Maybe you’re thinking about becoming an online entrepreneur or maybe you’ve already done your research, thought long and hard about it and you’ve made your decision. Now it’s time to come up with a solid business idea for your online initiative. It might seem intimidating but here are a few ways to make the process a lot more simple. 

Find Your Passion

A big part of starting your own business is being passionate about it, especially in the case of a small online business. Being self-employed comes with the challenge of having to do a lot of the leg work yourself and it can be tempting to give up when things get hard. The passion you have for your idea will be a major driving force in keeping you on track. 

Do Your Research 

Some questions you’ll need to ask yourself are:

  1. How can I turn my passion into an online business?

  2. What service or product can I provide?

  3. Who needs these services or products?

  4. What are the digital tools I’ll need?

These can be answered by talking to friends, family or doing searches online. You can go further by doing a SWOT analysis to identify the potential strengths, weaknesses, opportunities and threats that will affect and influence your online business. Another great way to narrow down your online business idea is to do a keyword search to see what other online business exist out there that offer the same or similar service. Once you are armed with this information, you’ll be better able to find ways to make you stand out.

Find Something Unique

You might worry that your small online business idea won’t make a big enough impression but if you can find something unique about your idea or approach you can really set yourself apart from the competition. Using the information gathered from your SWOT analysis you can have a better idea of what the climate is like in the industry in which you plan to start your business. 

With your business being online you have many cost-effective ways to make your business stand out. Think of how you can market or represent your business differently - it could be the platforms you advertise on, the way your website is set up or offering an exclusive experience to certain customers.

Test Your Idea

If you’re wondering how well your business will do you can conduct surveys. This will provide you with additional insight and highlight any areas that might need improvement. There is also the option of launching a smaller version of your idea or starting it as a side business to see how well it performs. Whether you're considering selling products online or selling an online service, we hope these tips will help you build them out!

What are some ideas you’ve been considering?