There was a time when starting an online business was complicated and expensive. Nowadays, with the help of website builders, imaging software, and artificial intelligence (AI) tools, anyone with a great idea and business savviness can take their business online.

If you are thinking of taking the online-leap this Leap Year, read on. In this article, we look at why starting your online business is a good idea, explore the practical steps to take, and share our Top Tips for your small business success.

Table of Contents

• 5 Benefits of Starting an Online Venture in 2024
  • It’s affordable.
  • It’s easy.
  • It’s convenient.
  • The potential is there.
  • It “works” while you do other things.
• How to Start an Online Business in 2024: 7 Steps
  • Step 1: Find your idea.
  • Step 2: Tackle the administrative aspects.
  • Step 3: Invest in the essentials.
  • Step 4: Buy, make, or create the products and services you’ll be selling.
  • Step 5: Make your business marketable.
  • Step 6: Build your website.
  • Step 7: Advertise your business.
• TOP TIPS
• KEY TAKEAWAYS
• FAQs

Turn Your Online Business Dreams into a Reality This Year

5 Benefits of Starting and Online Venture in 2024.

We live in a country where nearly 8 million people are unemployed. Whether you form part of the statistic or not, entrepreneurship is the only long-term solution to this issue. But there are other benefits to being your own boss too, like:

It’s more affordable than you might think.

To set up an online business you essentially need three things:

1. A computer
2. A website
3. Products or services

Depending on what you will be selling the costs will fluctuate, but it is simple to scale your business as you grow. Therefore, securing outside funding isn’t a prerequisite.

It can be very straight forward.

Creating your small business does not necessarily require several meetings with a lawyer, and a team of creatives charging you an arm and a leg. Depending on the type of business you want to start, you can do a lot of it yourself. Make use of software programs, AI tools and a website builder to help do more with less.

It’s convenient.

Running an online venture is convenient because you decide where, when and how you work. Don’t want to work mornings? Don’t! Need flexibility? Done! You choose whether you want to work from an office, your home, or even while on holiday at the beach. It’s all up to you.

The potential is there.

You can turn your online small business into virtually anything (mind the pun). On the internet, there is no limit to your reach. So, if you want to take on the national market with what you are offering, why not? But if you want to keep it small and intimate that’s cool too. You are in control.

It “works” while you do other things.

Another fantastic benefit of starting a startup business on the internet is that this platform never sleeps, takes holidays, or is off sick. Yes, your website can be open for business 24/7, 365 while you’re busy being human.

How to Start an Online Business in 2024: 7 Steps

The process of setting up an online, digital small business is less complicated than a decade back, that’s for sure. But it still requires some technical and business comprehension. And of course, a whole lot of dedication and hard work.

Consider the following 7 steps to help you along.

Step 1: Find your idea.

What is your new business idea? Whatever it is it needs to solve a problem people will pay for. It is important to match your idea with your interests, natural talents, strengths, and skills. Do a lot of research online and in real life and find your niche.

Here are some of the best online business ideas people are turning into gold:

• Thrifting (clothes, furniture etc.)
• Blogging or podcasting
• Selling skills i.e. photography, design, writing, bookkeeping, baking, art, etc.
• Selling knowledge i.e. fitness classes, consulting, coaching, tutoring, etc.
• Selling hand-crafted, or curated products online
• Virtual event planning
• Buying and selling domain names
• Influencer and affiliate marketing

Step 2: Tackle all the administrative aspects.

Now that you have that solid idea, get the nitty gritty out of the way. Name your business. Register the domain name. Create the business plan. Clarify your objectives, set goals, and identify a roadmap for the next two to three years for your business.

Also answer questions like:

• Do you need to register your online business or will you run it as a sole proprietorship?
• How much money do you need?
• How will you make money?
• Will you run the business full-time or as a side hustle?
• When will you know your small business is a success?
• When will you know its unsuccessful?

Step 3: Invest in the essentials.

You can’t be an artist if you don’t have paint, brushes & canvases, or a clothing maker if you don’t own a sewing machine, cotton and fabrics. It’s time to start spending some money on the essentials. What do you need to succeed? Shop around for the best prices and consider second-hand or refurbished tools, appliances, and gadgets.

Step 4: Buy, make, or create the products and services you’ll be selling.

You can’t launch your online business with nothing. If you are going to sell products, start sourcing and buying stock. If you are going to sell handmade items, get crafting.

