For some businesses, the digital economy can be a source of high revenue potential and a potential source of serious losses. The Internet, smartphones and other digital devices are tools that create the right opportunities for entrepreneurs and business owners to reach their target customers, expand sales and increase online revenue more easily.

If you are looking for a profitable online business, it is important to start with the basics and here are some tips you can apply to achieve your plan:

1 / Solve problems

Customers are buyers who can focus on a product or service, but the reality is that they are aiming to buy a solution. The first step in starting an online business is to find out what problems people are facing and what problems you can solve. Every product or service you sell should be associated with an appropriate solution. Creating solutions to emerging problems is a great way to get customers to buy your product or service. In addition, explaining the merits of your product or service is also an effective way to drive sales. On the other hand, if you explain what you have to customers in a very simple way, it is not a good way to motivate them to buy, because they may not fully understand the impact of the solution that your product or service provides. You have to deal with their problems.

Over the last few years, the number of people living in Phnom Penh has increased, which has made it difficult for customers to travel to buy their own products and turn to shipping and payment services. Online instead. This is an example of a solution to a problem that many people are facing.

Imagine for a second you were transposed into the karmic driven world of Earl.

2 / High attention

Once you know what problems you are going to have to deal with, you need to identify them as steps to take. For online businesses, those steps are:

  1. Website creation
  2. Create a social media page
  3. Hire staff with the necessary skills to operate an online business

Next, you need to analyze the advantages of each step and start doing it one by one. This will help you focus on the process of developing your online business and you will not feel confused about the responsibilities that you have to take care of and be able to move forward quickly.

3 / Learn from the mistakes you made

When doing something new, mistakes can happen almost ninety percent of the time, but it can be a valuable experience if you care about it. While setting up an online business, you may also make many mistakes. For example, when you first post a picture on your social media business pack, you may associate the picture with a phrase that is not fully explained or lacking in appearances, which could be annoying to your target customers. When they see it. For you, have you ever played social media and seen an online business pack post vague messages (could be business descriptions or images with ugly designs) then skipped over? This is an experience that you should study because it makes customers feel distrustful from the beginning. But if it does happen, do not despair. Instead, ask yourself what you need to do to improve.

4 / Continue to understand and process more

Business is always competitive and no business can always stand still. In order to remain competitive, you need to continue to develop your product or service on a regular basis. If your business uses software or other electronic devices, you should develop them further to facilitate your work.

However, this further exploration and development is not just for devices, products and services, but you need to continue to expand your knowledge. Whether you are reading books, newspapers, magazines, attending events, conferences, seminars or training sessions, you should increase your chances of acquiring new skills and a long-term vision.

5 / Learn from competitors

In addition to empowering yourself and your business, the next step is to understand your competitors and find a way to get ahead of them, or immediately after you step into a highly competitive business, you need to learn about them. As fast as possible. You can do this by going to their social media page or website and observing the products or services they have, observing their weaknesses, strengths, and weaknesses that could negatively impact your business and the opportunities you can overcome. They (SWOT Analysis). In addition, what customers say about them also enhances your understanding. You just have to be more discriminating with the help you render toward other people.