Extensive market research

It is estimated that only 10% of all new online businesses will continue to operate over the long term. Many fail in their first year of trading. There are several reasons for this, but one of the most common is due to not undertaking sufficient market research. Put simply, effective market research will allow you to gauge whether there is suitable demand for the products or services that you intend to supply. It will also indicate who your key competitors are in the online marketplace and give you a clear understanding of how to differentiate your offerings from the competition whilst still appealing to the public. Thorough market research is a vital part of understanding your target market and creating a viable business.

IT considerations

As you will be working from a home office, you will need to ensure that your IT systems are sufficient to allow you to develop your company website and start promoting your firm. A high-performing business laptop may be sufficient to create your website and incorporate suitable plugins and functionality (such as secure payment applications when a customer makes a purchase). One key consideration is to ensure that you have a fast and reliable internet connection from a suitable business internet provider. This will ensure that all your web design and online promotional activities are undertaken smoothly without waiting for information to download or upload to your site. A fast connection will make all your online actions easier to execute and will allow you to benefit from high levels of productivity in your home office. Prioritize this part of your IT infrastructure and you will save significant amounts of time.

Website performance

Finally, you will want to ensure that your website performs correctly. It must be easy to navigate by your potential customers and should be accessible on a range of smart devices. Consider the loading speed of your web pages as this can have a significant effect on page ranking when organic searches are made. Test your web page loading speeds online and ensure that you are providing your customers with a fast and efficient site to shop from. If your site uses a lot of plugins and media, such as videos, it is vitally important to check that they perform quickly and effectively.

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What is Nummuspay?

Nummuspay – which is headquartered in Athens, Greece – is a payment/credit card processing and subscription management platform for online businesses that was founded in 2017. The platform was established with the objective of saving web based businesses time and more importantly, money.

For online business operations, Nummuspay is an all in one provider of multiple services that could help to streamline the flow of business operations. These include multiple payment gateways, subscription management, tax management, custom checkout pages, coupon codes, and the option of creating trial accounts.

With that said, let’s take a closer look at what Nummuspay has on offer, and how those offerings could possibly benefit your online enterprise.

Security and Reliability

When it come to conducting business online, the security of your business and that of your customers and/or clients can be a matter of make or break for your business. Nummuspay seems especially aware of this issue.

PCI

Nummuspay offers your online business a fully compliant PCI service to help you secure your customer’s/client’s digital data against the ever present threats of a data breach.

Two-Factor Authentication (2FA)

Because it is always better to be safe than sorry, Nummuspay provides an extra layer of security through the tried and tested security feature that is Two-Factor Authentication (2-FA). Thus ensuring that only authentic user accounts have access to the services that your web business offers.

Hosting Providers You Can Trust

Nummuspay relies on the services of well established hosting providers that are trusted globally, like Microsoft Azzur, Amazon Web service and Google cloud.

To add to this, Nummuspay has a 99.9% up time guarantee for that added peace of mind.

Multiple Payment Gateways

With Nummuspay, one has the option to choose between 10+ payment gateways to best suit your requirements. These include PayPal, Applepay, Skrill, and Alipay, to name but a few.

Prices

Nummuspay is flexible and offers four pricing plans to choose from, to best suit the needs of your web business.

First in is the free trail. This is not really a price plan, but his was worth being mentioned. This gives you all the features of the Startup pricing plan. For free.

Startup

This is the most basic of the paid for plans. For $ 99 per month, plus 0.5% of revenue over $ 50 000 and $0.10 on every transaction, this plan offers manual invoice billing, multiple email templates, custom check out pages, and multiple payment gateways.

Growth

This is the second tier of paid for plans. At a rate of $ 249 per month, 0.5% on revenue after $ 75 000 and $ 0.10 of every transaction, the subscriber is entitled to unlimited payment gateways, unlimited web-hooks, unlimited API keys, sales force two way integration, and Xero account integration.

Enterprise Custom Plan

This is the pinnacle of what Nummuspay has to offer, here the subscriber has access to charge back management, advanced fraud management, customisation services, on-boarding services, and premium 24/7 support. The pricing is customised to suit your requirements.

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However, if you’re well-organized and are prone to planning in advance, managing such a business doesn’t have to be daunting at all. With that in mind, you’ll still have to make an effort to ensure everything is organized. In addition, you’ll have to stay up to date, in order to ensure that your online business can remain relevant, as well as competitive on the market. That being said, here are a few tips on managing your online business.

Know your audience well

As mentioned before, the online market is quite a dynamic landscape. That means that a lot of things can change quite often and practically overnight. Consumer demands and their behavior are heavily influenced by the trends they follow and the technology they use. That’s why you cannot neglect market research not even once. The main reason is that research allows you to be up to date with the latest trends, your customers and even your competitors.

If you fall behind even a small bit, you’ll be overrun by competition. The important aspect of managing an online business is ensuring it remains successful, as well as profitable and you cannot accomplish that if you don’t have a clue what’s going on around you. Simply put, information obtained from research allows you to adjust marketing campaigns, tailor to customer needs and even find gaps that will allow you to gain a competitive advantage.

Rely on your employees

Another important factor in managing an online business is managing your employees. You simply cannot do everything on your own and you will need to rely on your team to help you out. However, you won’t be able to do that if your employees aren’t satisfied or productive for that matter. Caring for their well-being will be beneficial for everyone. That’s why you should avoid micromanaging them and adding to their stress levels.

Running a business can be frustrating but you’re all in the same boat. Therefore, cater to your employees’ needs by appreciating their good work. You can also reward them with meaningful gifts or provide them with convenience by presenting them with personalized payroll cards. In any event, make sure your employees are happy and in return, they’ll reward you by being motivated and productive.

Focus on marketing

As you may already be aware of, the online market is highly competitive. In most cases, the only thing that stands between your business and utter failure is effective marketing. Without digital marketing, not a single online business can hope to survive in the digital world. That’s why you must focus on your marketing and constantly improve your efforts, in order to ensure that your business can reach success. As an example, you should focus on social media marketing as one of your main strategies.

Social media allows you to not only build visibility and awareness for your online business but it also allows you to establish a relationship with your customers. Therefore, your marketing isn’t solely focused on promotion but also on relations that can ensure customer satisfaction, as well as customer retention. The key to successfully managing your online business is knowing how to leverage your marketing efforts to your advantage.

Don’t neglect your website

The very core of every online business is its website. You simply cannot exist in the online world without a website. That’s why managing your website is an essential factor in managing your entire business. Today, online consumers have certain expectations, needs and demands when it comes to browsing websites. If you cannot meet those needs and expectations, every other effort you make ranging from marketing to customer care will be in vain. That’s why your website must be up to the task of supporting your other efforts.

That means that your website has to be fast, responsive, safe and user-friendly among other things. Otherwise, every lead you manage to encourage to visit your pages will simply bounce off and go elsewhere. Consumers who aren’t satisfied with your website’s performance and functionality will oftentimes leave for good and they won’t even hesitate to voice their dissatisfaction across various media channels. With that in mind, your website is equally important for both customer satisfaction and for your business reputation.

Managing an online business can become a difficult challenge. There are a lot of things you must worry about, in order to ensure that everything is working as it should. That’s why it’s important to manage things well and ensure that your online business can grow, as well as develop further.

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