Now is also the time to get some happy customers. Provide your products or services at discounted rates (or even free) to family and friends. This way you can obtain a couple of initial social reviews.

Step 5: Make your business marketable.

Every business needs a brand. A brand is generally, your logo, colour scheme, typography, tone of voice, imagery, etc. Research other brands in the industry and decide how your brand will differ from theirs. Don’t be scared to go in a completely different direction. It is essential that you stand out from your competitors. Decide what you like and get a graphic designer to help you create a brand when you are ready.

If you have budget constraints, consider making use of an affordable logo maker like Looka.

Step 6: Build your website.

A website is your business’ home. The place you send potential customers to, where they can find out more about your small business, or buy your products, and services. Remember: For your website to work, you will need reliable website hosting.

You can employ the creative services of website designers and developers to create your custom website. Or, if you want to save money, start out using a website builder like our Site Builder. Site Builder allows you choose from hundreds of professionally designed templates and plugins for functionality. It’s so easy to use with a simple Drag & Drop function, you don’t need web developing skills, and can literally pull a professional website together in a matter of hours.

Try the demo here.

Step 7: Advertise your business.

Now the real journey begins… Marketing your business is an ongoing commitment you need to make.

Tips to get started:

• Build a following on social media, where you can engage on a regular basis. Share content that your followers will find interesting, and of course promote your small business, products and services.
• Make use of email marketing tools like Mailchimp to send promotional emails to your subscribers.
• If relevant, sell your products at local markets over weekends.
• Host a launch party with family, friends, and neighbours.
• Most people love to support small businesses, so make sure you give them value and service.

The process will be slow at first but if you offer great quality products and services and are relentless at providing the best and most personal customer service, your efforts will be rewarded.

TOP TIPS

• DO start small and keep your overheads low. Consider keeping your day job and running your online business as a side hustle, initially. This way you can “test” the market and build an emergency fund (3-6 months of expenses) before diving in completely.
• DO choose an online business idea you’ll NEVER grow tired or bored of. You need to commit and keep yourself motivated to drive its ongoing success.
• DO “you”. Choose an online business type that matches your personality. For example, an influencer cannot be camera shy or easily feel awkward with people.
• DO make time to brainstorm and research trends. People want to see new and different things from your online small business.
• DO network physically. Just because you are an online business it doesn’t mean you need to be “stuck” there. Sell your stock at a market. Attend shows. Sponsor prizes. Join a discussion panel. Etc.
• DO take your business seriously. Always look polished and present your brand professionally.
• DO invest in your talent. Attend workshops. Enrol in courses. Read books on entrepreneurship. Go on retreats. Etc.
• DO collaborate with other small businesses and cross market each other.

KEY TAKEAWAYS:

• Starting an online business in 2024 offers affordability and simplicity, making it a viable solution amidst high unemployment rates.
• Choose a small business idea that addresses a market need and aligns with your interests and skills.
• Take your startup business seriously. Create a business plan, set clear goals, and invest in the right tools you need to be successful.
• Don’t wait until you ‘open’, start sourcing, making, and creating products and material early on.
• Develop a distinct brand identity so that you can stand out.
• Build a website quickly and cost-effectively with a website builder and sign-up for reliable web hosting.
• Be consistent with your marketing efforts, value products, customer service and success will come over time.

FAQs

How do I choose the right niche for my online business?

Selecting the right niche is crucial for the success of your online small business. Consider your passions, skills, and market demand. Research potential niches to identify the level of competition, target audience size, and earning potential. Evaluate your unique value proposition and ensure there’s a demand for the products or services you plan to offer.

Do I need a business plan for my online business?

Yes, creating a business plan is crucial, even if you are a small startup entrepreneur. It helps outline your small business goals, target market, competition, marketing strategy, and financial projections, providing a roadmap for success.

How do I handle customer service for my online business?

Set up responsive customer support through email, chat, or social media. Clearly communicate policies, address inquiries promptly, and prioritize customer satisfaction to build a positive reputation.

Can Domains.co.za’s Site Builder help me build an online store?

Yes, Site Builder can assist you with creating an online store by providing plugins designed specifically for e-commerce including payment gateways like Payfast so that you can accept payments online.

What are the key cybersecurity measures for an online business?

Implement secure website protocols (SSL), use strong passwords, regularly update software, and invest in reputable cybersecurity tools to protect customer data and maintain the integrity of your online business.

How can I stay updated on industry trends and changes?

Stay informed by following industry experts and reading their blogs, attending webinars and networking events.