If you want to create a comparison site; a fashion store, a forum, or maybe a totally original idea, the idea is you want to make some money? Well that’s no problem because there’s so many easy low cost options to setup an e-commerce operation that you could set up your online business by the end of the week with little budget. It’s not so easy to make money from it and not that easy to get people to use it and that’s where failure starts coming in. Why is that so?
- Budget enough money
Thinking of making a single lump sum investment to get your business started then think again. You need a budget, an ongoing budget to spend on your business for the next year at the very minimum. In reality it’s not a case of how much can you spend? It’s a case of how much you got. Gather as much investment as you can to get your online business going and use it.
- Do it full time
If you are thinking of creating a web based business as a side line, then think again. To make real money from your online business it needs to be your full time job because interactions with customers should be attended to 24/7. Online business is also dynamic; you need to be the first on everything that affects your business especially product reputation.
- Know that it’s not easy
Starting an online business sounds easy and cheap but it’s neither. You need to work hard and smart (preferably both) and put in a lot of hours learning or supervising others to make a return on your business. Whatever it is your thinking of paying to get your business started, multiply it by 5 to get the real budget that you will need.
- Invest in your business
Everything costs money from cold calling to making minor tweaks to your website and you’ll need to continually invest to make things happen. Try to invest at every stage of your business, most importantly the pre-start-up phase. Before going ahead and spending on a new website that does wonders, spend a good amount on a launch site to see if people are actually interested in your idea at all.
Maintenance and support are often missed out in start-up tips but they are crucial to online businesses. Without it most businesses fall away and close. Online business requires electronic equipment and surely it should be in good condition to do the job. Generally, all office equipment should be maintained.
- Quality is king
Just because you built an e-commerce solution, doesn’t mean that anyone wants to use it or even pay for it. Your hardest job is going to be getting people to come onto the site because you will fail. What makes people come to your site? Exciting stuff of course, so spend more on quality of either your product or service.
- There are big guns
Most business ideas have been done before and the chances are that there is at least one other business similar to yours which is monopolising google search. That competitor may even be a powerhouse with unlimited marketing budget. That doesn’t mean you shouldn’t start your online business but it is a wakeup call that you need to re-evaluate, think out of the box and do better research to get your business going. Without it, failure looms.
- Nobody will steal your idea
Ideas are great until you start developing them. Then you realise how much time, effort and money it needs to make them profitable and that’s why they are rarely stolen. You are going to have a hard enough time giving your idea away let alone having it stolen.
- Go offline
The internet is a gift and a curse for business. Whilst it opens up otherwise impossible avenues to do business it doesn’t actually make it any easier to be profitable. Before starting your online business do as much as you can offline to set up your road to success. I love it when people go out on a limb and start a business. I love it even more when their successful but I see many who fail because they didn’t realise what was involved in setting up an online business. It probably costs more than opening a high street shop.
No business is an overnight success so don’t be put off of starting your own online business just be prepared for it.
Author: Gesture Chidhanguro