Unequivocally the Answer is YES!
More than 80% of people will go online to review a product before purchasing it. There are review sites, blogs, and forums where people can go and get any information on a product or service they desire. But what happens if your business isn’t online?
If your product or service is not online then you are at risk of losing out on potential sales and new customers. The benefits of having a website for your business are immeasurable, however, we have ten of the top advantages below.
10 Advantages of Having an Online Business
1. Cost Saving
There are minimal start-up costs to create and run a website. All you need is a domain name and web hosting package and you’re half-way there. If your business is purely online you will save on overhead costs too which can add up to thousands of £££’s a year.
2. Marketing=Money
The internet is a great and inexpensive tool for marketing. Online advertising is affordable and easily tracked which means you see what communication is working and what isn’t. You will be able to nail down the exact demographics of your target audience and you can use Search Engine Optimization tools to improve your Google ranking and therefore bring in more traffic. Email marketing is also a powerful tool to help raise brand awareness, build relationships and bring in sales – this is something every business should be doing.
3. Go Green
The most effective way to reduce your company’s carbon footprint is to run it online only. Less staff is needed and your employees can also work from home – save on transport costs and utilities like water and heating. Everything can be done electronically and stored online too which helps to save paper.
4. 24/7/365
Your online business will be open 24 hours a day, 7 days a week and 365 days a year. If you are running an eCommerce site then your business can make money for you while you are sleeping or taking your kids to school. Potential customers can browse your products and services, and review them whenever they want from the comfort of their own home. Your site can extract valuable data like email addresses and other important customer data which can help you to target the right audience more effectively.
5. Communication is Key
Your website is a point of contact for you and can act as an interactive business card. Customers are able to contact and converse with you via phone, email, Twitter, Facebook, and so on to ask you questions regarding your product and services. This is a great way to build relationships with your customers.
6. The Social Media Phenomenon
Facebook, Twitter, LinkedIn, and other social media platforms are extremely valuable tools to market your business. Companies can interact and engage with their customers to develop brand loyalty and industry authority. Plus it creates another sales and marketing channel for your business to grow.
7. Go Global
Anyone with an internet connection can view your products or services online. From the countryside in Yorkshire to a busy corner shop in Japan and to a sleepy fishing village in South Africa, the internet is the world’s shopping window for your products.
8. Flexibility
Run your online business from your home – you could even run your online business while on holiday. Hosting companies are creating software which makes it easy for someone to run their own business with ease. You could be creating and sending invoices while improving your golf swing.
9. Professional
If a potential customer searches for your company online and can’t find your website, you will automatically lose credibility in the eyes of that customer. They will, in a matter of seconds, search for the product or service you offer and go straight to the competition without a second thought.
10. Niche is Nice
eBay started out because someone bought a broken laser pointer off a bidding program created by Pierre Omidyar, the founder of eBay. Pierre contacted the customer to inform him that it was, in fact, a broken laser pointer he had just purchased, to which the customer replied: “I collect broken laser pointers.” Don’t think that if you have a niche product or service, there is no point in having it online. You are speaking to a global audience where your product could be more popular than you think.
However, what if you don’t have a business? Many clients are just beginning their online business adventure. If you have yet to make your first sale, don’t worry, we can still help you get online in a hurry. See below for a step by step account of how to create a business plan for your brilliant business idea.
How to Assemble Your First Business Plan
A business plan is vital for any new business or entrepreneurial venture to succeed. It outlines how to reach your long-term objectives, while also generating a profit. But what do you need to know before creating this key document?
1. Understand what your Objectives Are.
Most new businesses fail within five years, often due to a lack of planning. It’s vital to identify what you’re trying to achieve, and how the company might grow or diversify. Companies often evolve in unexpected directions, so don’t limit your scope by choosing a restrictive brand or website name.
2. Look for Templates.
There are free document templates online, including on The Prince’s Trust website. It’s useful to include financial appendices, again based on generic documents. These templates prove that you don’t need a marketing degree to explain a concept, identify opportunities or summarise year-by-year goals.
3. Don’t Overdo the Content.
A five-page plan is fine as long as it covers the three key elements – cost, market analysis, and an overview of how the company will function. Knowing your target audience is important, but a concise summary of their demographics and buying habits will suffice in the plan.
4. Follow the Formula.
A typical business plan starts with a one-page summary, leading into a detailed description of the business’s USPs and goals. After covering market demographics and competitor analysis, you should incorporate business development plans. Conclude with marketing strategies and financial projections.
5. Focus on USPs
There’s no point launching a business that mimics established rivals: your new company should differ in service, choice, or value. Look for niches that aren’t being filled or customer needs not being met. Outline these USPs in your plan so potential investors understand why the company is being created.
6. Proof and Proof Again
A business plan is often the only document people can judge you (and your proposed enterprise) on. If the financial projections don’t add up, or the text is full of spelling errors, people will quietly walk away. Spell-check the document more than once, and ensure it’s neatly presented in jargon-free English.
7. Run it Past Friends and Family
It’s often difficult to explain a concept or inspiration in writing. Show trusted friends and relatives your draft plan, asking whether it outlines your ideas clearly and convincingly. Act on constructive criticism, since your eventual audience may refuse funding or support for relatively minor reasons.
A well-written business plan often helps to refine proposals for a new company, steering it in a more profitable direction. If you only create one document before registering a business at Companies House, make it this one.
Next, let’s look at how you should design your new business website to be sure that your business is putting its best foot forward…