The 5 key elements to starting a new business online

Although hundreds of online entrepreneurs have successfully built a business on the internet it is far from child’s play. There are numerous elements that need to be fused together in order for any internet-based business to prevail.

Many people have tried and failed to start their own online business and have failed simply because of fear and the inability to put in the hard yards. Before committing yourself to a new business it is important to evaluate your own skills and qualities to ensure you are prepared for the long road to success.

There are many key attributes required for any internet business start-up. Unfortunately there is so much more involved than simply putting a website live and sitting back waiting for the orders to roll in. Do you have what it takes to create a recipe for online success?

Drive and charisma

 The best way to lure in customers online is to engage them with your story – why you are selling your products and your passion for what you do. If you are unable to convey your drive and charisma then it is very unlikely that customers will feel enamoured to want to purchase and become returning customers.

A killer brand

 What really sets your online business apart from the rest is killer branding and a strong marketing message. Whether this is a bold and memorable business name or a striking logo it has to be something that resonates with the products or services you provide and leaves a lasting memory. One of the reasons why those who fail to build a successful new business online is that they never focus on developing a brand that speaks for you.

Reliability

 There is nothing more frustrating than designing and developing your e-commerce website and find that it experiences significant server downtime once it goes live. A reliable web host can be the difference between a profit and a loss. Fast-loading web pages are far more likely to convert with potential customers, who will simply close their browser if your website takes an age to display its products. A reliable web host is the best investment you can make as an internet business.

Desirable stock

 Before an online business opens its doors it is vital that you consider the demand for the stock you purchase. The last thing you want is to get locked into products you’ve paid for and you find you can’t shift them for love nor money. You also want to avoid entering a niche market in which there is already a market leader. Businesses that make this mistake often struggle to convince customers to buy through them than their well-established counterparts.

Adequate financing

 Statistics show that many small internet businesses go out of business within the first two years. It is a widely held view by small business experts that you should have enough financing behind you to carry you through several years even if profits are less than anticipated. This may mean not giving up the day job and running your website part time until it is showing encouraging signs.

Starting an internet business can in fact be one of the toughest things you can do, particularly in competitive markets, but it can also be the most rewarding.

Written by UK commercial property provider Pall Mall Estates, a major UK commercial property provider who owns and manages of 500 properties across the UK.