1. STARTING A DIGITAL
BUSINESS: RESOURCES
NEEDED

2. 2
Module M7 Monetizing your digital business
Competence
unit
U7.1 Planing resources
Learning
outcome
Reflect on resources
needed to start a digital
business
Type of
resource
PowerPoint Presentation
(PPT)
Type of
learning
Face-to-face
Resource title
Starting a digital business:
resources needed
Learning
hours
1h
Contents
- Digital business: main advantages
- Ecommerce and perspectives
- Starting a digital business: finding a niche, building a brand, brand
strategies
- Validating business idea
- Resources needed to start a business

3. MAIN ADVANTAGES OF
DIGITAL BUSINESS
3

4. GROWING FASTER
▪ Expanding markets;
▪ Innovative new products and
services;
▪ Growing customer base.
 naturally lead to business
growth.
Source: smallbizdaily.com
4
Source: www.pixabay.com
4

5. OTHER ADVANTAGES:
 Limitless freedom for
business owner;
 Low overhead and high
margins;
 Access to a worldwide
market.
5
Source: www.pixabay.com
5

6. Ecommerce
is anticipated to be
the largest retail
channel in the world
in just three years
Statista forecasts that consumers worldwide
will spend up to 4.8 trillion $ online in 2021.
Source: M. Corless. 40 Amazing Online Shopping and Ecommerce Statistics, 2019
6

7. 7
HOW TO START
AN ECOMMERCE
BUSINESS?
Source: www.unsplash.com
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8. FIND A HOT NICHE
8
The most important step in opening your online business
Analyze: Customer interest, Competition, Profit margins and pricing
Make sure:
 Area is competitive – an absence of competition usually indicates
that there’s no market, either;
 Area is not overcrowded, dominated by well-known brands.
Consult: Incubator, Investor or Mentor
8

9. HOW TO FIND IT?
1. Where have you noticed a gap
in the marketplace?
2. What are you passionate
about?
3. What comes naturally to you,
no big efforts are needed?
4. What are your hobbies,
community activities, that
could be profitable?
9
Source: www.pixabay.com
9

10. BUILD YOUR BRAND
10
Business is mixed with emotion, engagement, and expectation.
Build a brand that connects with your personality.
Name: keep it short and sweet, and unique.
Logo: business idea coded: design, shift, colour and other visual
characteristics.
10

11. BRAND STRATEGIES
1. Identify unique selling
proposition (USP);
2. Change branding rules;
3. Be honest, authentic and
trustful;
4. Treat each customer as an
individual.
11
Source: www.pixabay.com
11

12. VALIDATING YOUR BUSINESS
Main purpose – to test the business idea (after
creating minimal viable product):
▪ You get honest feedback before implementing main sales
effort
▪ You save precious resources: time, money
▪ You get to know your customers and their preferences
▪ You find your first customers
12
Source: foundr.com: The Ultimate Guide on How to Start an Online Business
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13. HOW TO VALIDATE IT?
1. Crowdfund: fundraising
tools, but also measure
market interest by consumer
pledges
2. Create a landing page, share
it in social media, networks,
forums.
3. Discuss with potential
customers: feelings, their
willingness to pay money. 13
Source: www.unsplash.com
13

14. “ “We cannot solve our
problems with the
same thinking we
used when we
created them”
Albert Einstein 14
Source: www.pixabay.com
14

15. RESOURCES YOU NEED
 Financial: funding
 Infrastructure: office space
with PC, printer...
 Human: team
 Know How of industry
 Support network
15
Source: www.unsplash.com
15

16. 16
Other ideas?...
What are other resources needed to start a
digital business?
Source: www.unsplash.com

17. LET’S REVIEW SOME CONCEPTS
Digital business: main advantages
Brand strategies Unique selling proposition
Business idea validation Ecommerce
Finding a niche Building a brand
Resources for starting a business
17

18. This project has been funded with support from the European Commission.
This publication reflec ts the vi ews onl y of the aut hor , and the Commission cannot
be held responsible for any use which may be made of the information contained therein.
Project Number: 2018-1-UK01-KA202-047909
18