What is the first step in creating an online business strategy?

Identifying business goals is the crucial first step because it provides direction and a framework for all subsequent strategic decisions. Without clear goals, it's impossible to measure success or determine the most effective tactics. For example, if the goal is to increase brand awareness, the strategy will differ significantly from a goal focused on lead generation or direct sales. Understanding what the competition is doing and knowing the market are important for informing the strategy, but they come after you've established what your business aims to achieve. These insights help refine how you pursue your goals, not define the goals themselves.