24 Considerations to Start an Online Business in 2024
ByJudithUpdated onReading Time: 6 minutes
Starting a business online or offline is a serious business. Creating an online business in 2024 requires tenacity and is not for the weak of heart. And it is much more than just slapping up a website. That is if you intend to gain any success- aka profit.
So, starting an online business requires careful planning and execution to ensure success in a highly competitive market. I’ve covered pretty much all these issues in past articles; accordingly, I’ll link to them so you can get even more details.
24 Online Startup Considerations
Identify your niche and target audience: Choose a niche that aligns with your interests and expertise, and identify your target audience. Target those who care about what you have to offer. “Me too” businesses with thousands or millions of competitors have a much harder road ahead than a niche you can target.
Conduct market research: Determine if there is demand for your product or service and analyze the competition. The best way to start is by doing keyword research for the term you believe potential customers will use to find you and see how saturated your target market is.
Define your unique selling proposition: Determine what makes your product or service stand out from others in your niche. Specifically and in as much detail as possible so that your brand stands out.
Choose a business model: Decide if you will sell physical products, digital products, or services, and determine your pricing strategy.
Register your business: Choose a legal structure, register with the local and state entities, and obtain necessary permits or licenses. Legal and accounting professionals can help you determine what is best for you from a liability and tax perspective—for example, a sole proprietor vs. an LLC or C-Corp.
Determine your tax obligations: Consult an accountant or professional to determine and plan accordingly.
Protect your intellectual property: If necessary, file for trademarks or patents to protect your brand and products.
Build a website: Create a professional, user-friendly website that reflects your brand and makes it easy for customers to purchase from you. Whether you work with a web partner or DIY, cover all the bases, including website expense planning.
Set up payment processing: Choose a payment gateway that is secure and reliable and integrate it into your website. Merchant account, PayPal, Stripe? Compare rates, functionality, and the processor’s policies to get the right fit for your online business.
Develop a marketing plan: Determine how you will promote your business, including through search engine optimization, social media, email marketing, and advertising.
Implement analytics: Use tools like Google Analytics to track website traffic and customer behavior. Your web host should also offer statistics that you can dive into and use to your advantage.
Choose a shipping provider: Determine how you will ship your products and choose a provider that meets your needs and budget. For example, I use Stamps.com, which offers convenient and discounted postal fees.
Set up inventory management: Choose a system to track inventory and ensure you always have enough stock. I recommend WordPress WooCommerce eCommerce plugins and extensions.
Hire employees or contractors: Determine if you need to hire employees or contractors to help you manage your business. There are folks out there to help you in every step of your new online business journey — be honest and seek out the assistance you’ll need to get a solid start.
Set up legal agreements: Research and create legal agreements, such as terms of service, privacy, and refund policies, to protect your business. While you can use many online examples, and there is a plugin to do this for you, you should always run these documents by a legal beagle proficient in online law and liabilities.
Secure your website:Implement security measures such as SSL certificates and firewalls to protect your website and customer data. While SSL certificates have been a requirement for a decade, many websites do not have “https.” Don’t be one of those sites.
Network with other business owners: Join online communities (on LinkedIn or Facebook, for example) and attend events to connect with different business owners (Local Chambers of Commerce, Business Associations, WordCamps) and learn from their experiences. Communities and groups are a goldmine to “been there done that” so that you can avoid pitfalls and improve your business processes.
Continuously improve:Regularly evaluate your business performance and adjust your strategies as necessary to improve your results. I’ve been at this for decades and still learn something new regularly. Be open to new concepts and tools that can give you an edge. Don’t be afraid to experiment, test, and tune.
Develop a disaster recovery plan: Create a plan for recovering from unexpected events, such as a website outage or cyberattack. Also, have a plan for weather events and power issues. While rare, these things do happen. You are responsible for ensuring your website is set up and has everything in place to lock down and secure it. Off-site backups and regular security scans are imperative.
Develop a customer service plan: Determine how you will support customers, including through email, chat, or phone. Flowcharts work best when you want to “see” the customer journey and what they will experience from your side. See below…
Be patient and persistent: Building a successful online business takes time and effort, so be patient and persistent in pursuing your goals.
Evolve… If anything about doing business online is consistent, it is that it is constantly changing and evolving. You need to evolve with it.
RECOMMENDATION: Business Templates and Flow Charts
I use Canva for everything* from website graphics to client guides and worksheets. So, when searching for “Customer Journey” flowcharts, I was amazed at all the available options. (I have a Pro account, which paid for itself long ago.)
You will want to create charts for all your business planning and practices, including how they will flow. Mapping out customers’ paths, customer service, order/request processing, website management, marketing channels — you name it — will give you an edge.
Imagine the time you’ll save not having to reinvent the wheel. And DIYing simple graphic and website elements when needed — money saved there too.
Most Importantly…
While every tip above is just as important as the rest, beyond that, your commitment, passion, and work ethic are what, in the end, make all the difference in the world.
At your service,
*Some of the links on this page are to companies I have a professional affiliation with. Read my full affiliate statement here.
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Reading Time: 6 minutes 
