How to Start a Small Online Business in 6 Easy Steps

By Belle Wong
Published: January 3, 2022 | The Hartford Small Biz Ahead

Do you have a business idea you just can’t get out of your head? Starting an online business can be quite daunting for people who are new to business startups. But if you’ve been wondering how to start a small online business, there’s good news: it doesn’t have to be daunting at all.

We’ve set out six easy steps to starting your new online business below. It doesn’t matter what your business idea is. These steps apply to all types of businesses that can be run profitably online. Follow these steps to join the ranks of small business owners everywhere.

1. Does Your New Small Business Fill a Need?

To start your business, you need to make sure your business idea is viable. In order to build a successful business, you must meet and deliver on a specific need. And it’s not enough for that need to exist. There should be enough of a need for your product or service to sustain your business over the long term.

You can answer these questions through market research. In fact, doing market research is the most essential of the steps to start a small business. The following are three ways you can find out if there’s a strong enough need for your product or service:

• Keyword research. Using a free keyword tool like Google’s Keyword Planner, you can find the search volume for keywords that are related to the need you’re researching. Search numbers will tell you whether people actively seek answers to the particular problem your product or service solves.
• Online forums. Online forums where people gather together to discuss subjects related to your business idea can help you answer the following questions: What solutions are people looking for? What issues are they encountering in their search for solutions?
• Keyword search results. Finally, check out the search results for keywords targeting the need you’re addressing. There should be some competition for these keywords, as this indicates a need people have. You can also check out your competition, which can provide you with further insights into what is working.

2. Create a Business Plan for Your Small Business

So you’ve done your research, and it’s clear that there’s a large enough market for your product or service. The next step to starting an online business is to write a business plan. A business plan creates a solid foundation that sets your business idea apart from other online business ideas.

You don’t need a book-length business plan to start an online business, although detailed plans can be quite effective. Your business plan should contain the following sections:

1. Executive summary. This section summarizes the highlights from the rest of your plan.
2. Business description. You’ll describe your business in this section, including an outline of your business structure.
3. Market analysis and strategy. This is where you’ll discuss the market research you did in the previous step and the marketing strategies you’ll use to promote your business.
4. Management and staff. Since you probably won’t be hiring employees for a while, the focus of this section will be on you. Fill this section with your bio, adding emphasis on the strengths that will help your business succeed.
5. Financial section. This is where you’ll include any documents you have that project the economic future of your business.

A great way to begin is by checking out online resources that…[More]

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To read the full article by Belle Wong, visit: How to Start a Small Online Business in 6 Easy Steps