10 Fundamentals to Know About Managing an Online Business (Part 2)

In Part 1 of this article, I touched on the importance of things like having a targeted marketing plan, responding to negative reviews, and learning how budgeting works.

Here are some more useful ideas for managing an online business:

#6 Develop effective written and verbal communication skills

There’s no way around the importance of professional communication. That is, unless you choose to completely ignore your customers’ needs.

And that’s just bad business, period.

Indeed, good communication skills form the foundation of everything from live chats to surveys to email correspondence to phone calls, and more. As a business owner, you can’t afford to slack here.

#7 Gain specific knowledge about the market you want to be in

In the beginning, at least, you’ll be better off with a proven, profitable niche market. In fact, this strategy is one of the best ways for you to learn the ropes of ecommerce.

And also gain valuable insights into your customers’ needs.

What’s more is that it helps you see the pitfalls of thinking that a one-size-fits-all strategy is the key to success. It isn’t.

#8 Spend the time needed on creating a “plan of attack”

When you try to be too many things to too many people, you’ll likely fail. So if you want to be successful at managing an online business, you need a business plan.

It can be a very basic plan, but it should still answer these three questions:

Who are your customers?
What are you selling?
What are people willing to pay?

#9 Learn how to set the right price point for your product(s)

On one hand, overpricing your product can lead to overestimating your profits. And this, in turn, can lead to spending money now you had hoped to recoup through sales later.

On the other hand, but just as detrimental, undervaluing the worth of your product will lose you real money, in real time.

So what’s the best pricing strategy to use when managing an online business? Adjust your price points as your store evolves. In other words, experience is a great teacher.

#10 Know that it takes obsession and drive to be successful

Simply put, it’s very easy to underestimate the amount of work involved. Not only that, but you have to stay committed to your long term goals, while, at the same time, being able to adapt to change as necessary.

Not an easy feat, for sure.

But, in the end, the key to successfully managing an online business is by keeping the momentum going. And that’s because—although seemingly paradoxical—movement is, in fact, what creates stability.

What are your thoughts on this topic? Please feel free to leave a comment below!