How to Realistically Start an Online Business in 2020
If you’re serious about starting an online business, 2020 has provided the perfect opportunity for smart entrepreneurs. Despite the COVID-19 pandemic, online retail stores have managed to thrive on an unprecedented scale. No doubt, this is a result of the internet.
The explosive growth rate of the eCommerce industry has forced virtually every brick-and-mortar store to transition online. Regardless of how competitive the market is, you can still get customers and scale your business to an optimum level. Here are a few essential tips to get your online business started.
1. Stock up your inventory.
Inventory simply refers to the number of goods you have in stock. Online businesses rely on the proceeds from selling their products to thrive and obtain bottom-line revenue. Conversely, an online company that doesn’t have enough products in its inventory, will likely lose customers and potential sales.
With that in mind, you should find a reliable company to buy wholesale goods from. If you don’t know any wholesale companies off the top of your head, do a quick Google search of “wholesale near me,” and you’ll find some excellent options. It’s advisable to opt for cost-saving means of stockpiling your inventory to manage your business capital and efficiently generate revenue.
Companies like Direct Liquidation help you buy quality products at very cheap rates. This b2b liquidation company sells pallets of returned or refurbished inventory from major department stores to businesses online at discounted or wholesale rates.
Simply put, they liquidate the surplus inventories of national retailers and manufacturers to sell at a cheaper rate. On the receiving end, you’ll find companies looking to stock up their inventory. They equally have a network of facilities where they refurbish and re-package these merchandise before selling them.
More so, you can buy quality products for wholesale prices without the need for unreliable distributors or go-betweens. What’s more, you get free access to customer returns, end of life products from tier 1 brands, and overstock. To start bidding for cheap quality products, you need to set up a user account and verify a payment method.
2. Buy an IP address block.
An internet protocol address is a unique identifying number assigned to a device by an internet service provider (ISP). Purchasing an internet protocol address block will help you control your website traffic and enhance your site’s security. This means that you’ll be able to determine your customer’s location and restrict access to any destructive address.
There are two types of IP addresses in active use — IPv4 and IPv6. However, the IPv4 address is the most commonly used of the two versions. More so, the IP address allocation is set up by IANA, a standards organization managed by ICANN. They not only oversee autonomous global system number allocation, but also internet the protocol addressing systems, and other internet numbers.
If you want to buy IPv4 block, seek out a reputable IPv4 broker like Hilco Streambank to see you through your IPv4 purchases. Better still, you can buy it yourself from the company, IPv4 Connect. The company was founded by Brander Group Inc. and is a trusted marketplace to buy 100% clean IPv4 subnets in ARIN, RIPE, and APNIC.
IPv4 Connect mandates every potential buyer and seller to register with their regional internet registry (RIR). Once you successfully create an account, they’ll provide the necessary assistance to set up your IPv4 block. Also, If you’re under the APNIC region or ARIN region, they’ll also help you get pre-approval to acquire an IPv4 address space.
3. Develop a foolproof marketing plan.
Every online business needs a viable marketing plan. Without the right marketing, it would be difficult to attract potential customers and increase sales. A good marketing plan also increases your chances of converting leads into sales. You can use several effective marketing strategies to reach your target audience while promoting your products and services.
Regardless of your business needs, your target audience and product type should influence your marketing strategy. Some viable marketing strategies include paid advertising, social media marketing, undercover marketing, email marketing, and word of mouth.