Chances are, while retirement has been exciting, you’re probably getting bored with it by now and need something to do. Most people agree that they get a bit stir-crazy once they’re no longer working. Also, if you’re on a fixed income, you may be struggling financially. If this is the case, you might want to consider starting an online business. This will keep you active and help you make some extra money.
In this article, we’ll explain some things you need to know before getting started.
10 Things to Know about Starting an Online Business
Find your passion
The very first step in starting your own business is to find your passion. When you do something you care about, you’ll spend more time researching/learning about it, and you’ll be more motivated to make it work. Plus, when you’re passionate about it, your efficiency, creativity, and innovation will be sparked- which is critical for running an online business.
Of course, not everyone has a dream they’d like to pursue after they retire- but there are lots of things you can do to increase your chances of success.
Do Your Research
Before you launch your online business, take some time to do your research:
- Understand the market
- Identify your target demographic
- Understand your target demographic- their needs/wants/preferences
- Learn about various business models and determine the one you want to follow which model is the most viable.
Understand the costs associated with an online business
Know where your money is coming from
Build your own website or hire someone to do it for you
If you have the knowledge, as well as the time and patience, build your own website. If you don’t, there are other options.
Hire a freelancer/web design company to build your website. You may also want to consider hiring someone to do the design without the back-end code. They can create everything you need so you don’t have to worry about it.
If none of these options sound appealing, you can use a site like WordPress that offers easy-to-use templates with everything you need- just fill out the information and click “Publish”.
Find the right marketing tools
There are so many factors to consider, it can be difficult to find the right marketing tools for your business. Some of the most important digital marketing strategies for online business include:
- Search Engine Optimization (SEO)
- Pay-per-click (PPC)
- Email marketing
- Influencer marketing
Create your action plan
Don’t just jump right in to starting an online business. Take the time to create an action plan outlining specific tasks/timelines. An action plan needs to have specific, measurable goals with deadlines.
By creating milestones, you keep yourself and your team focused on important tasks as well as give them something concrete to work towards. It’s easy to lose motivation when you’re wandering aimlessly without specific goals to target.
As you create your timeline, make sure to include realistic deadlines and when possible, leave some wiggle room so you don’t lose a lot of time if things take longer than expected. However, be careful that you don’t let things get too far behind.
Choose a domain name
In order to increase your chances of success, be sure to choose a memorable domain name. It should be unique, but easy to spell/pronounce.
Your domain name is made of two components:
- Top-Level Domain (TLD): determines how people find you- vary in length from 2 to 10 characters, such as “.com”, “.edu”, etc.
A good domain name makes a huge difference because it helps people remember where they saw your site and are more likely to go back to it in the future when they need what you have to offer.
Use the best marketing strategy
When it comes to business, marketing is critical. There’s more to it than advertising- you must be able to market yourself to attract new customers and employees. Therefore, you will need to do some research to determine which kind of marketing strategies work best for your target demographic.
Additionally, make sure you’re using the right tools for each marketing strategy, so you avoid making mistakes along the way. The more time/effort you put into marketing your business, the more likely you will be to be successful.
Don’t neglect customer service
As a business owner, you must understand that customer service is key. If you can’t meet your customer’s needs, you’re going to be losing business. Good customer service helps your customers feel like you care, which can increase customer loyalty and repeat purchases.
When you’re starting an online business, remember that your target demographic may be older or younger, so think about the time you’re spending on email marketing and social media- unless you’re specifically targeting older individuals.
Focus primarily on providing great products at fair prices, as well as a strong return policy so that people feel good about purchasing from you in the future if something isn’t working out for them.
Choose the right payment gateway for online payments
You are going to need a payment gateway to accept payments from customers in an electronic format. Payment gateways are typically offered by banks and can be used for online and offline transactions and can accept debit and credit card payments. Make sure you understand all of the fees associated with the payment gateway before you sign up so you won’t be surprised later on.
Make sure your website is mobile-friendly
Most people are always on the go and use their mobile devices for everything. You don’t want to lose potential customers because they can’t access your site with their mobile devices. Therefore, make sure that your website is optimized for mobile. This means that when they visit your site from a mobile device, it will adjust to their screen size.
If you’ve never done anything like this before, starting an online business seems daunting, but it’s really not that difficult. Simply follow these tips and you will be well on your way to a successful online venture after retirement. When you’re ready to get started, contact Hemmingway Financial Group. We’ll be happy to help!