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Things You Need to Start an Online Business in 2020

Have you been thinking about starting a small online business? Before you move forward, there are four important things you’ll need before anything else.

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Security is a major business objective

In the past months, we have seen the COVID-19 pandemic impact our world in ways we might never have imagined. With several industries furloughing many of their workers, many people have been without a job. As such, many people have been seeking alternative ways of making income.

Even if you’re lucky enough not to have been laid off, you’ve probably also thought about other ways to earn money. And given the need to follow social distancing regulations, you probably want to do business remotely too.

Because of the need to follow social distancing measures, more people have been turning to e-commerce for their shopping and businesses. If you’ve been thinking of starting an online small business, here are just a few of the things you’ll need.

1. Web design and digital marketing tools

If you’re serious about starting a business, you’ll need tools like e-mail marketing, web design, and SEO, apart from just social media.

Perhaps you think you can forgo building a website for your brand because social media exists, and it’s a great marketing tool. You’re mistaken. Social media platforms are great marketing tools, but it wasn’t made for e-commerce.

If you use Instagram, for example, as a makeshift website for your brand, you’ll be limited to the confines of the platform’s interface. But when you design a website for your brand, you’ll have a range of customizable tools for all your needs.

Benefits of Digital Marketing

You’ll also need digital marketing tools. Digital marketing is a way to spread awareness of your brand using the internet. It makes use of tools such as search engine optimization (SEO) and pay-per-click (PPC) advertising.

As compared to traditional marketing – such as TV, radio, and print advertisements – digital marketing is cheaper. It also can reach a wider audience, whereas traditional marketing is usually confined to a particular region.

Another great thing about digital marketing is that it’s personalized and measurable. It gathers data about consumers, their demographics, and their shopping habits. Doing this allows you to personalize the content you send to each consumer based on these data.

Through analytics, it will enable you to see whether the marketing content you’re posting is effective – i.e., if it’s getting your brand attention.

2. A niche

The Little Lebowski is a store in New York City dedicated to selling merchandise based on the 1998 cult classic filmThe Big Lebowski. Co-owners Roy Preston and Nicholas Dollak originally intended for their shop to be a children’s bookstore, but that endeavor didn’t do them any favors.

Eventually, they got around to selling the Big Lebowski-themed shirts. Seeing that these sold more than the books, their suppliers sent them more and more Lebowski merchandise. Today, their shop has become a popular destination in Greenwich Village.

Co-owner Roy Preston’s advice for aspiring entrepreneurs is to find their niche. This is a crucial part of starting a business. Focusing on a niche market will pinpoint your target and help you adjust your marketing materials accordingly.

Trying to serve as broad a market as possible may stretch you too thin, especially when you’re just starting. You can’t please everyone, so don’t try to. Instead, focus your efforts on serving a specific group of people.

4 Benefits of Software for Your Online Business

Once you find your niche, do your research. Know the consumers, their habits, and what they want. Then get to know the competition; if you know what kind of products or services you want to sell, check Google Trends. This will help you to see how many people have been googling those keywords.

3. Hire a bookkeeper

Many small business owners will say that they can manage their bookkeeping. Unless you’re a skilled accountant yourself, it’s still best to hire an expert. Having an accountant from the get-go can help you with planning your business. An accountant can help you plot your finances, secure the proper permits and documents, and prepare for your business in both the short and long-term.

Once you’ve started your business, you also have the option to use an accounting software tool such as QuickBooks for your bookkeeping needs.

4. Capital

Of course, you’ll need money to pay for all these things. You have to spend money to make money. Perhaps you have some money saved up that you can use to launch your startup, or maybe you’re thinking of applying for a loan. Take advantage of the e-commerce trend. Find a niche

There are many other things you’ll need when starting an online business, but these four things will give you a good foundation. Even if you’re lucky enough not to have been furloughed – or perhaps you’ve bounced back and found employment – it’s still worth it to look for other avenues of income.

Find a niche market you’d like to serve and study them. Gather some money from your savings or a loan and enlist an accountant to help you plot finances.

