Becoming an Online Entrepreneur in 2024: 10 Critical Steps to Follow

In an increasingly digital world, more and more consumers are conducting business online. Almost 30% of business takes place over the Internet, with a 9.4% growth in e-commerce sales predicted for 2024, that number is likely to keep trending upward. If you’re considering starting a business, there’s no better time than now.

By establishing a business online, you can use the growing e-commerce sector to build a lasting digital brand. But, like any entrepreneurial venture, starting an online business takes planning and dedication. 

Fortunately, being strategic about building your business plan and launching your brand online can significantly increase your chances of success. Read on to learn how to confidently launch your online business by following a few basic steps.

How to become an online entrepreneur in 10 steps

Every entrepreneur will have a unique perspective on starting and running an online business. Still, there are a few best practices to consider. Explore these key steps to take your online venture from a simple idea to a fully-fledged business:

Step 1: Choose a niche

Start by deciding what type of business you want to operate and picking out a niche within that field. Almost any business can be conducted online, so focus on something that interests you and aligns with your skills. 

You can begin the process on a broad scale, then start honing in on the specifics. Consider these critical questions as you start brainstorming:

• Do you want to sell a product, offer a service, or create content to generate revenue from brands and advertisements?

• What sectors are you most knowledgeable about?

• What industries have the most significant growth potential?

Once you have a general idea of the type of online business you want to run, consider selecting a niche that showcases growth potential. Targeting a particular niche also comes with additional benefits. For instance, it becomes easier to: 

• Connect with your target consumer
• Differentiate your business from competitors

Remember that you can continually expand to other areas once you have your footing as a business. 

For example, you may start an affiliate blog to post beauty tutorials and promote cosmetics. Instead of simply beginning a general beauty blog, you could focus on niches such as makeup for mature skin or sustainable beauty products.

Step 2: Research your competitors

Conduct online searches and explore social media to learn about your primary competitors. Doing this research beforehand can help you understand what niches are already saturated and which have room for new businesses. It can also give you an idea of the most successful online marketing strategies within your sector.

Search for relevant keywords on social media and search engines to see what type of content will come up when your customers make similar searches. You may notice common themes between businesses that rank well in search engine results and businesses that have high engagement with their customer bases. 

Pay attention to how your main competitors position their brands and market their products. You can take inspiration from the most successful strategies and then add a twist to make those techniques specific to your brand. 

Step 3: Identify your audience

It’s also important to determine what type of consumer you’re trying to reach with your products or services. By identifying your target audience and their key characteristics, you can curate your business to their unique preferences. 

Once you have a general idea of who you’re catering to, create customer personas that embody the main consumer groups you’re trying to reach. Better understanding your target audience can help you empathize with your customer’s pain points and consider what solutions you can offer them.

Understanding your audience can also help you pick the proper promotional channels for your online business. For example, if you’re targeting an older person, you may focus on using Facebook, the most popular platform for adults over 50. On the other hand, to engage with teens, you might focus on producing content for YouTube and TikTok. 

Step 4: Create a relatable brand identity

Although your brand may evolve over time, it’s helpful to get started with a brand identity that’s already relatable to your audience. To that end, consider creating a memorable, searchable, and distinct business name that indicates your brand’s core purpose. 

As you brainstorm ideas, think about the impression you want to make on your audience based on who they are. Knowing your brand identity can help guide the naming process by establishing your overall tone. For instance: 

• A B2B consulting company may focus on a professional, helpful tone
• A fashion brand may strive for a tone that’s playful and trendy

The vocabulary you use to create your name, your advertising, and the types of posts you share online can all contribute to your brand identity. Over time, you can adjust your voice and tone based on how customers engage with your content, but starting with a cohesive voice and identity can make your brand more memorable in its beginning stages. 

Step 5: Pick the right domain name

As an online brand, your website is one of your core assets. It acts as a digital command center where you can post educational content, manage your shop, connect with customers, and share the main purpose of your business.

Building an engaging website starts with securing the perfect domain name. Your domain name is the gateway to the rest of your digital content, so choosing a name that’s concise, memorable, yet relatable to your overall brand is important. 

