

The start of a new year always brings the excitement of new possibilities and this 2024 may be your year to start a new online venture. With ecommerce solutions like Shopify making online business more accessible, there's never been a better time than 2024 to start your online entrepreneurial journey. Ecommerce platforms like Shopify have made navigating the online business landscape a lot easier, providing aspiring online entrepreneurs with the tools and resources they need to launch and manage their online stores with ease.
Now the question is, “Where to start?”.
In this article by Ecommerce Pro, we’re giving you an updated 2024 guide to starting an online business, going down to the basics of where exactly you should begin. We'll guide you through a step-by-step process, from identifying a profitable niche to building a compelling online store, managing your finances, and marketing your business effectively.
So, whether you're a seasoned entrepreneur needing a refresher or a newbie to online business, this guide will help get you started on the road to online business in 2024. Let’s get started!
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The first step to online business is identifying a profitable product niche. While in theory, you can sell anything and everything online, it is best to settle with a specific niche to serve a specific market segment that you can target with your products and services.
To find a good niche, it has to be profitable and should have a sizable market base, without too much competition to give yourself room for potential growth.
You can start by brainstorming ideas on products and services that you feel passionate about. Try to find something with a market demand. You can also conduct market research to analyze the size and growth potential of different niches.
A common niche is baby clothing, and you can narrow it down to a more specific category like baby clothing with fun, theme-based graphic prints for holidays and special occasions.
As this step requires brainstorming, it’s best to list down all your ideas for the next step.
Once you’ve finally come up with your list of viable niches, it’s time to conduct some market research to see if your potential niches have the ability to hold up throughout your online business endeavor.
A tool you can use and explore is Google Trends, where you can see how popular your product niche is based on Google user search queries. Online tools, like Google Trends, provide insights into the popularity and longevity of various niches based on keyword searches.
In this step, your research can also include:
Every business needs a business plan. It serves as the roadmap that outlines all of your goals, strategies, and financial projections. Shopify offers a great and free Business Plan Template for a complete and effective plan for any new online venture.
An online business plan should include the following:
Branding is a powerful aspect of building a business and that’s because it’s branding that makes your brand memorable. Logos and other branding elements are the symbols and colors that represent your business. Just think of some of the world’s most influential brands like Apple, Amazon, and Coca-Cola—their logos and branding characteristics practically spring to mind, and the mere mention of their brand names conjures up a specific image, color, or feeling in the minds of consumers. This is the power of branding, and it’s something you can tap into to build a strong foundation for your online business.
When it comes to creating a logo and other design elements like brand colors, you should keep things simple and limit yourself to a color palette and idea.
To design your online business logo, you can check out Shopify’s Hatchful, a popular choice for logo makers.
If you’re selling physical products, you need to make sure that you have them on hand or that your suppliers are ready to provide them. Suppliers can be found through online directories and even trade shows.
You can also try dropshipping for an inventory-free business where suppliers handle shipping for you.
When it comes to businesses that are offering services, you should get your process down so that you can deliver your services effectively and with efficiency. For services, you may have to hire staff to outsource tasks.
Read our latest article on How to Write Product Descriptions for Your Online Business
Another creative aspect of starting your online store is designing your online storefront using Shopify. The Shopify ecommerce platform is incredibly user-friendly and accessible, making it possible for people without technical expertise to create their online store. Shopify is consistently at the top of the best ecommerce solutions for online business, providing you with all the tools and resources necessary to run an online business, regardless of its size.
Some of the pros of using Shopify include:
You can explore Shopify with their 3-day free trial, after which you can enjoy 3 months of Shopify for 1 €/month on select plans.
We go into extensive detail on how to build your store on Shopify in our article How to Start an Online Store on Shopify: A Step-by-Step Guide.
Marketing your business and drawing in customers to your online store (traffic) is essential to every successful online business and brand. It is essentially the way you get the word out about your business by employing a multifaceted marketing strategy.
With how competitive business can be, it’s best to employ more than one strategy. We list down a few effective marketing strategies below:
Read about the 15 Best SEO Tools to Boost Your Shopify Website’s Rank.
Your customers are the beating heart of your online business, so make sure you provide great customer support by giving them the means to contact you. Customer support is important and opening more than one support channel is key to helping you address the concerns and questions of customers on the cusp of making a purchase decision.
Here are some additions you can make to your site to ensure great customer service and support:
When it comes to business, staying on top of your expenses and finances is essential. You can have a separate business bank account and credit cards to monitor your expenses and income more easily.
Tracking expenses should be detailed and should also be done daily if needed. You should keep detailed records of expenses including invoices, receipts, and other payments with the help of accounting software or Excel to keep track.
By staying on top of your finances, you can make informed decisions that will help your business grow and thrive.
Your online business should be continuously evolving and adapting, so it’s important to be flexible and adapt your business to the latest trends and technologies that will help you improve.
This includes staying up-to-date on the best new marketing channels, tools, and trends that will improve your website and the customer experience.
It’s also important to remember that, as with any other business, online business will present challenges along the way. Just remember to stay adaptable and don’t give up. If you’re passionate about your business and willing to put in the work and effort to improve, you can be successful.
Here are a few things to keep in mind throughout your online endeavor.
You can also go over Shopify’s General Checklist for Starting a New Shopify Store before launching a new online business in 2024.
Starting an online business in 2024 can be relatively simple when accompanied by a solid strategy involving steps you can follow along the way. The steps we highlighted here involve choosing a product niche, conducting market research, and a business plan, along with advice on staying adaptable and patient, among other steps.
Choosing an ecommerce platform like Shopify is also highlighted, as Shopify makes the process of building an online business more streamlined, with all the tools and ecommerce capabilities you need to grow your online brand in 2024.
While creating an online business with Shopify can be simple, there are also several reasons why you may want to work with a Shopify Expert like Ecommerce Pro.
Ecommerce Pro can help you take your online business to the next level, while keeping you up to date on the latest ecommerce trends and best practices, ensuring that your website remains competitive and highly effective in the realm of ecommerce.
Let's build your Shopify Store. Fill out the contact form to get in touch and receive a quote.
At Ecommerce Pro - Shopify Web Developers Agency, we help entrepreneurs and business owners build better and more successful Shopify businesses. Have a question or a project in mind? Get in touch with us today!
Written by Bella Piccioli
Bella Piccioli is a Content Writer at Ecommerce Pro, a top Shopify Plus Partner agency. She creates SEO-optimized content that drives brand growth on Shopify and develops educational materials on the latest eCommerce trends and strategies.
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