Are you thinking about starting an online business. Have you been thinking for long about how to place your first foot and exploring the domain? Want to know how to start an online business? This blog is for you
What is an online business?
The online business represents the kind of business in the digital medium. The online business consists of selling products and services and getting paid for selling and purchasing goods and services. Online business is known as e- business. In this digital world, online business is gaining popularity day by day. With the aggressive e-commerce growth, the opportunities to start an online business in India are vast.
Why go for online business ?
The popularity of e- commerce is increasing in the world as its adding easier way to transact, reach new customers and increase business. An online presence of Businesses always elevates the trust level. The online business makes consumers more confident while connecting online effortlessly. The Indian Brand Equity Foundation reported the e-commerce growth trajectory in India is expected to replace the US and become the second largest e-commerce market in the world by 2034. By 2030, the Indian e-commerce market is expected to reach the US. It's the best time to start an online business in India if you have a good business idea.
Advantages of setting up a online business in India.
Growing Demand
The accentuating demand of Indian e-commerce is definitely a driving factor. Being involved by a young demographic profile increases internet penetration and relatively better economic performance. People expect online services and have a digital shopping experience at their convenience.
Increasing Investment
The recent rise in digital literacy has led to an influx of investment in e-commerce firms, ensuring the existing business expands their online reach while giving space for new players.
Attractive Opportunities
Opportunities are immense when it comes to online business. New and innovative Indian Government initiatives like Startup India and Digital India, as well as rising internet penetration, are driven by market players like Reliance Jio. Even the education sector has been transformed with many e-learning players entering the field.
Global Access
Starting an online business also widens its reach to a global audience and market. You have the scope of grabbing the attention of the global consumers and grow on a global scale.
How to register online business in India
Step 1: First, apply for Directors Identification Number (DIN) via online or offline mode.
- Offline mode- Download the DIN application form (i.e., form 3) from the Ministry of Corporate Affairs website and submit it via post.
- Online- Apply online through the Ministry of Corporate Affairs website by attaching the required documents.
- Have the Permanent Account Number (PAN) details Digital Signature Certificate ready.
Step 2: Check the availability of your company’s name and get it approved through the Registrar of the Companies.
Step 3: Within six months you could incorporate the company once its name is confirmed.
Step 4: Next, acquire the following:
- Goods and Service Tax (GST) certification
- Shops and Establishment license.
- Professional Tax
Step 5: Apply for Provident Fund (PF) and medical insurance of employees.
Step 6: Don't forget to apply for the Certification of Company’s Incorporation to officially register your company under the Company’s Act of 2013.
Bonus information: It’s a good idea to register your brand and trademarking its products, services, or company asserting the uniqueness of your brand.
Steps to start an online business in India
Step 1: Design an E-commerce Business Model
Step 2: Choose Product/Service to Sell Online
Step 3: Choose your Target Market Field
Step 4: Do Market Research
Step 5: Understand the dynamics of the Online Business Model
Step 6: Establish Your E-commerce Business Legally
Step 7: Set up your E-commerce Website
Step 8: Attracting Customers to your Website
- Eye catching design language
- Advertisements
- Social Media Marketing
- Promotions
- Online PR
- Email Marketing activities
Step 9: Test and Launch.
Online Business Examples
It is normal to get confused about which business idea to select for an online business. But if you are an aspiring entrepreneur looking for e-business examples, we have some business ideas that could help you decide.
- Dropshipping - Figuring out the products supply (from big suppliers) and then shipping them to customers. Here the only things you need to do is generating leads for your products via listing them on websites like Amazon, Jhattse, running Ads, broadcasting your listed products.
- Affiliate Marketing - Marketing products listed on ecommerce website on your own platforms like blogs, APP, review platform etc. and linking products with affiliate links. Many big and small ecommerce websites have affiliate programs providing commissions to referrers for each sale made.
- Become an online coach or counselor - You can start giving out your coaching or consulting services on services listing platform like upwork.com, getwork.org etc. or on your website.
- Become a writer - You can start your copywriting journey on your on business website or on freelancing website.
- Become an influencer - These time with advances in creator economy more and more platform are rewarding content creator in more ways than before. You can start your content creation journey on any platform available like Instagram, Twitter, Tiktok, Reddit etc.
- Become an app or website developer - Give your services online on your business site or on listing platforms like Upwork, Freelancer.
- Creating a podcast channel - You can start your video content journey on Youtube. And start earning via Youtube Ads or brand deals.
- Selling digital course - Digital course are one of the best digital assets as they deliver value to the users and hold monetary value. One time assets can deliver large lifetime value unlike other sort of service based business which always requires creator time.
- Book publishing - Booking publishing has never been easy. AI advancements have helped writer a lot. A lot of self publishing platforms have come up helping out new writers. Pratilipi is one such platform from India.
Useful tips for Online Business
- Integrate, update, and organize your online content frequently.
- Always keep a tab on your competitors and changing trends.
- Maintain your company and customer’s records.
- Garnish it with social media.
- Nurture your Customers.
- Influence the Right Way.
- Be careful with the logistics.
- Don’t give up easily, be persistent with your efforts
We wish you have a great start and success with your online business.