The business worlds as we know it has been through some huge changes over the past few decades. One of the biggest changes is that there are businesses that do everything completely online. The ecommerce world helps those of us without enough hours in the day. It helps those who are not physically capable of getting out to be more independent and allows businesses instant access to a global market. Below are a few tips to make sure your online business adventure is successful.

Know Your Customers

Most people are similar in the fact that they want polite, friendly service, good deals, and good follow up visits. However, when it actually comes down to the product or products that you are selling, you will find most all your clients will have a different view of how things should be. As the owner of your e business, you need to make sure that your advertisement is precise, but that you are flexible enough to include the vast variety of options your customer might inquire. Set up surveys on your site. Ask for opinions on service and what they would like to see offered in the future or how they might improve a service already offered. Communicate with them.

Know The Economy of the Business

Too many times we jump in over our heads. We thought we had a good handle on things until we were immersed in the project and then realized how much we still didn’t know. Research, research, research. Talk to owners of other e business adventures. Find out what they felt their biggest mistakes were and their biggest successes. Talk to them about the hidden details of the venture. You know. The things you don’t learn until it’s too late. Like tricks to manage inventory. Ask them for their best piece of advice. Look for the common failures of creating an e business. Then, research the need versus demand of the product or service you hope to sell.


Know the Law

One of the biggest traps you could set for yourself when building a business online is to be ignorant of the law surrounding the ecommerce world. The laws have changed and continue to evolve with technological advances, products being sold, and the type of customers that are drawn to the business. Know the law. For example, as recent as 2012, there was no sales tax levied on services and products sold online, but in 2013, the Marketplace Fairness Act was introduced and has since been updated. It states that sales tax must be required of all online businesses. Also, consider researching GDPR laws to make sure you’re not storing information illegally. As some businesses accept payments online, it’s important to ensure that it’s all being kept legally. To keep credit card information more secure, businesses might want to look into tokenization for extra security. By visiting https://www.tokenex.com/products/credit-card-tokenization, for example, business owners can learn more about this.

Hopefully, you noticed that I did not spend a lot of time on how to make your product more marketable, pricing, or even handling employees. If you do not start your business with a firm foundation of knowledge, when it comes time to use it, you might find you have more cracks in the foundation than cement and your e business will fall.

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About Author

Hi Im Eddie. Ive been working in finance for most of my life so I thought I would start to show some or my learnings. Hope you find it useful. I have dogs too and cats. When Im not feed them Im running.