Looking for ways to earn extra money during this quarantine period?
Starting an online business would be a good idea. With this innovative technology today, communicating with other people has been a lot easier for people of any age, which is an important part of marketing. Payment transactions can be made through applications, making it easier for young people to deal with customers. But before going any deeper, here are steps students or young people can take in starting an online business.
Step 1: Conceptualize a plan for your online business.
In starting your own online business, first of all, you must form a plan. Think of what you want to market. It can be something you will make yourself (e.g. food, artwork, crafts) or something you will get from a supplier (someone that provides a product). Calculate the investments you will make and the estimated profit. Know who your targeted clients will be.
Tip: If you don’t want to start your own business but still want to earn extra money, you can look for a ‘work from home’ job that is suitable for your age and something you know you can do.
Step 2: Seek the advice of an adult.
Talk to an adult, preferably, your parents about the online business that you want to start. This conversation will be beneficial because adults, like your parents, have more experience in managing finances. Engaging in meaningful conversation with them will also be a good bonding. They can also suggest ideas to make your business better.
Step 3: Prepare the products that you will market and the platform where you will post it.
After finalizing your plans, it is now time to prepare the goods. Make sure that the products you will sell are in good condition. Build the website or social media account/page where you will post the products. Design your chosen platform attractively to captivate potential buyers.
Step 4: Start and advertise your online business.
After the strategic plans and preparations, you can now start your online business. Be responsive and courteous in dealing with your buyers. Always assure that you are giving your clients the correct product or service based on their demand. To gain more clients, advertise your products. You can also ask your family and friends to help you with this.
Note: In this time of pandemic, if you’re dealing with the customer in person, observe proper health standards.
Step 5: Ask your customers/clients for feedback.
“Your most unhappy customers are your greatest source of learning.” – Bill Gates
According to Bill Gates, when doing business, through dissatisfied clients, you can obtain a lesson. Having this kind of customer means that you and your business still have room for improvement. The reason why your client was not pleased can be taken as constructive criticism to make your product better. Having good feedback can help you attract more customers while having bad feedback will be a great help in improving your product or service. No business is perfect, so don’t be discouraged whenever you make mistakes. Just make sure that you will never make the same mistakes again.
Just like a traditional business, managing an online business is not that easy especially for young people. But following these steps might help in easing the challenge of running an online business.