Online Business Terminology You Need To Know
If you could see yourself starting an online business one day, there are A LOT of terms you need to learn as an entrepreneur/freelancer. These are just a few words that I can think of right on the spot, but there's way more than what I've got listed below:
Business Plan: A written plan that contains goals and strategies on how to run a business. This is the first and most important step to starting a business! You can't just jump into selling products right away. There needs to be strategy and organization with finances.
Business Model: A plan that a company uses to generate revenue and make a profit. The different components of a business model include pricing, selling, delivery, distribution, reaching customers, and customer satisfaction. So what are some examples of business models?
- Affiliate Marketing: A process where a a person promotes a company's product and earns commission when you click on their link
- Advertising: A type of marketing that is associated with newspapers, magazines, television, or even online.
- Brokerage: A broker who connects a buyer and seller to facilitate a transaction
- Community: A type of marketing where the business relies on the community
- Drop Shipping: A type of order fulfillment where there's no physical inventory involved. Instead, drop shippers buy products through a supplier who fulfill a customer's order.
- Lead Generation: It's a way to drive online traffic and converting them to like your product
- Merchant: Selling products on the internet
- And so much more!
Market Strategy: A plan to reaching people and turning them into potential customers. It can be done through social media platforms and channels.
Target Market: A group of people who are interested in your services or products
Google Analytics: A platform that tracks and analyzes data from your website creating reports
Domain Name: An easy to remember website where your users can find your page
Hosting: The home of your website. If you want to build a website, it needs a web hosting to store your website's files. Did you know there are different types of hosts? If you want to know more about it, click here 👉 Types of Hosting Explained
So with that said, when building your online business, it's important to know these terms and what they mean. If you want to work on your vocabulary skills, this will definitely help your business thrive.
