Any ideas to set up an online business?

I'm thinking of setting up a business any ideas will be greatly appreciated!

I recently graduated from Business Management at Liverpool Hope University and they have a great project were we can create and develop our own businesses so I've got tons of great tips!

Firstly, do your market research! There's no point creating a fabulous product or service based on your vision and that's the only factor involved. Find out what the market wants, what's hot in the market at the moment?

Next, I know I said don't go off your vision but you obviously need to incorporate something you're interested in. So I love food, so I created a student cookbook designed to make healthy recipes on a budget.

Third, consider your competitors. Many, many businesses make the silly mistake of creating an amazing product that costs tons to make and although it could give you a profit margin, it results in being more expensive than competing products.

Research your suppliers, who are the best to get your materials from? Who can offer you the best deal? Are they eco-friendly suppliers? (Consumers are really into this stuff right now!)

Social Media! My consumer base exploded once I got an efficient social media presence going. Pick a few platforms and keep them fully updated.

And just on a personal note from one aspiring entrepreneur to another, in this current climate of "going green", add in an environmental element to your product or service. As part of my cookbook I included pages on how to reduce food waste and how to recycle in the most efficient way. If you ever decided to take a degree in Business Management you would definitely be taught all about the future of business going green and the importance of conforming to this ideal to make a successful product!

Hope this helps!

Robyn

Thank you for taking the time to share your knowledge with me. Really appreciate it.