With the rapid advancement in technologies, entrepreneurs have been setting up their businesses entirely online, without setting up any offline store.
These particular stores operate entirely in an online environment which lets them run with greater freedom and also gives them more capital since they would be saving a lot of money by setting up their respective businesses online and on the move instead of setting up a shop or any sort of an offline store.
In case you are an entrepreneur who wishes to shift their existing business online or start an entirely new business, it is important that you research and get hold of certain strategies that give you an edge over your competitors and also let you transition easily into the online commerce market.
You also need relevant research on a guide for online business registration which can legalize and make your business official in the eyes of the government. Below mentioned are some of the online businesses that are completely online.
You can evaluate and conduct your research on them to understand your own strategies.
01. Online eCommerce Store and Drop Shipping
If you intend on selling your own products online or buying products from one dealer and selling it to another consumer then setting up an eCommerce store would be the best bet for you.
Since the pandemic eCommerce stores are rising at a rapid pace and this is the best time to join this particular industry.
- Business Name: Takealot.com
- Website www.takealot.com
- Date of launch: 2011
Takealot.com is one of the best eCommerce stores in South Africa and is one of the largest, most innovative stores in Africa. Their goal is to become a customer-focused online shopping site that provides excellent post and pre-sales support to potential customers.
Unique Selling Point of the Business:
Takealot.com have also purchased Mr Delivery which allows them to have their own transport network and they have also introduced Mr D Food which is their food delivery service based on demand.
02. Building and Coding Applications for Phones
There is an ever-rising need for new and innovative applications for mobile phones. Using your valuable time to develop and sell smartphone apps can be an extremely profitable endeavor.
Before you think about starting your own company, here is an example of an online business you can take insight from:
- Business Name: Codhesion
- Website: codehesion.co.za
Codhesion provides their clients with good web development services for their potential customers and they also build cloud-based applications for their clients.
They also provide mobile apps development services to their customers who want to build iOS and Android apps.
Unique Selling Point
Their fast-paced development strategy ensures that they can create software quickly and re-evaluate and modify their design on a frequent basis to ensure that they quickly deliver their services to their clients.
03. Digital Product Or Online Course
Creating a product or an online course is a way to make money with your special knowledge and skills. A digital product may include making an eBook or webinar for your courses and earning money with them.
Before you start you can learn a few lessons from this online business example:
- Business Name: Creative School of Business
- Website: www.redandyellow.co.za/online-ed
Creative School of Business offers Red & Yellow which is a business school for students who irrespective of their ages can attend in order to develop the career skills required for them to succeed in this digital world.
This business school is focused on equipping its students with the exciting facts and opportunities provided due to the digitization of the 21st Century.
Unique Selling Point
In addition to online courses and diplomas, they also offer physical education for students who want to study full-time on campus.
04. Chatbot Making
Chatbots are designed to conduct conversations with online customers when real people are not available. Using free and easy-to-use programs you can design your own chatbot. Before you can start your own chatbot business, you first need to evaluate what your competition is doing.
Here is an example of an online business where you can collect information:
- Business Name: Intercom
- Website: www.intercom.com
- Established Date: 2011
About the Business:
Intercom provides businesses with custom chatbots that will assist them in leading and increasing sales and marketing.
The advantages of their provided chatbots are that they improve tracking 24/7, have unlimited conversions since there is no human involvement, assist in increasing sales, and grow businesses beyond what humans can achieve.
Unique Selling Point:
Intercom offers a range of online products that modern businesses can potentially use to accelerate their growth in the aspects of purchasing, to sharing, and customer support.
05. Buying and Selling Domain Names
You can buy domain names also known as website addresses that you think will be popular in the near future and sell them after the popularity for the respective domain rises due to certain factors.
If you have the right knowledge and relevant skills, you can start out with such an online business idea. Here is a quick example of this online business idea from which you can learn some strategies:
- Business Name: Starfire Holdings
- Website: www.starfireholdings.com
About the Business:
Starfire Holdings provides professional and smart domain registration services to assist their clients in protecting domain names paid for by their businesses.
They also assist their customers with advice and expertise by buying or selling a domain name.
These are some of the most common business ideas which can be pursued by an entrepreneur who wishes to start out his or her online business.
These five examples are just the tip of an iceberg since the online business world is endless and the possibilities to be pursued cannot be listed down on a piece of paper. However, before entering into the world of online business you need proper research and also need to evaluate your potential competitor’s position.
All of this research and preparation will let you form the best possible strategy for your business to succeed and expand in an accelerated way.
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