Having an online business, be it for selling something or some other service, can give you the flexibility of working from home, dictating your own hours, reducing the need for childcare and saving you money on commuting or additional premises. However, while is may sound like jacking your job in and going it alone is the solution to a perfect life, there are a LOT of things which can go wrong with a new business, not least of all being the lack of security.

We’ve got five tips for you which anyone thinking of starting a new business should think about before taking a leap of faith.

Know Your Niche

Knowing your niche is hugely important, especially if it’s a market which is already flooded. If you plan to start a business which is just like another, already established one, what is going to make people shop with you rather than going to the on they already know? It’s a fact that most new businesses fail within the first year, so planning ahead and making sure you really know your market is hugely important.

Build Your Audience

Online shops are NOTHING without customers. You can have the best products advertised on the sleekest website but if no-one is buying your stuff, it’s all pointless. Social media is one of the best allies that a new business can have because it allows you to build your audience and give your business a personal touch. Remain professional but personable and engaging when you speak to people and your shop will be memorable to them.

Proper marketing

As with the point about social media above, people will only shop with you if they know about your shop! Using some of your start-up budget on proper marketing from a service like Innovation Company will ensure that you spread your message as optimally as possible for your budget, with professionals who really know marketing on your side.

Good Customer Service

Anyone who does a customer facing job knows that “the customer is always right”, and although we all know that sometimes the customer is ACTUALLY a frustrating ass, dealing with people in the right way will really win you support from people. Obviously we aren’t suggesting that you allow yourself to be fleeced by chancers who are trying to get something for free, but being accomodating with your customers will go a LONG way towards making them loyal to you.

Cheapest Isn’t Always Best

When you first start a business, there’s a massive instinct that you need to undercut the competition in order to win customers, which isn’t always the case. Many people are still suspicious of the cheapest shops because they feel that they must be ‘too good to be true’ and will opt for something slightly more expensive for a sense of reassurance. Also, pricing yourself so low that your business cannot afford to continue won’t help anyone!

Do you have any tips of how to make the bets of a new business? Do leave me a comment below, I’d love to hear from you.