How to start online business from home?

There are numerous benefits to launching an online business. You can choose a field that interests you, work from home, be self-employed, set your work hours, etc. 

Starting a business online looks easier; however, the approach should be equally simpler to sustain it. If you are clueless about it all, you can begin your journey with earning apps that can help you earn without any investment. The IDFC FIRST Bank's MyFIRST Partner Program is one such avenue that can help you earn money online through a personal loan program without a significant commitment of time or effort. And you can earn up to Rs. 50,000 or even more every month by simply referring people in your network seeking a personal loan through the app.

If you are thinking about how to start an online business from home or looking to earn and save to start one, or to fulfil your personal goals, we've got you covered with our seven-step guide.

It all starts with a business idea

One of the most daunting parts of starting an online business is figuring out where to begin. A great online business begins with an idea.

You can always look back on the subjects you studied in school or college or develop a skills map to define your strengths and weaknesses. You can also look for an idea that you always thought would be helpful to others as a customer. Once you have listed them all in one place, choose the one that stands out to you the most.

Along with that, also conduct online market research. Gather information about the market you will be entering and your competitors and customers. This is an important stage in establishing an online business since it allows you to assess if there is a sustainable demand for what you want to sell.

Thanks to the internet, studying the market is not that difficult, from online market research to analysing the top competitors. Write your thoughts and ideas while conducting the research to help you develop your strategy.

Find a profitable niche within the idea

A niche market is a subset of a larger market. To establish a successful niche, focus on a topic and list its benefits about which you are knowledgeable and passionate, identify subtopics within that area, and conduct research on each one. Next, analyse your target audiences within these areas to identify market gaps and determine whether or not this will be a consistent interest over time. 

For instance, while the loan sector is vast, securing a loan is tiresome. As an IDFC FIRST Bank's MyFIRST Partner, you can fill this gap by helping your clients seamlessly secure a personal loan to fulfil their financial needs. All you need to do is refer someone for a personal loan through the IDFC FIRST Bank's MyFIRST App with minimal documentation, track the status online, and earn a 1.5% payout on every loan disbursal.

Define your target audience

The target audience is people who have similar needs to those that your online venture aims to fulfil. As a result, customers are more likely to purchase your products or services.

Understanding your target audience, including age, gender, and spending capacity, will help you market your product more effectively and build a better relationship with them.

Define marketing strategies to fuel business growth

Next on your journey to starting a small business online is to understand how your target consumer will move through the stages of the buying cycle till they make their first purchase. The goal is to stay engaged with them at every step and even after becoming clients, as many of them can bring you referrals.

Knowing their journey will also help you bring in the right marketing strategy that can fuel business growth through social media, video marketing, delivering better customer experience, etc., to spread knowledge about your product or service and answer their queries that can help close a sale sooner.

Find a mentor

The next step in your quest to figure out "how to start an online business" is finding a mentor who can guide you with the basic steps of becoming an entrepreneur.

Successful entrepreneurs are surrounded by networks that include mentors, other entrepreneurs, and investors to help them on their journey to success. Knowing how to strengthen your networking skills can make a big difference in your business's success. With IDFC FIRST Bank's MyFIRST Partner Program earning app, you can refer and earn money from your network right from the comfort of your home and get to grow a professional network that can also mentor you for your career. Just download the app, register using a few details in under 5 minutes, and start earning and networking!

Furthermore, you also get a dedicated Relationship Manager and a central helpline that can help resolve all your queries. The extensive training provided by IDFC FIRST Bank can help you build your confidence and improve your sales skills. 

Few points to consider before you sell

Launching an online business or starting any business from your home requires significant time, energy, effort, and investment. However, if you do not have the necessary investment, you can earn through IDFC FIRST Bank's MyFIRST Partner Program, which offers a unique personal loan referral program with zero investment and weekly payouts on each disbursal raised through you. All you have to do is connect your family, friends, or acquaintances who seek a personal loan with IDFC FIRST Bank and earn an excellent 1.5 % flat payout on the amount disbursed.

Launching an online business

The actions you take following a sale and how you monitor and drive growth are critical elements that may make or break your online business. 

Once your groundwork is laid, it's time to take some actions to ensure its long-term success. You could offer rewards for new customer referrals or send personalised cards for special occasions such as birthdays, offering gift promotions. 

Furthermore, you'll want to focus on your company's profitability, development, and general success by staying involved with your target audience and creating more buzz to drive growth and gain new consumers.

Starting your own online business from home may not be easy, but it will undoubtedly be one of the most rewarding things you will ever do.

IDFC FIRST Bank provides extensive training and backend support, a dedicated relationship manager, a quick approval turnaround time, weekly payouts, and hassle-free processing to make the experience smoother for you and your clients. And you get to do all this from the comfort of your home. You can even become an IDFC FIRST Bank's MyFIRST Partner and have a full-time job if you only want to build an alternative career.    

​Download the refer and earn app by IDFC FIRST Bank today and kickstart your journey to financial freedom.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.