I haven’t been regular on Hacknovations from a while, the reason being I was busy with my new online venture “Frolicthemes”. I’ve been planning to launch a product of my own in the market from a long time. After a lot of planning and discussions, I started an online WordPress theme Shop.
While working on FrolicThemes, I learned a couple of things which I’ll be breaking down in this post.
In this post, I’ll break down the lessons I learned from my personal experiences. FrolicThemes isn’t my first venture online. Earlier I’ve started this blog, peduga ( forum ) and now FrolicThemes. I’ve also contributed to several online ventures. All this time I’ve learned handful of lessons, which I will share in this post.
Things You Should Know Before Starting Your Next Online Venture
- Your Product and the target audience : This is obvious and the most important aspect as well. You need to be very selective about the product. Conduct a brief research about your product. Under the brief research find out every minor details about the product and its target audience. Choosing an target audience is vital. It can lead your venture towards success as well as failure. Once you know whom you are targeting, collect each and every detail of your audience. These details can include spending capacity, needs and requirements, what they prefer and similar details.
- The Brand Name : The most troubling thing I often come to stop on to is the brand name. The WWW has nearly every name registered. Whenever I finish deciding what the product is going to be, I find myself on sudden stop still while choosing a name. Your name holds a great importance as it is going to be your brand name later. It doesn’t matter how big or small your venture is, your name needs to be unique. When it comes to name picking, a lot of bloggers suggest using online name picking tool, however I don’t think they work. The best way you can pick a name is by selecting some words that relate to your business and try combining them. Professional name pickers take about 6 months and $80,000 for picking a name, so take at least a month for picking yours.
- Logo, headers and banners : Logo is the first thing your users are going to relate you with. I know there are hundreds of “Free logo maker online” , but if you are aiming for something high, hire some freelancer. Make sure logo represents your product and what you do. Letter logos are good, however prefer using a picture logo. You can also use the logo as favicon, watermark, and on advertising materials.
- Your Team : Behind every successful product, there is a lot of hard work and efforts. If you are not starting alone ( like I did ) , decide who is going to be your team. Ideally your team is very much responsible for the success of your product. Don’t pick relatives and friends in your team unless they are really worth the hit. Check how much skilled your members are. When selecting my team for a project , I look for a single quality in person. It is the will to never quit against failures.
- Social media Profiles : Once your venture is started, register an account for it on all social media profiles. Right after I booked the domain for frolicthemes, I created an account for frolicthemes on the major social networking websites such as Facebook, Twitter, Google+ and Youtube. I Even registered it on Google My Business. Being on Social media profiles help you analyze your audience better and promote your products or update a news better.
- Collect Emails : A Common problem why Online ventures fail is because they don’t collect emails. Start collecting emails from the day first of your business. Use optins, pop-ups and squeezing pages to boost your lead generating process. Pop-ups work the best in collecting emails, however they might irritate your readers as well.
- Analyzing Digits and Facts : A lot of feedback and stats goes UN-analyzed from the eyes. Use analytics tool such as Google analytics, Hotjar, SumoMe to collect every possible detail from your website. Don’t only collect numbers, stats and feedbacks, analyze and plan your next moves accordingly. There are couple of analytics tool available online which will let you analyze your business to the best.
Conclusion – So, These were the Things You Should Know Before starting a New Online Venture . Building a business isn’t easy, However that doesn’t mean one should leave experimenting. Continue split testing and experimenting until you land on the perfect combination.
As I told above, I’ve started a new online venture Frolicthemes, I am working on it continuously and will continue sharing how I am growing it. Until then, you can visit frolicthemes to let me know your suggestions and feedback.
Leave your feedback, suggestions and opinions in the comments below. If you have your own points which you consider while starting a new business, tell me in the comments below.