7 things to do before starting an online business, No. 5 is very important.

Starting an online business is an altogether complicated thing to do. Many have failed because of the inability to cope with the ups and downs, attributed to a lack of foresight and planning.

To have a better shot at success, here are 7 things you should not do:

1. Do your homework.

When starting an online business, preparation is crucial. Think of it like cooking: you start by preparing your ingredients. How do you decide on what ingredients to prepare? It’s through research.

Without doing any research, the consequences that await you are dire. Research who your customers will be, your product, and what people are willing to pay for your services. Give yourself a good start by preparing before the real business begins.

2. Plan with data

Do not plan unless you’ve done your research thoroughly and gathered data. You need to have sufficient data before you can even start to make out a plan. With data, you’ll be able to come up with a recipe for success that will likely work – and sell.

3. Worry about the money

Money is what sustains a business, and without it you’ll never be able to make your business stand up and. In business, there is always a chance that you’ll run out of money before you can even make a profit.

Plan out your financial goals in advance, don’t wait until it’s too late. Have a safety net or contingency plan already prepared in case something happens.

4. Setting the price right

Sometimes when you’re desperate in selling, you’ll set the price at a very low cost. This is something you must avoid, for this means the business is not working. Do not undervalue yourself. Set the necessary price to be able to make a decent, worthy profit.

5. Have a friendly, catchy domain name

Your domain or web address is an important tools for online businesses. Your customers’ first impression will rely heavily on how your website looks and works.

You must have a simple and clear navigation so that your customers can browse leisurely. Also, another important thing is to ensure the web hosting of your website. Choose a trustworthy host to avoid downtime.

6. Consider SEO and branding, and being active on social media.

Make your online business work by generating massive amounts of web traffic. Even if your product is great, without search engine optimization (SEO), it will be buried by thousands of websites. You must be active in major social media sites as well. This means advertising and cultivating brand awareness. Facebook and Pinterest are good places to start.

7. Value Customer service and experience.

Remember customers are looking a good buying experience as well a good product. Interact with them, and answer their questions promptly. That can be through chat, e-mail, telephone, or surveys. Make them feel welcome to share their concerns. In all likelihood, they will return to your website.

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