90% of startups will fail. If you are an entrepreneur or thinking about starting an online business, there are certain steps you must take if you want to be in the 10% of startups that succeed. If you are interested in starting an online business, we are here to help.
If you aren’t thinking digital, you aren’t thinking. An online business is a great business venture idea as it has low overhead and a high return. However, if you are minority entrepreneur or interested in starting a business, there are major keys you should follow.
Our Style & Beauty Editor, Danielle James, sat down with Google’s Head of Black Community Engagement, Valeisha Butterfield Jones, and had a candid conversation on how to win in the world of fashion, beauty and technology.
Beauties, there are 3 major keys that you need to think about to start your online business or tech company.
KNOW YOUR MARKET
“Knowing your audience, knowing your consumer base, and who it is you want to reach.” ~ Valiesha Butterfield Jones
Beauties, it’s important to know your audience. Who are you creating this product, platform, or service for? It can’t be just for you. Do focus groups, test out your idea, before you invest in making a full product.
MAKING SURE IT’S ACCESSIBLE
“Access is key.” ~ Valiesha Butterfield Jones
In knowing who you want to reach, it’s imperative to know how you are going to access them. In creating your business, think about how you are going to reach your customers and consumers.
ACCESS TO CAPITAL
“You want to make sure you have a solid technological foundation and base to your work so you can monetize it. Access to capital means through your sales, your advertisers, and the ability to monetize the tech platform.” ~ Valiesha Butterfield Jones
Beauties, it’s not a business if you aren’t monetizing it. Think about how your company will bring revenue in and ensure you have more than one stream of income flowing into your business.