Internet is the world’s new shopping mall and therefore, online business is the way to succeed. But what does it take to start a business online? What are the steps? What will you need? We have answered all your questions through our blog.
Do you dream to become the next Amazon? No, there is nothing wrong with that dream. In fact, dreaming at such a level is the dedication required to make big waves in the industry. Amazon and companies like it have made their presence known to the world through internet. When we look at such companies, we can’t help but get inspired to do something similar. Ecommerce is the path chosen by the modern entrepreneur because of this very reason.
Thus, it’s time to stop dreaming and start living it. Through this blog, you will tell you most of there is to know about starting your online business in India. We hope that once you gain success upon following this blog, you remember us.
Why start an online business in India?
Before we move on to the “how” and the “what”, it’s time we look at “Why”. Why should start an online business in India? Internet is omnipresent is used by near everyone. Although in the olden days, desktop and laptops are all we had, now people have smartphones. As a result, the internet’s penetration into the desires of the people has become more effective.
Your phone is now your very own shopping portal. And the markets available online have a way of reaching to even the most remote areas. With this widespread reach of the internet and it’s only natural for the new evolution of the business to be e-commerce.
A report made in 2018 suggested that the growth rate of the ecommerce market in India is about 19%.
If you weren’t convinced with our point of internet reach, this growth must have gathered your attention. And one other thing, the online business ideas in India are many. Why? It’s because, in this land where culture, technology, and landscape marry each other, the products and services have no limit.
Steps to start an online business in India
Without a proper business plan, there is no business. Therefore, we implore you to take note of the steps below. These can help form good online business in India for students. Following them will help you not only start your business but will also give you pointers to grow it:
- Design a sustainable business model for your online business idea: The foundation of your online business should be sustainable. For this purpose, you need to rethink your idea. Do so over and over again and ask yourself the following questions:
- What type of online business ideas do you have in mind?
- Are you business online business ideas in India without investment?
- What are your plans of accumulating budget?
- What is your growth plan?
- How you are going to serve the customers?
- What type of revenue model are you going to choose?
- What shall be the core objective of your online business?
These questions might seem a bit far-fetched but believe us – you’ll need to answer them before jumping into internet commerce.
- Choose a product/service to sell online: What do you want to sell online? What’s in demand? Who are you? These are the questions you tackle when choosing the product and service to serve people. You might have noticed that one of the questions is a bit odd, but it isn’t. Who are you has an impact on your decision? There is a lot of online business in India for students that have made them into modern entrepreneurs. There are other businesses, which have put the Indian culture on the forefront. Therefore, decide wisely what you want to choose for your business.
- Research the Market: You need a customer based on your product or service. Knowing them will help you market the product. Do market research. It’s not rocket science you just have to do the following:
- Study how much the product is in demand
- Identify your competitors
- Do customer surveys and ask them their needs
- Search the mark to see what users are looking for.
Market research allows you get the lay of the land. And see, what’s cooking.
- Understand how online business model works: The online business model has only some similarities with the traditional physical business model. The capital distribution depends on the differences. The cost incurred in an online business model would include:
- Web hosting cost
- Market resource cost
- Website designing cost
- HR costs
- Rent and Utilities.
While I would like to say that there are best business ideas in India without investment – it would be wrong to say that. There is a bit of investment required. But it’s not much to bother you.
- Register our online business: Your online business should have an organized foundation. Register your online business. There are multiple business organizations that you can choose from. However, we recommend that you choose One Person Company. Eventually, when your annual turnover is high enough, it will convert into Private limited company.
- At the same time, register your domain: Go to GoDaddy, Big Rock or any other domain shopping portal and purchase one. Name it the same as your company. If the name isn’t coming out to be unique, change the domain from .in to .com. There is only a little investment
- Get the licenses to start trading: Depending upon the type of your business, you’ll need to get licenses.
Once you’ve gone through these steps, you can start your online business.
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