Here are just a few best practices to consider when selecting your domain name:

• Incorporate keywords that relate to your brand to improve searchability
• Keep the name short to make it more memorable and easier to find
• Avoid numbers and hyphens, as these can confuse

Many companies have brand names that don’t immediately indicate the purpose of their business. If you want to showcase your brand name in your domain while emphasizing your business purpose, consider using a descriptive extension. 

Descriptive domain extensions are keywords that come after the dot, such as .COFFEE, .PRO, or .SHOP, that gives your customers a clear indication of what they can expect from your business while simultaneously giving you more flexibility with the part of your domain name that comes before the dot. 

Step 6: Connect your digital platforms

Many online businesses use multiple social media and digital platforms to maximize their reach and interact with different customer segments. When using multiple social platforms, 

use a “link in bio” to direct users back to an external page, such as your website, product, or content the user wants to find more information on. 

You can also use your business website as a way to consolidate posts from different social pages, providing customers with a convenient dashboard that they can use to navigate all of your digital content. 

Step 7: Create shareable content

Regardless of the type of online business you’re operating, posting shareable content can help expand your reach and build brand awareness. To that end, research what content your audience likes to share, then make blog posts, videos, or infographics related to those subjects. 

Think about how you can turn popular topics in your industry into educational or entertaining posts. Make sure you have a hook to capture the audience’s attention, then expand on it to generate valuable content that keeps your audience engaged. Further, it is important to include a Call to Action (CTA) in the conclusion of your article to incentivize readers to the next step.

Step 8: Optimize for search

Once you’ve created interesting, educational content to share, ensure that your audience can find it by optimizing it for search. That means including relevant keywords and tags throughout your content to increase the chances of the content ranking high for those terms in search engine results. 

To facilitate this process, regularly research keywords your audience uses, then tailor your content based on your findings. 

Step 9: Automate your processes

Whenever possible, automate your business processes to eliminate time-consuming manual tasks. One of the simplest ways to automate your online business is to link your social media accounts, allowing you to post to several platforms simultaneously. Some tools to help automate your social posting include Crowdfire, Hootsuite, and SocialPilot. 

Additionally, consider scheduling posts ahead of time so that you can promote your website or online shop at the optimal times each day. You can also: 

• Create automated email campaigns to reach out to customers and keep them engaged with your content, products, and services

• Take advantage of online tools that can automate various online shop processes 

Step 10: Diversify Your marketing strategies

When you first launch your online business, you may focus on just one or two marketing techniques to start building an audience. But to pursue exponential growth, it’s critical to use all the resources at your disposal. 

To that end, consider diversifying your marketing techniques by using a blend of the following: 

• Content marketing
• Email marketing
• Affiliate marketing
• Paid advertising

Assess the return on investment for each technique to determine how to allocate your budget for optimal results. 

Build a better online business with Name.com 

Before you launch your online business, start building a strong digital identity by claiming a unique, memorable, and relevant domain name that differentiates you from competitors and establishes you as an expert in your field.

With Name.com, you can easily explore high-value domain names and extensions and secure one that’s right for your business. And, once you’re ready to debut your business online, you can use the Name.com platform to effortlessly link and manage your domain name to your other digital assets, including your website. 

No matter how you grow your business, selecting a Name.com domain name can put you on the path toward building a strong online presence and becoming a successful digital entrepreneur. 

Sources:

 Zippia. Online Business Statistics FAQ. https://www.zippia.com/advice/online-business-statistics/#:~:text=What%20percentage%20of%20business%20is,%2C%20that%20number%20is%2018%25.

Oberlo. GLOBAL ECOMMERCE SALES GROWTH (2023–2027). https://www.oberlo.com/statistics/global-ecommerce-sales-growth

Marketing Chants. Which Social Media Platforms Are the 50+ Age Group Using? https://www.marketingcharts.com/demographics-and-audiences/boomers-and-older-228353#:~:text=New%20research%20%5Bpdf%5D%20from%20the,from%2068%25%20a%20year%20earlier.
Pew Research Center. Teens, Social Media and Technology 2022. https://www.pewresearch.org/internet/2022/08/10/teens-social-media-and-technology-2022/#:~:text=YouTube%20stands%20out%20as%20the,%25)%20and%20Snapchat%20(59%25).