Everything You Need To Know About Starting An Online Business From Home
Here’s an understatement: Times have been tough, especially on our savings. Naturally, a lot of us have been looking for alternate sources of income, whether in the form of side gigs or investments. But since the quarantine period started, that source, for many work-from-home professionals, has come from opening a home-based business largely operating online.
If the idea of opening a small business speaks to your entrepreneurial instincts, here are a few tips for getting started:
Know your purpose
Whether you’re thinking of reselling gadgets or letting go of some barely-used clothes, the most basic questions every aspiring entrepreneur should ask themselves is this: What need does my business fulfill? Is there really a market for what I want to do? Take a look at the interests of your target market—no, you can’t and shouldn’t target “everyone”—and strategize. This is also a good time to figure out just how much you’re willing to shell out to get this started.
Reach your audience
Customers aren’t going to bite if they don’t know you exist. If you’re operating purely from home, then the best way to make yourself known is to establish your presence online—through social media platforms like Facebook and Instagram or through your own website. Figure out which works best for the business you’re going for, and which platform your target audience uses most.
Consider your payment options
For many businesses, online bank transfers and apps with wallets tend to be the name of the game—however, these options don’t always lend you the flexibility that you and your customers may need. Cash on delivery and cash on pick-up services are a great way to build trust with customers, and can be achieved with a trusted partner.
Get things from Point A to Point B
The most important part of a business will always be delivering what you’ve promised, figuratively and literally. If you're a business that's looking to expand and scale up, make sure you know how to reach customers not just in the Metro, but also in other provinces. In this case, you’ll want to employ the services of a trusted courier service with a good track record and the ability to actually expand your market reach. The bigger their network of branches, the better.
Keeping track of all your transactions is the key to making sure your business keeps moving. A look at what you’ve managed to accomplish, after all, gives you a good idea of how you’re doing as a business—especially when it comes to the financial side of things—and it can even give you a few ideas for growth.
It all starts with having the right tools and the right partner. LBC Online is an easy-to-use touchpoint for online businesses and sellers so they can process transactions online. Sign up for free, and you get access to a dashboard to track your transactions without having to invest in software. You also get to have your products picked up from your home with LBC Online's Rider Pickup feature.
By signing up to LBC Online, you can also avail of cash on delivery and cash on pickup services for your customers, making it easier, quicker, and more secure for you to send products and collect payments from customers near and far through over 1,400 LBC Express branches all over the country. And on top of that, you can still stay flexible with the options of collecting only the service fee, the cost of the item, all, or none.
You can also learn more about how to run your business from LBC’s SoShop online community, where members get exclusive access to tools to expand further through extended reach, skill training, and other exclusive programs.