How to Shift Your Business from Offline to Online
Many business owners have a successful offline company but want to expand their reach to the online market. This can be a difficult transition for many small businesses because they do not have the time or resources necessary to go from being an offline-based business into an online-based one.
In this blog post, we will discuss how you can make your transition as easy as possible so that you can focus on what matters most: growing your company and making money! If you have a plan in place but still want to know if it will be the best move financially, a business valuer is a person to get you on the right track, enquire today and see how we can help you.
6 Key Points to Consider When Planning to Move Online
- Identify your target market and figure out what they want
- Create a website that is mobile-friendly, easy to navigate, and visually appealing
- Find a way to make money from your site without being too pushy or annoying
- Make sure you have the right domain name for SEO purposes
- Build up an email list so people can sign up for updates about your business as well as offers on products or services
- Be patient – it may take time before you start seeing any results but don’t give up!
3 Main Factors to Get Started
- Create a website.
- Develop a marketing strategy.
- Create a sales funnel.
The first step in making the transition to an online business is to create a website. This may seem like an obvious step, but many small businesses do not have a website and are missing out on a major opportunity to grow their customer base.
A website is a perfect place to showcase your products or services, provide information about your company, and connect with potential customers.
Another important step in making the transition to an online business is developing a marketing strategy. You need to come up with a plan for how you will reach your target audience and attract new customers.
This may include creating social media profiles, running ads, or writing blog posts. It’s important to be creative and think outside the box when developing your marketing strategy so that you can stand out from the competition.
The final step in making the transition to an online business is creating a sales funnel. This is the process of converting website visitors into paying customers.
You need to create a system that will entice people to buy your product or service, and then make it easy for them to do so. The key is to provide value and be helpful throughout the entire buying process.
Lastly, as a business owner, find a niche that you’re passionate about, create an online presence on social media and other sites and start blogging and building relationships with people in the industry that can potentially become a client or a business partner in the future.
Build your website to target what you want to portray to your potential customers through the pages, layout, products, and services you have to offer.
What Is a Business Valuation?
A valuation refers to the process of determining the fair market value of a company completed by a qualified highly skilled business valuer, as there are a number of techniques used to complete these valuations.
How is a Business Valued?
The business will be inspected with a business valuer that is local to your area, you will receive a comprehensive report detailing the value of the business and this is determined by
- by weighing the nature of the business
- financial performance
- Local and national economic conditions
- Assets and liabilities
The valuer will also take external factors that may influence the operations of the business. There are no set rules when it comes to the methods used as every business is unique and each business owner has a specific requirement for a business valuation.
The business valuer will decide which method is more suited for your valuation purpose and the best outcome guaranteed.
Reasons for a Business Valuation?
A business valuation is important for any business owner, no matter the type or industry you are in. We have listed several reasons why you may need to value your business:
- Sale of the business
- Change of ownership
- Investor/partnership openings
- Planning to sell part of the company for stock
- Require a bank loan
- Detailed information required for the growth of your business
- Tax purposes/ capital investment
Simple ways to Add Value to your Business
What does it mean to add value?
It’s helpful to think that adding value will ultimately improve your business structure and capabilities, whether this is by increasing sales, providing better quality products or services to your customers which would expand your potential reach, or it could be that you are prepared for any situation that may arise.
As an employee doing that little extra to make your actions and contributions seen to the employer and potential customers can have a positive impact on the business and its reputation.
- The Faster the Better
- Quality Wins
- Value Adding
- Lifestyle Changes
Your business is an investment and could be the biggest asset you own. So, whether you’re starting a new business, purchasing an existing one or you have decided to sell. You want your business to be valuable for the next person that may come along.
By following these steps, and seeking out professional advice, you will be on your way to starting a successful online business! Remember, it takes time and effort to build a successful company, but with hard work and dedication, anything is possible. So, get started today and see how your business can grow!
About the Author!
Gerard Wilsher is an Associate Member of the Australian Property Institute and a Certified Practicing Valuer specialising across all property including residential, commercial and industrial sites. Gerard is an expert in Sydney’s property market and his professional career in property valuation has led to a number of lecturing opportunities for educational conferences around Australia. With over 25 years’ experience, Gerard enjoys sharing his knowledge and expertise with his clients and the public.