19

Nov
2019

How to Start Your Own Online Business This 2020

Posted By : Gloria Rodriguez/ 84

1. Think of a good online business idea.

Starting an online business in Malaysia is not easy. There are tons of things to learn and
implement. One of the first thigs you should do is to take the time to research, and contemplate
on good online business ideas that you can explore.
Remember, every profitable business starts
with a great idea. Know your target audience, and what pain points you want to address.

2. Write a comprehensive online business plan.

List down all of the thoughts that you have for your business. What are your goals? Schedule
brainstorming sessions. What are those ideas that will work for you? Which ones do you think
would be unsuccessful? In addition to your random thoughts, write down the costs, as well as the
potential profit.

Writing an online business plan can be a long process, but never forget one of the most important
things–creativity is also part of it.

3. Register your online business.

Online business registration will depend on your state and city ordinances. However, it is also
better to register even if it is not really required. Of course, people would take your online
venture more seriously if it is official.

4. Put together a sales or creative team.

Since you are running a new online, home-based business, your staff may only be composed of
independent, work-at-home graphic artists, developers and freelancers. A small venture is judged
by the type of services and products your team can produce, so make sure to pick intelligent,
creative people.

5. Manage your finances well.

In order to keep your online venture strong, it is crucial to manage the finances well. Many
entrepreneurs are not financing experts. These people are good at running their business.

However, they are not good at keeping up with the flow of money within the business.