Assuming you already know the nature of the business you want to start online (ecommerce, import/export, affiliate, blogging, software, an app, and so on), the first step is to understand your strengths/weaknesses.
This will determine the direction you take when you start your online business.
Do you have any developer skills – even a basic level of knowledge such as how to build and operate a WordPress/Woocommerce site?
If you do, great, you can build an MVP (Minimum Viable Product) yourself.
If you don’t, do you have enough money to employ a developer to build the website/app/software that your online business will require?
If you do, great, you can employ someone to build an MVP for you.
If you have neither of the above, you’re going to need to either save some money, or learn how to develop your own website (and if you are starting completely from scratch, with zero prior knowledge, then a WordPress website will definitely be the way to go).
So, at this point you should know which of the above options you need to take to get started.
Now you need to build your MVP, as mentioned earlier.
Your MVP will be the most basic reduction of your business/product/service that you can offer in the marketplace.
Basically, take your idea, remove all the bells and whistles, and concentrate on building the most basic, core offering for your intended audience.
This is the platform that you will use to test market response and reception.
If this is received well, you can proceed to flesh-out your offering some more, directed by immediate feedback and data from your actual market.
If it’s not received well, you need to build a more appropriate MVP, one that is better suited to your audience.
This is the basic, very high-level premise of starting an online business with minimal financial risk, and doing so in a manner that will allow you to adapt to market requirements and conditions.
I’ve been involved in numerous start-ups where months were spent (wasted) in tedious theoretical planning, using so-called market data and research – only to find, upon launch, that the offering didn’t fit properly with the market demands, and had to be either scrapped or thoroughly re-worked.
The sooner you can get something out to the marketplace in which you intend to operate, with minimal financial investment, the sooner you can properly and thoroughly understand the market needs and demands, and adapt accordingly.
Let the market shape you. Don’t try to enforce what you think is right, on the market.
I know this is very high-level stuff – but it’s generalised to cover a whole plethora of online businesses.
If you need more specific advice, feel free to drop me a message, or check out my step-by-step business startup course Fast Track Entrepreneur on Udemy.
Best of luck!