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Frequently Asked Questions
It depends on your professional background and personal preferences.
The popular options include online service-based businesses — as an evolutionary step from a freelance side hustle — and product-based online businesses such as online stores.
These two typically require the least starting capital for beginners and can be effectively scaled over time.
Ecommerce is one of the most profitable online business types since you have limitless potential for scaling.
You can start a small niche store and grow it into a cross-country or even cross-border operation, servicing customers worldwide.
Technically, you can start an online business without any capital investment.
However, there still will be a few minor startup costs such as domain name, website builder/platform and website content creation. If you DIY your business website creation and setup, you can start an online business at a low cost.
Today you can sell virtually any type of product online as long as thereʼs a demand for it on the market.
To determine product viability, analyze the target market size — the estimated number of people who may want to buy from you — and possible profit margins — the amount of money you can earn from selling a product for a price that the target market is ready to pay.
You donʼt necessarily need marketing as a business function to launch an online business, but youʼll have to invest in some promotional activities during launch.
Unless you are launching to a pre-warmed audience acquired earlier — e.g., your existing fans on social media or blog readers. A strategic marketing campaign for the launch will pay itself o in hours.
Absolutely. Starting an online business without a business plan is like driving without a rearview mirror— you can get where you need to be but may miss obstacles headed your way
While you donʼt need a formal, business school-style plan for a small ecommerce business, itʼs best to prepare at least a short roadmap document, charting your main steps before the launch.