Irrespective of the type of business you want to engage in, planning is the Foundation upon which you must build, otherwise you easily crash out of the system. There is this saying that failing to plan is planning to fail. You must think of what to Sell, strategies to adopt, resources needed, how to source for fund, how to grow your business, how to create awareness, etc. The same is true for both online and offline businesses
whether you want to start an online business or offline business, you need to choose your niche market. What kind of product or service do you hope to deliver? Who are the target audiences? Whatever area you choose, specific target audience is necessary for your success.
Either ways publicity plays a vital role in getting customers to know about your market or product. The methods of publicity may not be exactly the same; but the baseline is that you cannot do business effectively and successfully without adequate publicity either online or offline.
This is the backbone of your business. No matter how good your plans or ideas, if there is no finance, it is as good as not having any idea. One can die with one’s concept if there is no way of making it a reality. No matter how cheap, you need some money to be able to run whatever type of business you want to go into.
Online and offline businesses both need location for people to reach them. This may be in form of a local shop or store, shopping complex, etc. offline, or the use of domain name and hosting company online. You need a base where you can operate from and where people can find you.
Every business needs people to manage it and keep it going. It doesn’t matter whether you are offline or online. No business can run itself. The resources available – both financial, material and human, need to be coordinated for a better output.
This is needed on both sides in order to build a better relationship between the seller and the buyer, or between the service provider and the consumer. There needs to be a way of communication on both sides. The better the communication the better for the business because a better way of communication helps to keep the customers and make them come back from time to time to buy from you.
Online and offline businesses both require a means of exchange for transaction to take place. This could be the use of money, cheques, credit cards, debit cards, cash payment, bank transaction or payment processor. Whichever the case, you must ensure your customers don’t go back with the money meant to buy your products. If there is no way of exchange, there is no business.
So when planning to start a business you need to consider the importance of planning, niche market, publicity, finance, location, management, interaction and exchange, irrespective of the type of market you want to start.
These are just my personal opinions; they are by no means conclusive. Your personal contributions are also welcome. So if you have ideas that you feel can benefit others, don’t hesitate to share them with us.