Ten Keys to Creating a Profitable Online Business
Starting an online business is not always as easy as it may sound. But, running
an online business has many benefits over its offline counterpart. First, and
the most appealing, is you'll most likely be working from home from your own
computer, and working the hours that suit you. And secondly, you have the potential
to make a lot more money than you would if you were working for someone else.
Before embarking on an online entrepreneurial quest for the perfect home-based
business, it's advisable to look at the array of online business opportunities
available, and decide which would be the most suitable for you. While it's quite
conceivable, that the most profitable and legitimate type of online businesses
can be operated successfully by one person, most involve a collaboration of
skills and input.
For the individual, making money online is a very real prospect, but there are
some important factors that should be considered before taking that first vital step.
1. Should you sell a service?
Unless you have a well-developed skill such as, web design, graphics design,
writing or some other creative or artistic flair, you'll have to concentrate on
finding or creating a product.
In selling your services, you must first determine whether a paying market
actually exists for your services. Initially, you'll need to do some research
and look at similar services being offered. A good indicator is usually when
there are numerous similar services available. This would suggest a buoyant
market, but it's not always the case. A friendly yet inquisitive email sent to
a few established service providers in the business you're considering, should
give you an insight.
Take a good look at the existing competition. Look at the quality of their work.
Could you do it better? What prices are they charging? Could you do it cheaper?
If you can effectively do either of these you're on your way to building online wealth.
2. Should you sell a product?
More people than ever buy products online, but the main thing to consider is
whether you want to sell a tangible product or a virtual product.
As with selling a service, you must first determine whether a market exists for
your product. Look at similar products then decide whether there's room for
another player. All products will have to be sold through a website, from which
an order can be taken and a payment can be processed. If you have the knowledge
and necessary skills, you can easily build the website yourself. Otherwise you
will have to pay a professional.
A tangible product is something that can be held in the hand, therefore it will
also need to be packed and shipped. Processing orders is very time consuming,
but more importantly you may have to keep inventory, which can be very expensive
plus you'll need to find storage space.