How to Start an Online Business by Rachel Rofe's Model
Posted by Sofia Levine from the General category at 18 Sep 2023 09:35:38 am.
The volume of online sales of products and services has increased enormously in the last few years. So, it is time to act on it if you've had that nagging idea of becoming an entrepreneur for a while now after seeing Rachel Rofe do it! Creating an online store offers several advantages, and everyone agrees on that. But being able to reach a massive audience in a relatively short time is probably the most crucial reason you should move your business online right now! Take your time because even coming up with a website name idea can take time and effort.
An online store is a website that works on an E-commerce platform. Although there are many technical possibilities for creating an online store, the most straightforward, cheapest, and most secure solutions are represented using an open-source platform such as WordPress. The advantages of using WordPress are multiple, and its strengths are characterized by the increased security, ease of use, and the freeness of the platform itself. In other words, instead of paying hundreds or thousands of euros to a web design agency, you can do everything yourself.
Choose a Profitable Online Business Idea
The only costs when doing everything yourself are registering a domain name and purchasing a hosting package. First, you must choose your business niche and then narrow it down to one online business idea, as Rachel Rofe recommends. How do you do this when you have too few or too many opinions around you? Evaluate each option from different perspectives. What motivates you most to take action? Although passion is not the "main" criterion for starting an online business, a strong interest will help you move forward in the early stages of your online business.
Do you have skills you can monetize? Or are you willing to learn something new from Rachel Rofe? For example, website development. Is there a good enough demand for what you plan to offer? Left-handed scissors may seem like a good product at first. There are a lot of lefties who have to cut things, right? But in practice, you may need help to build a large enough customer base if this is your only product. This quick assessment should help you prioritize several business models. From this point, you can develop the final business idea.
Assess the Viability of Your Business Idea
OK, you have several ideas about your skills and interests. Now, you should look closer at the third element – market size and demand – to understand if you can profit from your business. Here's how you can evaluate the viability of your online service or product. Do some quick online market research. The purpose of market research is to help you understand:
- Who is your ideal customer?
- What products or services do they prefer?
- How do customers find these services?
- Who is currently serving their needs in the market you want to enter?
Choose a Company Name
With an online business, you want a brand name that:
- It looks good as a URL;
- It's easy to remember and type in the search bar;
- It has an exciting name and indicates what you sell/do;
- It does not interfere with any trademark or other business;
- The name is also available on social media;
- The easiest way to come up with an excellent online business name is to use a domain name generator, as Rachel Rofe did as well;
- Enter some keywords, and then you get a list of available domain name suggestions.
If your option is taken or too expensive, try mixing the words to be able to register the domain. Your company name may partially match your domain name. Although the field does not precisely represent the company name, you are still left with its name. Choosing the name of your website may seem easy, but it is one of the most important decisions you must make for your business. That is why it is essential to consider some constructive aspects when making this choice. You can search the Internet for ideas on starting your business, and Rachel Rofe can help you.
Set Up a Website or Landing Page
You can only run a successful online business, such as Rachel Rofe did, with a website. Of course, you can sell your products or services through online marketplaces. But you'll miss out on a lot of opportunities and profit. Company registration is not required if you intend to do business under your legal name, for example, as a service provider. But you may miss particular tax, legal, and liability protection benefits if you don't register under some legal entity. Consider doing it once your business starts gaining traction; do not worry about it when you're just starting.
In most cases, you only need to register your company name with the trade register to become an official business. By business name, regulators mean the name of your legal entity. According to the law, regulatory authorities will register you without problems if no one uses your name and you meet spelling criteria. By officially registering your business name, you will prevent anyone else from using it in any way nationally in the country where you operate. You are done with website setup and business registration. Create a pre-launch marketing strategy.
Now comes the fun part – launching your own online business! At this stage, you have two main tasks:
- Check that everything is ready, down to the minor details, and create a good plan to drive traffic to your website.
- Launch and scale the business and set some new sales records.
- Keep up the pace and explore other marketing strategies.
The best part of running an online business is that you have unlimited possibilities for growth. And Rachel Rofe can agree with you on that. Expand and diversify once you've exhausted one marketing channel or your core business model.
Tags: Rachel Rofe