customers.
vi) Learn about import and export procedure – this will include forwarding cost, sales tax, import and export tax duties etc. all of which are similar considerations in running an offline business too.
vii) Be aware that you will need to advertise your product, and that therefore, you will need to budget for advertising and marketing cost to produce publicity material such as brochures or to organize demonstrations, exhibitions, sales campaigns, site visits etc. Don’t forget to factor in travelling expenses as well.
As an online business entrepreneur, you must understand that setting up an online business involve e-commerce, and factors such as operating cost, cash flow and taxation are very important. You are best advised to adhere to the rules and regulations set by the Registrar of Companies and the Taxation Department.
When you have taken care of these preliminary but important considerations, you can sit back and enjoy the thought of the benefits that doing business online can bring you. But what exactly are those benefits?
Benefits of doing business online
1. An online business requires minimal start-up costs.
2. You can plan your hours of work and play each day, knowing that even while you are sleeping, the system, which is automated, will be working for you.
3. You can operate 24/7/365.
4. You have a global marketplace with the number of potential users running into the billions.
5. You have an automated processing system of payment and order taking.
6. You customers will have instant delivery for digital-based products.
7. There is no need for direct face-to-face dealing but you will always be prompt in your replies and service.
8. You do not have to pay rent for office space, and may never need to pay employee salaries.
9. You have recourse to new opportunities offered by similar entrepreneurs online, and you may consider partnerships, new Master re-sales or re-labeling etc.
10. You do not need to take inventory of stocks, and you will have no debtors to worry about.
11. Social networking tools allow easy networking with potential customers and friends. Enhances your marketing strategies with the social bookmarking tools
12. You will have plenty of opportunities to create passive income online by joining affiliate programs.
Low cost does not mean no cost
Yes, the cost of setting up and running an online business is low, but you will still need to come up with capital. Any venture needs some capital. You will need to invest in the right equipment and tools before you start. You may need to buy a notebook, a webdesign program or a blog design software. You will also need to register your online service as your domain and sign up for webhosting services. This may come up to a few thousands, but that is nothing compared to the capital of tens of thousands that you might need to set up an offline retail business.
I wish to suggest the following software for web design:
- Photoshop CS4 - this Adobe application is a key tool. It allows you to manipulate images and create graphics-like buttons. You can choose Photoshop Creative Suite 3.
- Dreamweaver - this is used to build the actual framework behind the page.
- Adobe Flash - this allows you to create rich media and interactive web content.
- Adobe Illustrator - this is a drawing application for creating web artwork and graphics.
For Blogging, the equipment needed to start is minimal too, and much of the necessary software is available for free. A hosted Blogging service is an entirely web-based service e.g. Blogger. All your interactions with the blogging service including setting up and posting to your blog are done through the blogging service’s website. Once you are registered with the service, you are given a URL for your blog. For casual bloggers the provided address will usually be sufficient but if however your goal is big traffic, then you should invest in your own personal domain name and configure it to redirect hits to the address assigned to you by the blogging service. A domain name registrar such as www.goDaddy.com or www.enom.com can help you register and redirect a domain.
Anyone can blog. There are millions already who do, and some of them are generating enough income to not need a conventional, full-time job. You too can do the same if you give yourself the time to learn how to and continue to be creative, persistent and hard-working.
With a good website, you can open your Internet business to customers from all around the world and then continue to upgrade and tailor your website or blog to attract more traffic to it. Having more visitors to your website or blog will increase your chances of selling something for profit. Each click is another chance to earn a commission from your affiliate. So, find ways to increase traffic to your site.
Being the world’s most effective medium of the moment, the Internet can reach a niche market for your product quickly and easily. Try to be the first one in a niche market in order to win a large share of it. Do the research!
Understand your product well and then show how it is unique in order to promote it in a niche market. Do not limit yourself by thinking small. Carefully consider your niche when designing your website in order to develop and deliver your expertise to attract your clients. Core products are determined usually by your own core experience or skill, your personal exposure and familiarity to some skills, products or technologies which you are most comfortable with or which you have confidence to market with some positive results. For example, an accountant familiar with accounts would be happy to apply his skill online to create Net services related to accounting or financial services. He would have a better chance at succeeding if he found a niche related to his core skill.
Internet users are starving for information, and here is where the Internet meets their need. They have the sincere desire to learn, and will search for the information they need. The best form of information is the ‘How-to’ instructional type that teaches or informs with regards to a specific subject. No matter how unique or specific the niche product, the Internet would be a great market for it.
The following are some suggestions of products or services that are widely transacted. Some have only recently become popular, but they have a lot of potential to grow in demand among customers.
1. Physically trendy or trend-setting products
2. Affiliate products
3. Digital- information-based products
4. Net services
5. Sponsorship and donations for your blog or website
6. Using blogs as promotional tools
7. Offering advertising space
8. Offering membership with resale rights
9. Productivity platform for online investment
10. Internet web-hosting reseller
Конец ознакомительного фрагмента.
