How to Start Business in the New Digital Economy?

Start Business in Digital Economy
Written by Preeti Nath

The post is a contribution from Pritam Nagrale, a blogger from India who expresses his opinion on the blog, MoneyConnexion

The fact that we are living in a shaky economy is all the more reason to get out there and start your own business. The reason we say this is because it will be the entrepreneurs that are going to lead us out of this recession and into a strong economic recovery.

Without jobs, countries and people are going to suffer, and in almost all developed and developing countries, no one creates jobs like small business owners. They are the lifeblood of our society, and we need to get them back into action.

How to Start Business in the Digital Economy?

The fact of the matter is – starting a business isn’t all that difficult. You just have to make a  few basic decisions in the digital economy, and you are up and running. It is not like a few years ago when you have to leave the house, set up an office, and hope some people found your permanent location so you can do business. You just have to plugin to the worldwide economy on the Internet.

So, let’s get into these decisions, and you can see how low the barrier to entry is for most businesses if you have the skills, ability, and qualifications.

#1 Have an idea.

It is the beginning step for all businesses, even ones that are going to leverage the digital world. It all starts with an idea. An idea that you can do something better than another company.

The perception that the marketplace wants and needs what you have to offer. An idea that you can do it cheaper than the next guy and make it better quality. Whatever the idea is, this is the first step to starting your own business.

Without ideas, your business is dead. Don’t be afraid to chase it.

#2 Identify your target market. 

The next step in any business after making the decision to go for it and come up with a killer idea is to figure out who needs your goods and services. It is an important step because it is going to tell you where you need to be advertising and spending your time to be effective in this economy.

List as much as you can about your target market, your ideal customer and all this information should help you in the future. Here is another tip, be sure to put down at least one secondary market as this is sometimes the surprise grouping that will bring in extra revenue for you over time.

#3 Set pricing structure. 

Now, it is time to price your items and offerings. Are you going to be the high-quality offer in the marketplace, the low price leader, or some mix of the two? The choice is up to you and how you value the information, products and time that you put into your business.

Since your business will be mostly focused online, it means that you might have less traditional cost than some of your competition and this could give you a pricing advantage.

#4 Build your website. 

Create a website for your business. You have to remember this, so be sure that it is representative of how you want to be seen, noticed, and branded. Also, your website should sell for you 24 hours a day and seven days a week, even when you are not around.

It should explain who you are, what you offer, how to order, pricing, and any additional questions your clients typically have about your business. Obviously, this will come with time to prepare, so don’t worry if you do not have it right out of the gate. You will develop this over time.

#5 Connect through social media.

The great thing about opening a business on the Internet is the fact that you can market and advertise your products for free, says Jitendra Vaswani from Digiexe, a social media training agency in Jaipur, India. Well, not totally for free, but mainly without the cost of money.

It is because of the social media landscape; you can reach the world with a little bit of time and patience. So no, you do not have to pay any money, but you will have to work to reach out to your target audience. Through companies like Facebook, Twitter, Foursquare, LinkedIn, Digg, StumbleUpon and more, you can reach your market on a startup budget.

We do not claim for this to be a complete list, but something to get you started, thinking, and realizing that you can open a business when you want to. It does not have to cost you an arm and a leg to do so. Your new start up business can be strong, effective, have the reach and help the world thanks to the digital economy that we live in today.



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Preeti Nath

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