Starting a business is one of the best things that anyone can do for themselves in 2021.
I have heard many reasons why people do not have their businesses. From reasons like, I am not cut out to be an entrepreneur to reasons like I don’t have enough time. Whatever the reasons, as long as you need more cash or liquidity, starting a business might be a great solution for you.
An online business gives you certain advantages that an offline business does not. Are we suggesting that this is an easy thing to do? Absolutely not. Before you “Jump off the startup cliff”, here are 5 things you need to start a professional online business and make money;
1. Have a solid idea or business
Having an idea is the place to start. An idea is a thought that solves a problem for others. Your idea has to solve a difficult problem for a few people (usually means you can charge a lot for this), or a small problem for lots of people (this is where scale comes into play).
2. A business plan
Many people believe the myth that business plans are outdated. As a business owner, Angel investor and online business expert, I can tell you for free that it is not. Every business person with years of experience will tell you that the projections in business plans are usually off, however it gives you a place to start from and a reference point for changes and adjustments as things evolve.
3. A clear idea of who your ideal customer is
The most important thing to every business is having customers. People who need the value that your business provides and who are willing to pay for the value. When defining your customer, you need to know that the net of potential customers can be widened significantly, but when planning to need to narrow down the audience to a “Bulls Eye” target. The people that cannot do without the value you are offering or choose not to live without the value. You also need to ensure that there are enough of these people within your reach to make the business sustainable.
4. A partner that enables growth
Everyone needs a little help from time to time. Being smart about your partners is one of the most consistent traits of successful business people across the world. If your business is in Nigeria, one such partner is SocialPay. SocialPay is designed for businesses who need to create a professional look and feel around their brand even while they are still at the startup phase. SocialPay enables businesses to send professional looking invoices and collect payments online using payment links.
Asides from the aforementioned benefits, SocialPay also offers cash advance payments when you have been using their platform for a minimum of 3 months. They give up to 30% of your collections over 3 months and 50% of collections over 6 months. The best part is that you can choose how you want to pay back. 10% to 30% of daily collections is the range you have to conveniently pay back the cash advance received.
Also, The first 10,000 merchants will have access to a one-month interest-free loan up to a maximum amount of N 1,000,000
5. A website or social media profile
You cannot have an online business without any online presence. You would need a website or social media profile to have an online business. Platforms such as Wix, WordPress, Weebly, Squarespace and GoDaddy can help you build a website quickly.
You can, also create pages on any of the following platforms; Facebook, Instagram, Twitter, Snapchat, LinkedIn and TikTok.
With these 5 steps, you are well on your way to earning some money and growing as a person.
Author: Charles N.
This content was originally published here.