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Blockchain

Can Tokenization of Asset Bring More Investment From the Masses

Tokenization of assets isn’t a new phenomenon, but unlike the waves in the past STOs, this time, it might tip the balance in favour of decentralized finance.

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Ripple Cryptocurrency

In a new article, Coindesk has predicted that the Cryptocurrency’s DeFi sector is set to see a resurgence of Security Token Offerings (STOs) and has predicted “a sixfold increase in the total dollars raised using such funding methods over the next four years.”

Tokenization of assets isn’t a new phenomenon, but unlike the waves in the past STOs, this time, it might tip the balance in favour of decentralized finance. The article further predicted that “more private companies will bypass traditional initial public offerings (IPO) and instead use blockchain technology to digitize the capital-raising process.”

Although traditional capital markets and venture capital firms have ceded some prime money-making to DeFi, doing away with conventional IPOs might be a significant first step to democratizing venture financing.

Past the debacle of early blockchain ICOs, where the process by which a company ICOs was easy, but the lack of related regulations within the US and abroad around ICOs had led to many fraudulent crowd sales, illegal airdrops, and outright scams. This, in turn, had tarnished the reputation of blockchain-based projects. However, tokenizing assets and either fiat-backed or cryptocurrency backed by gold and silver have dramatically increased confidence in the crypto-asset markets.

The tokenization of assets that represents a real tradable asset, in reality, is quite similar to the process of securitization. An STO, with increasing frequency, is also used to describe a share in a company, ownership of a piece of real estate, or participation in an investment fund. These security tokens are also tradeable on secondary markets.

The new token economy offers to open up the investment world making it more transparent, efficient, and fair. The simplicity of tokenization will also help in reducing the friction surrounding the creation, purchase, and sale of securities.

In addition, it will bring several advantages for both buyers and sellers that will include:

1. Increased Liquidity of the Market:

The tokenization of illiquid assets in private hands, specifically art, real estate, and the likes, will significantly boost the market’s liquidity. Not only will it make it possible to liquidate the illiquid assets partially, but the ability to trade the security tokens in the secondary markets will also increase the trading activity bringing with it a broader base of traders and investors.

The “liquidity premium” alone makes it worthwhile to tokenize illiquid assets capturing more excellent value for the underlying assets.

Small Size Businesses Here is What You Need to Know About Cyber Security

2. Making Transactions Faster and Cheaper:

The intelligent contracts attached with the tokens and their automated execution upon the meeting of coded terms in the smart contract will mean automation and lack of administration of much cheaper transactions. The buying and selling of the security tokens will require lesser intermediaries, faster deal execution and lower transactional fees.

3. Increased Transparency:

Since a security token is also essentially a smart contract, it can be embedded with the owner’s responsibility and rights. The fact that records on a blockchain are immutable searches, provenance and trading history would be a cinch. The entire chain of ownership rights, responsibility, and origin of the security token will be entirely transparent.

4. Greater Accessibility:

Most importantly, tokenization could open up the investment world to a large audience. The high liquidity, market movement, lower investment amounts, and shorter periods required to hold the token can make the token economy to the average investor. Like the ticket divides an illiquid asset, the tokens themselves are readily divisible into smaller and smaller fractions enabling even a small investor to participate in the token economy.

With automated workflows and cheaper and cheaper processing costs, and token administration, the minimum investment amounts will fall further. This will also increase liquidity allowing investors to hold the investments for shorter periods before cashing in. The trading is made even more robust due to secondary markets that operate 24/7.

5. Easier Asset Conversion:

With the DeFi market making the conversion of crypto assets into fiat currency more readily available, the same will become true for security tokens. By providing greater liquidity to an average investor that often shies away from investment into illiquid assets due to fear of the lengthy process of conversion of an illiquid asset into a liquid one.

If anything, the strong emergence and success of the DeFi market have shown us that making finance decentralized, transparent, and easily accessible will bring in more investors, not less, and lead to the market’s democratization.

In conclusion, the advent of a token economy will lead to a more transparent, liquid, accessible, and just financial and investment system that will serve more and more people via financial products and investment opportunities for all.

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