbnail","category-online-business"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.10 - aioseo.com -->\n\t<meta name=\"description\" content=\"Starting an online business seems like a 10-minute task. But did you know 80% of all online businesses fail? Why? 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