Starting an online business sparks both excitement and anxiety as there are a wealth of unknowns along the entrepreneurial horizon. Many budding business owners cruise the internet for hours searching for information to help smooth some of the start-up bumps in the road. In order to help with this journey, I’ve created a list of 25 words you must know before starting an online business. These terms will present often and are explained in easy language for better understandings. Though it’s not a comprehensive list, these 25 words can get you started with a healthy dose of online business understandings.
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25 Words You Must Know Before Starting Your Online Business
Accounts Payable – items or bills paid in the normal course of business
Accounts Receivable – outstanding debts of customers
Acquisition Costs – costs involved in acquiring a new customer
Assets – items of value that the company owns including cash, receivables, and inventory
Brand – the company’s name, logo, sign, symbols, and design
Business Plan – comprehensive strategy for growing and maintaining your business which includes products, services, and business model
Doing Business As (DBA) – operating name of a company
Expense – deductibles against company income
Fiscal Year – standard accounting practice that allows accounting year to begin in any month
Limited Liability Company (LLC) – specific form of private, limited company. This business structure separates the owner’s personal responsibilities from business. Laws vary by state
Back end – refers to website interfaces
Front end – refers to the parts of the website that can be seen by the user
HTML (hypertext mark-up language) – standard language used to create websites
Responsive Website Design – website signed created to respond gracefully to user device with minimal interruption
User interface – parts of an app, website, social media platform, or device that the user manipulates or interacts with
User experience – the ease in which a user accesses and uses a product or service.
Content curation – the process of creating and presenting information or stories for public consumption on various platforms such blogs, Facebook, Youtube, Instagram, or any social media site.
Engagement – active user participation in the form of likes, comments, and shares
Influencer – individuals with an influential social media presence who uses their influence to persuade opinions, activities, or action. Influencers have varying audience sizes.
Microblogging – Offspring of traditional blogs in which an individual uses social media to share short experiences or blurbs of information.
Content Marketing – the use of informative posts, eBooks, videos, or podcasts used to attract target audience who might become customers.
Email Marketing – the use of direct emails used to engage with current and potential customers about products and services offered.
Key Words – common words or phrases used to search for specific items online.
Search English Optimization – the practice of optimizing a website so that it shows at the top of internet search lists
Traffic – the total number of users on a website and how they were brought to the site (i.e. direct, referral)